Helium Evolution Provides Operations Update Featuring Preliminary Production Test Data from Two Helium Discovery Wells

CALGARY, Alberta, Feb. 26, 2024 (GLOBE NEWSWIRE) -- 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 provide an operational update on three Mankota-area wells in which the Company maintains a 20% working interest alongside HEVI’s partner and the operator, North American Helium Inc. (“NAH”), including preliminary test results from two wells and confirmed stimulation of a third well.

Operations Overview

Greg Robb, CEO of the Company, commented, “The HEVI team is very encouraged by what we’re seeing from the production tests to date out of our Mankota-area wells, which will continue to be evaluated before and after the requisite shut-in period. In addition, we look forward to seeing how a third well responds to stimulation efforts, which have proven successful in enhancing flow rates in other Mankota wells. We are pleased to be partnered with NAH and we look forward to ongoing discussions regarding plans for near and longer-term development, along with gaining visibility into timelines for achieving various milestones necessary to realize commercial production.”

2-31 Well

Following the successful stimulation of HEVI’s first helium discovery well at 2-31-2-8W3 (“2-31 Well”), the 2-31 Well was production tested at approximately 4 million standard cubic feet per day (“MMscf/d”) at 5,500 kilopascal (“kPa”) flowing tubing pressure from the deadwood formation on a three-day extended test, with a helium concentration of 0.95%, more than three times the 0.3% level deemed commercially viable. The 2-31 Well continued to increase in both flow rate and surface flowing pressure throughout the flow test period. Productivity of the 2-31 Well increased threefold following stimulation, representing a meaningful rise from the 1.3 MMscf/d previously announced. The 2-31 Well also produced negligible volumes of water, a positive indication for helium recovery and processing.

HEVI continues to work with NAH to determine optimal next steps, which may include the drilling of an offset location designed to further delineate the pool during the latter half of 2024. In addition, NAH has received approval of a facility license at 12-30-2-8W3, approximately 1,500 metres from the 2-31 Well, the construction of which would represent another significant milestone on HEVI’s path to commercialization.