Helium Evolution Confirms First Helium Discovery

CALGARY, Alberta, Nov. 21, 2023 (GLOBE NEWSWIRE) -- Calgary, Alberta, November 21, 2023 – 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 confirm HEVI’s first joint helium discovery with partner, North American Helium Inc. (“NAH”), following completion of the Deadwood zone and initial testing of the joint well drilled at 2-31-2-8W3 (“Joint Well #1”), as announced on September 25, 2023.

Joint Well #1 underwent a series of tests to confirm flow rates, reservoir boundaries and gas composition, all of which represent important data points to help inform future development plans in the area. Joint Well #1 had helium concentrations of 0.95%, more than three times the 0.3% level deemed commercially viable, and 96% nitrogen, with the balance comprised of fractional percentages of minor component gases. This gas composition is consistent with NAH’s producing helium pool 15 kilometers to the north, supporting HEVI’s belief that the area offers meaningful potential for commercial helium development.

“We are very excited by our first helium discovery and 0.95% helium concentration at Joint Well #1, which confirms the potential of the Deadwood formation as a significant source of helium in the region and represents an important step along HEVI’s journey to achieving scalable helium production from the lands we originally acquired in 2021,” said Greg Robb, President and CEO of HEVI. “We are in discussions with NAH, as our partner and the operator, regarding the next steps for Joint Well #1, along with future exploration and development plans in the area. We look forward to sharing HEVI’s ongoing progress and appreciate the continued support of our shareholders and all stakeholders.”

Flow Test Details

Joint Well #1 demonstrated rates and pressures that remained steady throughout the entire flow test period, indicating a stable and productive reservoir, and the well flow tested at 1.3 million standard cubic feet per day (MMscf/d) and 6,000 kiloPascals (kPa) flowing tubing pressure. A post-flow pressure transient analysis evaluated by a third-party was positive, suggesting the deliverability of Joint Well #1 could potentially increase by four to six times with stimulation. Further, negligible water (0.6 cubic meters) was produced by the well during the test period, which is favorable for helium recovery and processing.

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 Twitter 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 media articles, HEVI maintains a profile on the Investing News Network platform, where further information, editorial pieces and industry reviews are available.

About Helium Evolution Incorporated

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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Statement Regarding Forward-Looking Information

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 developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "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 future production from Joint Well #1, the Company's expectations regarding scalable helium production from its land generally, the Company and/or NAH’s plans with respect to stimulation of the reservoir, the Company's expectations regarding recoverability of helium, the Company and/or NAH's ability to identify future exploration and drilling targets, the Company's expectations regarding the Deadwood formation as a significant source of helium in the region, the Company and/or NAH's plans regarding future exploration and development in the area of Joint Well #1, increasing shareholder value, the productivity of Joint Well #1 following stimulation, the Company’s ability to preserve capital and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others: the Company may be unsuccessful in drilling commercially productive wells; the Company and/or NAH may choose to defer, accelerate or abandon its exploration and development plans; the Company and/or NAH may determine not to bring Joint Well #1 onto production; 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 potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

When relying on forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and risks, other uncertainties and potential events. The Company has assumed that the material factors referred to in the previous paragraphs will not cause such forward-looking statements and information to differ materially from 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 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 press release are expressly qualified by this cautionary statement. The forward-looking statements contained in this press release are made as of the date of this press release. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.