TORONTO, Sept. 07, 2023 (GLOBE NEWSWIRE) -- Proton Green LLC, a strategic investment of VVC Exploration Corporation, dba VVC Resources, ("VVC" or the "Company"), (TSX-V:VVC and OTCQB:VVCVF) recently announced its first helium sales. The helium was produced at PG’s Phase I Helium Extraction Plant located at St. Johns Field in Arizona. Proton Green is a wholly owned subsidiary of Cyber App Solution Corp. (OTC: CYRB). VVC owns approximately 11.9% of Cyber App Solution Corp.
The Phase I Helium Extraction Plant, situated on the expansive 170,500-acre St. Johns Field asset in Apache County, Arizona, initiated production operations in July 2023. This region is renowned for hosting one of the largest helium and carbon dioxide reservoirs in North America, boasting an estimated 33 billion cubic feet of helium and a staggering 517 million tons of CO2 in accessible reservoirs (see PG Corporate Profile on their website). Those estimates were extracted from an Evaluation Report prepared by William M. Cobb & Associates, Inc., revised May 6, 2022.
"We are exceptionally proud of our team's hard work to reach Phase I production capacity over the last several weeks, as standard ramp and risk management procedures were executed," said Steve Looper, Chief Executive Officer of Proton Green. "Shortly after beginning helium production, we executed our first sale to one of our fixed-price offtake customers, marking the first commercialization milestone for Proton Green. As we scale production several-fold in the coming quarters, we have a clear line of sight to becoming among the largest Helium producers in North America.
We are now analyzing our production from Phase I to help optimize the completion of our Phase II infrastructure, for which we expect to begin construction in the coming months. We look forward to continued operational execution in the months ahead as we strive to deliver sustainable, long-term value to our shareholders," concluded Looper.
Jim Culver, CEO of VVC, expressed his excitement about this pivotal moment in Proton Green's journey. "Proton Green's achievement is a testament to the vision and dedication of their team, and it aligns perfectly with VVC's investment philosophy. This milestone reinforces Proton Green's future potential and their ability to deliver value to their shareholders, including VVC."
Read the full release from Proton Green here.
About VVC Resources
VVC engages in the exploration, development, and management of natural resources - specializing in scarce and increasingly valuable materials needed to meet the growing, high-tech demands of industries such as manufacturing, technology, medicine, space travel, and the expanding green economy. Our portfolio includes a diverse set of multi-asset, high-growth projects, comprising: Helium & industrial gas production in western U.S.; Copper & associated metals operations in northern Mexico; and Strategic investments in carbon sequestration and other green energy technologies. VVC is a Canada-based, publicly-traded company on the TSXV (TSX-V:VVC) and on the OTC Market (OTCQB:VVCVF). To learn more, visit our website at: www.vvcresources.com.
About Proton Green, LLC
Proton Green LLC (OTC: CYRB) is a leading operator of one of the largest Helium and beverage grade CO2 hubs in North America. The Company maintains exclusive production rights to St. Johns Field, a 170,500 acre property in Arizona with a 33 billion cubic feet helium reservoir, 517 million ton CO2 reservoir and a basin with the potential to store 1 billion metric tons of CO2. The Company is currently one of the leading producers of Helium in North America – a high-demand gas in both consumer and critical technology applications – leveraging strategic offtake partners with fixed-price agreements to drive a predictable revenue stream. Notably, both Helium and CO2 produced at St. John’s Field contain no hydrocarbon component. To learn more, please visit our website at https://www.protongreen.com/.
On behalf of the Board of Directors
Michel J. Lafrance, Secretary-Treasurer
For further information, please contact:
Patrick Fernet - (514) 631-2727
E-mail: pfernet@vvcexploration.com
or
Mike Culver - (202) 531-6559
E-mail: mike@1row.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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