VVC Continues Operational Progress and Anticipates Completion of Additional Wells by End of 2023
TORONTO, Nov. 16, 2023 (GLOBE NEWSWIRE) -- VVC Exploration Corporation, dba VVC Resources, ("VVC" or the "Company"), (TSX-V:VVC and OTCQB:VVCVF) announces the successful connection of two wells in Syracuse, Kansas and the commencement of the sale of helium and natural gas. Durler 2-21 a newly completed well and Levens 2-31 an existing well are now connected to the Internal Pipeline and linked to Tumbleweed Midstream's Ladder Creek Pipeline, facilitating the transportation of helium and natural gas to the Ladder Creek Helium Processing Plant located in Cheyenne Wells, Colorado.
As announced on May 09, 2022, VVC installed 7 miles of its internal gathering system pipeline ("Syracuse Gas Gathering System") and completed it by extending the project's total length to 14 miles (see NR dated May 25, 2022). With the Durler 2-21 and Levens 2-31 wells been successfully linked to this Syracuse Gas Gathering System and currently in production, the Company initiated the sale of the extracted helium and natural gas. It is also noteworthy that part of the infrastructure installed by the Company in 2022 was a 14-mile Saltwater Gathering System. Both wells are connected to this system which returns any waste water to a permitted saltwater disposal well.
Situated in Hamilton County, Kansas, these wells represent key assets within the Company's extensive Syracuse Project. Over the next several weeks, VVC's technical team will conduct a comprehensive evaluation of these wells and further analysis to determine crucial metrics, such as average flow rates, and helium and natural gas percentages. The Company anticipates releasing this valuable data in the coming months.
Additionally, VVC announces that the previously drilled wells Levens 4-31, Weaver 1-15, and C-Double 1-16, in the Syracuse Project have been perforated and are ready for completion, and that the Hodgson1-17, T Spiker 1-7 and Simon 1-18, wells are ready for perforation and completion. The Company anticipates completing these six wells by year-end, further bolstering its production.
Finally, permits are currently in progress for the first test well in the Stockholm project, the second leg of VVC's strategic approach to expanding its portfolio of helium and natural gas. The Stockholm project is the first of a series of projects that are expected to have significantly higher flow volume and helium percentages than the Syracuse project. Results from this well will provide guidance for the next stage of VVC's helium and natural gas expansion.
Jim Culver, CEO of VVC, expressed his thanks to the team for these latest achievements, stating, "The connection of Durler 2-21 and Levens 2-31 to the Ladder Creek Pipeline is a first step in the Company's revised VVC's helium and natural gas strategy. We look forward to sharing the results of production of these wells, and the Stockholm test well which will provide insights into the potential of the Company's helium and natural gas resources."
For more information about VVC and its ongoing projects, please visit www.vvcresources.com.
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.
On behalf of the Board of Directors
Michel J. Lafrance, Secretary-Treasurer
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.
2369 Kingston Road, PO Box 28059 Terry Town, Scarborough, ON M1N 4E7 – Tel: 416-619-5304
FORWARD-LOOKING STATEMENTS:
This news release contains "forward-looking information" (within the meaning of applicable Canadian securities laws) and "forward-looking statements" (within the meaning of the U.S. Private Securities Litigation Reform Act of 1995). Such statements or information are identified with words such as "anticipate", "believe", "expect", "plan", "intend", "potential", "estimate", "propose", "project", "outlook", "foresee", "strategy", "success" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others: Completion of Additional Wells by End of 2023; will conduct … further analysis to determine crucial metrics; Company anticipates releasing this valuable data in the coming months;Company anticipates completing these six wells by year-end; expected to have significantly higher flow volume and helium percentages; Results from this well will provide guidance for the next stage; look forward to sharing the results of production … which will provide insights into the potential.
Such forward-looking information or statements are based on several risks, uncertainties and assumptions which may cause actual results or other expectations to differ materially from those anticipated and which may prove to be incorrect. Assumptions have been made regarding, among other things, management's expectations regarding acquisitions, production of helium, future development and growth, plans for and completion of projects by Company's third-party relationships, availability of capital, and the necessity to incur capital and other expenditures. Actual results could differ materially due to a number of factors, without limitation, operational risks in the completion of Company's anticipated projects, delays or changes in plans with respect to the development of Company's anticipated projects by Company's third-party relationships, risks affecting the ability to develop projects, risks in legislative changes in the applicable jurisdictions, risks inherent in operating in foreign jurisdictions, the ability to attract key personnel, risks in decrease of price of helium and copper. No assurances can be given that the efforts by Company will be successful.
Although the Company believes that the expectations reflected in the forward-looking information or statements are reasonable, prospective investors in the Company's securities should not place undue reliance on forward-looking statements because the Company can provide no assurance that such expectations will prove to be correct. Forward-looking information and statements contained in this news release are as of the date of this news release and the Company assumes no obligation to update or revise this forward-looking information and statements, except as required by law.
Investors are cautioned that notwithstanding the expectations described herein, there can be no assurance that the plans described herein will be completed as proposed. Trading in the securities of VVC should be considered highly speculative. All forward-looking statements contained in this press release are expressly qualified in their entirety by these cautionary statements and by those made in our filings with SEDAR in Canada (available at www.sedarplus.ca).
