CALGARY, Alberta, March 24, 2025 (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 two of the Company’s helium discovery wells: the 5-30-3-8W3 well (“5-30 Well”) and the 10-36-3-9W3 well (“10-36 Well”), both located along the Mankota helium fairway. HEVI holds a 20% working interest in both the 5-30 Well and the 10-36 Well, in partnership with the operator, North American Helium Inc. (“NAH”).
5-30 Well Test Results
On February 25, 2025, the Company announced preliminary results from the 5-30 Well including production of approximately 9.7 million standard cubic feet per day (“MMscf/d”) at 10,700 kiloPascal (“kPa”) flowing tubing pressure after a five-day extended flow period. The preliminary test results also confirmed a helium content of 0.76%, significantly higher than the commercially viable threshold of 0.3%. Additionally, negligible water was observed, signaling strong potential for efficient helium recovery and processing.
Since HEVI’s initial announcement, a post-flow pressure transient analysis (“PTA”) of the 5-30 Well, conducted by Petro Management Group Ltd. (“PMG”) has provided promising data. The PTA utilized a composite reservoir model to assess pressure response, flow rates, and other reservoir properties, all of which are important data points for guiding future development plans in the area. The PTA indicated a calculated absolute open flow potential (“AOFP”) of 20.7 MMscf/d.
Moreover, bottomhole pressures recorders were installed in the nearby 9-35-3-9W3 well (“9-35 Well”), 10-1-4-9W3 well (“10-1 Well”) and the 10-36 Well during the 5-30 Well’s flow test. Pressure data analysis indicated the 5-30 Well is a new pool discovery. The PTA radius of investigation was almost three kilometers and further drilling will be necessary to determine the size of the helium reservoir.
Picture1
10-36 Well
On February 10, 2025, HEVI announced that the 10-36 Well was producing approximately 11.5 MMscf/d at 13,100 kPa flowing tubing pressure following a five-day extended flow testing period. The preliminary test results confirmed a helium content of 0.81%, again well above the commercially viable threshold of 0.3%. Similar to the 5-30 Well, negligible water was produced, signaling strong potential for efficient helium recovery and processing.
After the extended production flow period, the well was shut-in for 14 days to gather reservoir pressure data, followed by a PTA conducted by PMG. The PTA, which again employed a composite reservoir model, assessed pressure response, flow rates, and other pertinent reservoir properties. The PTA indicated no reservoir pressure depletion and a high permeability reservoir, with a calculated AOFP of 38.0 MMscf/d, HEVI’s largest AOFP to date.
Notably, bottomhole pressures recorders were also installed in both the offsetting 9-35 Well and 10-01 Well, located approximately one to two kilometers away. Analysis of this pressure data confirmed communication between the three wells, suggesting the presence of a potentially large, expansive and productive reservoir.
Flow Test Results from Select HEVI Wells:
Well
Helium Content
Rate (MMscf/d)
Bottom Hole Pressure (kPa)
Bottom Hole Temperature (°C)
Tubing Pressure (kPa)
Water
5-30 Well
0.76%
9.7
23,959
82
10,700
Negligible
10-36 Well
0.81%
11.5
23,600
78
13,100
Negligible
10-1 Well1
0.75%
9.5
24,069
78
10,800
Negligible
9-35 Well2
0.64%
7.0
23,928
81
9,000
Negligible
2-31 Well3
0.95%
4.0
24,189
81
5,500
Negligible
1 Well located at 10-1-4-9W3 (the “10-1 Well”) 2 Well located at 9-35-3-9W3 (the “9-35 Well”) 3 Well located at 2-31-2-8W3 (the “2-31 Well”)
“Both the 5-30 and 10-36 Wells have exceeded initial expectations, with strong helium content, minimal water production, and promising pressure data indicating the potential for large, productive reservoirs,” said Greg Robb, CEO of HEVI. “With five positive flow tests, HEVI remains committed to advancing the development of these discoveries, with further drilling and the installation of facilities expected in later in 2025.”
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 an updated 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.
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 over five 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.
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 future production from the 10-1 Well, the 2-31 Well, the 9-35 Well, the 5-30 Well and the 10-36 Well, the Company’s expectations regarding scalable helium production from its land generally, the Company and/or NAH’s plans to drill more wells, installation of production facilities including the timing thereof, the Company becoming a leading supplier of sustainably-produced helium, timeline of future updates, the Company's beliefs regarding growth of the global helium market and other statements that are not historical facts. By their nature, forward-looking statements involve known and unknown risks,uncertaintiesand other factorswhichmaycause ouractualresults,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:NAHmaybe unsuccessfulindrillingcommerciallyproductive wells; the Company and/or NAH may choose to defer, accelerate or abandon its exploration and development plans including future drilling; the Company and/or NAH may determine not to bring the 10-1 Well, the 2-31 Well, the 9-35 Well, the 10-36 Well or the 5-30 Well onto production;the Company and/or NAH may abandon, defer or accelerate plans and decisions regarding production facilities; 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 and the Company’s working capital position; 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 statementscontainedinthisnewsreleaseareexpresslyqualifiedbythiscautionarystatement.Theforward-lookingstatements containedinthisnewsreleasearemadeasofthedateofthisnewsrelease.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.
