Helium Evolution Confirms Additional Drilling of Up to 9 New Wells on Joint Land and Provides Operations Update

CALGARY, Alberta, April 02, 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 announce a joint initiative with its partner and the operator, North American Helium Inc. (“NAH”), to embark on an ambitious drilling program in the Mankota area of Saskatchewan.

HEVI and NAH are planning to drill up to nine joint development wells (the “New Wells”) which are expected to spud between Q3 2024 and Q2 2025, subject to surface and environmental restrictions. With HEVI’s 20% working interest in the New Wells, the Company is positioned to capitalize on this strategic expansion, building upon three existing helium discoveries at Mankota, including the commercially viable 2-31 Well, as defined herein and as outlined in the Company’s press release on February 26, 2024. The Company intends to work with NAH over the coming months to determine specific well locations and timelines.

“NAH’s decision to pursue drilling of an incremental six to nine wells demonstrates confidence in our ongoing partnership, builds on our existing three helium discoveries at Mankota, and highlights the opportunity to unlock value from HEVI’s 5.6 million acres of prospective land in Saskatchewan,” said Greg Robb, CEO of the Company. “HEVI is truly unique among our peer group, offering investors access to a very active, growth-oriented company with indirect exposure to the industry’s leading Canadian helium producer in privately-held NAH. Further, we are the only public helium company with three helium discoveries, an additional six to nine new wells targeted to commence drilling within the next year, and a healthy balance sheet with positive working capital.”

The additional drilling and development of the New Wells provides HEVI multiple catalysts and potential news events from now until the Company achieves first helium sales, expected in 2025. The Company is also pleased to confirm that HEVI has acquired an additional four sections of land (“4 Crown Sections”) that was previously unleased and is adjacent to existing HEVI and NAH development in the Mankota area, effectively filling in an area near the heart of existing helium activity.