CALGARY, Alberta, Aug. 03, 2021 (GLOBE NEWSWIRE) -- Imperial Helium Corp. (“Imperial Helium” or the “Company“) is pleased to announce it has spud IHC-Steveville-2 at 103/10-22-020-12W4M, Imperial Helium’s second well on its Steveville Helium Property, located in Southeastern Alberta, on schedule.
IHC-Steveville-2 is the second of two appraisal wells Imperial Helium plans to drill on the Steveville structure. This second well at 103/10-22-020-12W4 targets the crest of the Steveville structure adjacent to where 13-22-020-12W4 penetrated the structure in the winter of 1940. IHC-Steveville-2 will set surface casing, drill forward and set intermediate casing below the Nisku Formation, before continuing on to a TVD of 2,170 metres. Upon reaching the objective a comprehensive suite of well logs will be acquired and evaluated, before completing the well and proceeding with production testing. The objective of this second appraisal well is to confirm helium concentrations and flow rates established by the historic blow-out in 1940.
David Johnson, CEO and Director commented “It is exciting to be drilling an offset to the Steveville blow-out. The successful drilling, logging and casing of our first well at 102/03-01-020-12W4, confirmed our technical view of the Steveville structure. Production testing of IHC-Steveville-1 will begin soon, with production testing of IHC-Steveville-2 to follow. We look forward to updating our shareholders on our appraisal of the magnitude and deliverability of the helium resource contained in IHC’s historic Steveville structure.”
About the Steveville Helium Property
Imperial Helium’s Steveville property is situated over a large basement dome feature with four-way closure. The property is approximately 200Km east of Calgary and 40Km northeast of Brooks where highways 544/876 cross the structure, providing easy access for drilling and development. The property includes land leased from Heritage Royalty Resource Corporation covering 24,635 hectares (95 square miles), with rights for natural gas (including helium) below the base of the Big Valley and Nisku formations.
In the winter of 1940, the first deep well to be drilled in the area was 13-22-020-12W4, which, owing to a mechanical failure on surface, resulted in the Steveville blow-out. The blow-out is estimated to have flowed at 50 MMcf/d for 100 days based on government well files and multiple articles published by the Calgary Herald in February and March, 1940. After the well was brought under control, drilling resumed followed by production testing which came in at six million cubic feet a day (6MMCf/d) of non-burnable gas (87% nitrogen 0.63% helium). Four subsequent wells, drilled exploring for hydrocarbons, 08-22-020-12W4 (1947), 14-11-020-11W4 (1953), 16-11-020-12W4 (1974), and 01-24-020-11W4 (2002) confirm the structure. Imperial Helium has acquired seismic to provide an improved understanding of the basement structure and select drilling locations.
About Imperial
Imperial Helium is focused on the exploration and development of helium assets in North America. Driven by Canadian geoscience and engineering expertise, in combination with its proprietary helium well database, the Company is developing its asset base to meet the growing global helium demand and supply shortfalls in the market. Imperial Helium’s operations office is based in Calgary, Alberta, and is listed on the TSX Venture Exchange under the symbol “IHC”. To learn more about the Company and expand on the subject of helium, please visit www.imperialhelium.ca
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Forward-Looking and Cautionary Statements
Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “will” or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to, statements concerning: the exercise of the Company’s option under the Lease Agreement; drilling activities; discovery activities including re-discovering and capturing the Steveville blow-out; and the business plan of the Company, generally, including helium development and extraction. The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Imperial. Although Imperial believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Imperial can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the helium industry in general (e.g., operational risks in development, exploration and production; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), constraint in the availability of services, commodity price and exchange rate fluctuations, the current COVID-19 pandemic, changes in legislation impacting the helium industry, 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.
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