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. 

In addition to the New Wells:

• HEVI is finalizing potential drilling locations on four sections of recently acquired land, in which the Company holds a 100% working interest (“4Crown Sections”). The 4 Crown Sections are strategically located in a central portion of the Mankota helium fairway; and
• HEVI anticipates that the 9-18-3-8W3 well (“9-18 Well") stimulation will take place in the second quarter of 2024, subject to surface conditions, with similar stimulation having improved the performance of the Company’s well located at 2-31-2-8W3.

As always, HEVI is committed to updating the market on significant events and developments as information becomes available.

Stay Connected to Helium Evolution

Shareholders and other parties interested in learning more about the Helium Evolution opportunity are encouraged to visit the Company’s website, which includes the Company’s current corporate presentation, and are invited to follow the Company on LinkedIn and X for ongoing corporate updates and helium industry information. Helium Evolution also provides an extensive, commissioned ‘deep-dive’ research report prepared by a third party whose background includes serving as a research analyst for several bank-owned and independent investment dealers. In addition to recent mediaarticles, HEVI maintains a profile on the InvestingNewsNetwork platform, where further information, editorial pieces and industry reviews are available.

AboutHeliumEvolutionIncorporated

Helium Evolution is a Canadian-based helium exploration company holding the largest helium land rights position in North America among publicly traded companies, focused on developing assets in southern Saskatchewan. The Company has 5.6 million acres of land under permit near proven discoveries of economic helium concentrations which will support scaling the exploration and development efforts across its land base. HEVI’s management and board are executing a differentiated strategy to become a leading supplier of sustainably-produced helium for the growing global helium market.

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StatementRegardingForward-LookingInformation

This news release contains statements that constitute “forward-looking statements.” Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or developmentsintheindustrytodiffermateriallyfromtheanticipatedresults,performanceorachievementsexpressedorimplied bysuchforward-lookingstatements.Forwardlookingstatementsarestatementsthatarenothistoricalfactsandaregenerally, butnotalways,identifiedbythewords“expects,”“plans,”“anticipates,”“believes,”“intends,”“estimates,”“projects,”“potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur.

Forward-looking statements in this document include statements regarding the Company’s expectations regarding the Company and/or NAH’s development and exploration plans, the Company’s expectations regarding the Mankota helium fairway, the Company and/or NAH’sability to identify future exploration and drilling targets including the New Wells, increasing shareholder value, the Company’s expectations regarding the Deadwood formation as a significant source of helium in the region, potential drilling locations on the 4 Crown Sections, the productivity of the 9-35 Well, the stimulation of the 9-18 Well including the timing and the achievable results, the Company’s expectations regarding recoverability of helium, the size and nature of the reservoir,the Company’sabilitytopreserve capitaland other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks,uncertaintiesand other factorswhichmaycause actualresults,performance orachievements,or other future events, to bematerially different from any futureresults,performanceor achievements expressed or implied by such forward-looking statements.Suchfactorsand risksinclude,among others:the Companymaybe unsuccessfulindrillingcommerciallyproductive wells; theCompany and/or NAH maychoosetodefer,accelerateorabandonitsexploration and development plans including the New Wells and/or the 4 Crown Sections; the Company and/or NAH may choose to not bring the 9-35 Well onto production; the Company and/or NAH may abandon plans to stimulate the 9-18 Well; new laws or regulations and/or unforeseen events could adversely affect the Company’s business and results of operations; stock markets have experienced volatility that often has been unrelated to the performance of companies and such volatility may adversely affect the price of the Company's securities regardless of its operating performance; risks generally associated with the exploration for and production of resources; the uncertainty of estimates and projections relating to expenses; constraint in the availability of services; commodity price and exchange rate fluctuations; adverse weather or break-up conditions; and uncertainties resulting from potentialdelays or changes in plans with respect to exploration or development projects or capital expenditures.

Whenrelyingonforward-lookingstatementsandinformationtomakedecisions,investorsandothersshouldcarefullyconsider the foregoing factorsand risks, other uncertainties and potentialevents.The Company hasassumed that the material factors referredtointhepreviousparagraphswillnotcausesuchforward-lookingstatementsandinformationtodiffermateriallyfrom actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The reader is cautioned not to place unduerelianceonanyforward-lookinginformation.Suchinformation,althoughconsideredreasonablebymanagementatthe timeofpreparation,mayprovetobeincorrectandactualresultsmaydiffermateriallyfromthoseanticipated.Forward-looking statementscontainedinthispressreleaseareexpresslyqualifiedbythiscautionarystatement.Theforward-lookingstatements containedinthispressreleasearemadeasofthedateofthispressrelease.TheCompanydoesnotintend,andexpressly disclaimsanyintentionorobligationto,updateorreviseanyforward-lookingstatementswhetherasaresultofnew information, future events or otherwise, except as required by law.

NeithertheTSXVentureExchangenoritsRegulationServicesProvider(asthatterm isdefinedinthepoliciesoftheTSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.