CALGARY, Alberta, July 06, 2023 (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 announce that its farm-in partner, North American Helium Inc. (“NAH”), has confirmed it will proceed with drilling five new wells pursuant to the enhanced farm-out agreement (the “Amended Farmout Agreement” or “Farmout”) and the seismic agreement (the “Seismic Agreement” or “SA”), both announced on October 21, 2022.  

Upcoming Drilling Catalysts and Key Dates

• On or before July 14, 2023: The previously announced Mankota Farmout location at 12-11-05-10W3 (“Test Well #3”) is scheduled to be spud by NAH;
• On or before March 31, 2024: The Fox Farmout location selected at 11-13-13-29W3 (“Test Well #4”) is scheduled to be spud by NAH;
• On or before March 31, 2024: The Gravelbourg Farmout location selected at 12-13-10-8W3 (“Test Well #5”) is scheduled to be spud by NAH;
• On or before August 31, 2023: The Mankota SA location selected at 5-36-3-9W3 (“Test Well Area #1”) is scheduled to be spud by NAH;
• On or before August 31, 2023: The McCord SA location selected at 6-13-5-7W3 (“Test Well Area #2”) is scheduled to be spud by NAH; and
• By July 31, 2023: Pursuant to the seismic review agreement (the “Seismic Review Agreement”) also announced on October 21, 2022, NAH has the option to select a drilling location in the McCord area with a spud date on or before October 30, 2023, after which HEVI’s remaining 5.6 million acres of land will be fully released, allowing the Company to pursue its own development program.

NAH is responsible for 100% of the drilling costs for Test Well #3, Test Well #4, Test Well #5, Test Well Area #1 and Test Well Area #2, while HEVI retains a 20% working interest in said wells, supporting the Company’s continued financial flexibility and capital conservation.

Map of Confirmed Well Locations

As results become available from each of the wells referenced above, HEVI will provide updates and outline the significance of each development for shareholders.

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 corporatepresentation, 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 mediaarticles, HEVI maintains a profile on the InvestingNewsNetwork 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 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.

For further information, please contact:

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.Forward-lookingstatementsarestatementsthatarenothistoricalfactsandaregenerally, 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 set forth under the heading “Upcoming Drilling Catalysts and Key Dates”, the Company’s expectations regarding the Company becoming a leading supplier of sustainably-produced helium, 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, NAHmaydeferthedrillingofwells identified in this press release and subsequent wells; theCompanymaychoosetodefer,accelerateorabandonitsdrillingplans; 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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/86aeb166-679e-472b-ad1a-6e0659749c5a