CALGARY, Alberta, Sept. 20, 2023 (GLOBE NEWSWIRE) -- Global Helium Corp. ("HECO" or the "Company") (CSE: HECO, OTC: HECOF) is pleased to announce that on September 18, 2023, the Company successfully drilled, logged and cased its first potential helium well at 09-04-12-04W4 (“09-04”), situated on the farm-in land block of Perpetual Energy Inc. (TSX: PMT) (“Perpetual”) within the Manyberries, Alberta helium trend. Given positive preliminary indications of commercial helium production potential, HECO will commence completion and production testing of 09-04 in the coming weeks.
With the drilling of this initial well, HECO has completed the first step in earning on the farm-in block of eight sections. Perpetual will retain a 25% working interest in the project and collect a 7% Lessor Royalty on the Company’s 75% share. Prior to December 1, 2023, HECO has the option to drill a second well to earn the additional nine sections, under the same terms as the initial well. The second well, once drilled, will also trigger the option to lease as announced on January 10, 2023, allowing the Company to lease up to an additional 32 sections of land on the Manyberries trend with their new joint venture partner. HECO is currently securing surface access and permits for the licensing of the second well.
About Global Helium Corp.
Global Helium is one of Canada’s largest helium exploration and development companies, focused on the exploration, acquisition, development, and production of helium, done right. The Company has carved out a differentiated position through a unique Farm-In Agreement with industry veteran, Perpetual Energy Inc., through which HECO can explore approximately 369,000 acres in Alberta’s Manyberries helium trend via joint venture. The Company has also captured 100%-owned permits encompassing over 1.7 million acres prospective for helium in Saskatchewan’s well-established helium fairway and has recently acquired three assets with proven helium tests in the State of Montana. HECO brings a seasoned team of industry professionals and technical experts who have established connections with North American and international helium buyers. Learn more at https://globalhelium.com/.
For further information please contact:
| Jesse Griffith, President & CEO | Telephone: +1 (877) 816-8163 |
| Walter Spagnuolo, Investor Relations | Email: relations@globalhelium.com |
READER ADVISORIES
Forward Looking Statements
No securities regulatory authority has reviewed nor accepts responsibility for the adequacy or accuracy of the content of this news release.
This news release contains forward-looking statements and other statements that are not historical facts. Forward-looking statements are often identified by terms such as “will”, “may”, “should”, “anticipate”, “expects” and similar expressions. All statements other than statements of historical fact, included in this internal announcement are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations include the failure to satisfy the conditions of the relevant securities exchange(s) and other risks detailed from time to time in the filings made by the Company with securities regulators. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company.
The reader is cautioned not to place undue reliance on any forward-looking information. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this internal announcement are expressly qualified by this cautionary statement. The forward-looking statements contained in this internal announcement are made as of the date of this internal announcement and the Company will update or revise publicly any of the included forward-looking statements as expressly required by applicable law.
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