Helium Evolution Confirms Positive 9-35 Well Results

CALGARY, Alberta, April 10, 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 update on our helium discovery following the completion of the Deadwood zone and initial testing of the joint well drilled at 9-35-3-9W3 (“9-35 Well”). 

On February 26, 2024, the Company outlined that the 9-35 Well flow tested at approximately 7 million standard cubic feet per day (“MMscf/d”) and 9,000 kiloPascals flowing tubing pressure during the six-day extended flow period. The gas composition of the 9-35 Well is 0.64% helium and 96.7% nitrogen, with the balance comprised of fractional percentages of minor component gases. Helium concentrations over 0.3% are deemed commercially viable.

Since HEVI’s initial announcement, a post-flow pressure transient analysis (“PTA”) conducted by Petro Management Group Ltd. has revealed positive insights. A composite reservoir model was used to determine pressure response, flow rates, reservoir properties and potential pool boundaries, all of which represent important data points to help inform future development plans in the area. The PTA indicated no reservoir pressure depletion or reservoir boundaries, highlighting a potentially expansive and productive reservoir. The PTA also calculated an absolute open flow potential of 13.3 MMscf/d. Additionally, the absence of water during the test period is a favorable factor for helium recovery and processing.

We are very encouraged by these results, which confirm the potential of the Deadwood formation as a significant source of helium in the region. As outlined in the Company’s news release on April 2, 2024, HEVI and North American Helium Inc. (“NAH”) are strategically planning to embark on an ambitious drilling program, with up to nine joint development wells (the “New Wells”) that are expected to build upon three existing helium discoveries, including the 9-35 Well, in the Mankota area of Saskatchewan. The Company anticipates the New Wells will spud between Q3 2024 and Q2 2025, subject to surface and environmental restrictions, positioning HEVI to capitalize on this strategic expansion given our 20% working interest in the New Wells.