Helium Evolution confirms first farm-out well drilling by Helium in North America, Canadian Business Journal

CALGARY, Alberta, November 9, 2022 (GLOBE NEWSWIRE) — Helium Evolution Incorporated (TSXV: HEVI) (“Heavy” or “Company”) is a Canada-based helium exploration and production company focused on asset development in southern Saskatchewan and its partner North American Helium (“no), spud the first well (“first test well), NAH Grassland 13-30-2-8W3, farm-out land within Block 1, Mancota, Saskatchewan, pursuant to previously announced farm-out arrangements (dated October 21, 2022 and June 2022). See press release dated 28th). This first test well is located due south of his NAH helium discovered at Mancota.

Drilling at sites 13-30 is expected to take approximately 14 days to reach a total depth of 2,720 meters. Once drilling is complete, the rig will move to his second licensed location in NAH at NAH 1-1-6-10W3 (“Second test well”). Preliminary flow test results from the first test well are expected to be available by the end of December 2022.

HEVI is ideally positioned to benefit from NAH’s continued research and development of its asset base, leveraging its extensive data and expertise without the need to expend capital in the short term. NAH’s farm-in saves HEVI approximately $10 million in cash and liquidity while maintaining financial flexibility and future options for other goals with the Company’s 5.5 million acre helium rights. can be pursued. To support this, HEVI recently acquired his 2D seismic trading data for 360km across the exploration area. This is expected to help us further build on our existing technical work and support future drilling target selection.

About Helium Evolution Inc.

Helium Evolution is a Canadian-based helium exploration and production company focused on developing assets in southern Saskatchewan and holds the largest helium landholding in North America among publicly traded companies. The company owns more than 5 million acres of land under permits near proven discoveries of economic helium concentrations and supports expansion of exploration and development efforts across its land base. . HEVI’s management and board will execute a differentiated strategy to become a leading supplier of sustainably produced helium to the growing global helium market, creating attractive opportunities for investors. It offers.

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forward-looking statements

This news release contains statements that constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other factors and actual results, performance or achievements, or developments in the industry may differ from such forward-looking statements. Expected results, performance or achievements expressed or implied by forward-looking statements may differ materially. Forward-looking statements are not historical facts and are usually, but not always, “expects,” “plans,” “anticipates,” “believes,” “intends,” , is a description identified by words such as “predict”. “Potential” and similar expressions or that an event or condition “occurs”, “would”, “could”, “could” or “should occur”.

The forward-looking statements in this document include our expectations with respect to our and NAH’s exploration and drilling programs, our ability to identify future exploration and drilling targets, our ability to sustain capital, Include a description of how long it will take. Now, the drilling timeline for the second test well, and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, or other Future events may differ materially from any future results, performance or achievements expressed or implied by us. such forward-looking statements. Such factors and risks include, among others: We may choose to postpone, accelerate or abandon our exploration program. New laws and regulations and/or unforeseen events could adversely affect our business and operating results. Stock markets experience volatility that is often unrelated to a company’s performance, and such volatility can adversely affect the price of our securities, regardless of their performance. Risks generally associated with resource exploration and production. Uncertainties in estimates and forecasts related to costs. Service Availability Constraints. fluctuations in commodity prices and exchange rates; The current COVID-19 pandemic. adverse weather or break-up conditions; uncertainties resulting from potential delays or changes in plans for exploration or development projects or capital expenditures;

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