Desert Mountain Energy Selects Processing Plant Partner Desert Mountain Energy Selects Processing Plant Builder
Nov. 17, 2021 /CNW/ - DESERT MOUNTAIN ENERGY CORP. (the "Company") (TSXV: DME) (U.S. OTC: DMEHF) (Frankfurt: QM01)
From the President of the Company.
The Company is pleased to announce that it has selected GENERON as the main contractor for the build-out of its first Solar/Hydrogen powered Helium processing plant, located in Arizona. Current supply chain requirements suggest that build-out and delivery will be between 28-30 weeks subject to unforeseeable delivery issues relating to specific materials. When completed, the processing facility's internal green power generation capabilities will provide many years of stable cost-effective operations. Utilization of the solar and hydrogen aspects to meet the electrical demands provides the Company with a long-term solution to ever-rising electrical costs. Further making the Company the first fully vertically integrated, independent exploration, drilling, production and processing company focused on Helium and not as a by-product of normal oil & gas operations. The gas composition results, basically Helium/Nitrogen and no other noble gases, in both well #4 and #2, reduced the complexities and amount of required equipment in addition to lead times for delivery. The lack of high CO2 and other noble gases has also reduced our plant build capital expenditure by 40%. The Company's excellent financial situation continues without any requirement for additional financing. Processing facility, initial site work was completed in September and the final site work for the self- contained processing facilities will begin in 02/22.
UPDATE OF FUTURE DRILLING OPERATIONS
Management had correctly identified and anticipated COVID related issues in regards to the increased demand for qualified, state-approved and licensed subcontractors, not only for the plant construction, but also for surveying, archaeological assessments, reviews, road work, and as such, had previously entered into agreements with the companies needed for the aforementioned work. The Company expects to shortly have the surveying completed for the next four wells and associated roads, followed in conjunction with ongoing archeological studies where applicable. Archeological review times have been drastically impacted by COVID. Again, the Company had previously committed to working with the best archaeologists and will continue to look well beyond the next few wells with that research. The Company has also previously purchased casing and associated wellhead equipment for multiple wells, thereby saving additional monies.
ADDITIONAL BOARD MEMBER ADDED
The Company is pleased to announce that Weldon Stout has been asked and has agreed to join the Board of Directors. Weldon recently retired from his position after serving for eight years as a District Court Judge in Oklahoma. Prior to his appointment as a judge, his private practice focused on business, estate planning and Federal Court litigation. He served as both Assistant District Attorney and then as Chief Prosecutor. He has served on numerous boards including State Bar Association, City Counsel, Medical Foundations, Victims Compensation Board, Airport Board as well as many other non-profit boards. Weldon Graduated from the University of Oklahoma with a BA in 1971 and from OCU Law School in 1974. Several of his experiences include water and associated component issues involved with water along with financial accountability reviews. As the Company moves forward with plans to up list to NASDAQ in 2022, Weldon's addition, adds another strong independent person to the Board.
ABOUT DESERT MOUNTAIN ENERGY
Desert Mountain Energy Corp. is a publicly traded resource company primarily focused on exploration, development and production of helium, hydrogen and noble gases. The Company is primarily looking for elements deemed critical to the renewable energy and high technology industries.