Helium Evolution Confirms First Helium Discovery

CALGARY, Alberta, Nov. 21, 2023 (GLOBE NEWSWIRE) -- Calgary, Alberta, November 21, 2023 – Helium Evolution Incorporated (TSXV:HEVI) ("HEVI" or the "Company"), a Canadian-based helium exploration company focused on developing assets in southern Saskatchewan, is pleased to confirm HEVI’s first joint helium discovery with partner, North American Helium Inc. (“NAH”), following completion of the Deadwood zone and initial testing of the joint well drilled at 2-31-2-8W3 (“Joint Well #1”), as announced on September 25, 2023.

Joint Well #1 underwent a series of tests to confirm flow rates, reservoir boundaries and gas composition, all of which represent important data points to help inform future development plans in the area. Joint Well #1 had helium concentrations of 0.95%, more than three times the 0.3% level deemed commercially viable, and 96% nitrogen, with the balance comprised of fractional percentages of minor component gases. This gas composition is consistent with NAH’s producing helium pool 15 kilometers to the north, supporting HEVI’s belief that the area offers meaningful potential for commercial helium development.

“We are very excited by our first helium discovery and 0.95% helium concentration at Joint Well #1, which confirms the potential of the Deadwood formation as a significant source of helium in the region and represents an important step along HEVI’s journey to achieving scalable helium production from the lands we originally acquired in 2021,” said Greg Robb, President and CEO of HEVI. “We are in discussions with NAH, as our partner and the operator, regarding the next steps for Joint Well #1, along with future exploration and development plans in the area. We look forward to sharing HEVI’s ongoing progress and appreciate the continued support of our shareholders and all stakeholders.”

Flow Test Details

Joint Well #1 demonstrated rates and pressures that remained steady throughout the entire flow test period, indicating a stable and productive reservoir, and the well flow tested at 1.3 million standard cubic feet per day (MMscf/d) and 6,000 kiloPascals (kPa) flowing tubing pressure. A post-flow pressure transient analysis evaluated by a third-party was positive, suggesting the deliverability of Joint Well #1 could potentially increase by four to six times with stimulation. Further, negligible water (0.6 cubic meters) was produced by the well during the test period, which is favorable for helium recovery and processing.