CALGARY, Alberta, Aug. 31, 2021 (GLOBE NEWSWIRE) -- Imperial Helium Corp. (“Imperial Helium” or the “Company“) (TSX-V: IHC) is pleased to announce it has successfully drilled, logged, and cased its second well, IHC-Steveville-2 (103/10-22-020-12W4), on its historic Steveville Helium asset, in South Eastern Alberta. The Company will commence completion and production testing of IHC-Steveville-2 upon finalizing completion and production testing of IHC-Steveville-1 (102/03-10-020-12W4).
IHC-Steveville-2, Imperial Helium’s second appraisal well of the Steveville structure, reached a total depth of 1959m (PBTVD) and penetrated the crest of the structure, as expected. Preliminary petrophysical analysis of well-logs confirms the presence of a 133m section of the Beaverhill Lake Formation. The depth and thickness of the gas saturated intervals calculated from logs are in-line with pre-drill estimates and are consistent with those identified in the IHC-Steveville-1.
David Johnson, Director and CEO, commented: “We are pleased to confirm that the preliminary results of IHC-Steveville-2 and IHC-Steveville-1 support the stratigraphic continuity and potential for reservoir continuity as previously observed in correlations among 13-22-020-12W4 (Steveville Blowout) and the 4 other wells to penetrate the Beaverhill Lake Formation over the Steveville structure. Upon completion of production testing of IHC-Steveville-1, we will commence production testing of IHC-Steveville-2 to appraise the reservoir quality and deliverability potential last demonstrated by the Steveville blow-out. We remain on schedule with our plan to complete an independent resource assessment of this our founding asset during the fourth quarter of 2021.”
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.
The forward-looking information contained in this press release is made as of the date hereof and Imperial undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.
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