TORONTO, Nov. 21, 2023 (GLOBE NEWSWIRE) -- VVC Exploration Corporation, dba VVC Resources, ("VVC") or (the "Company"), (TSX-V:VVC and OTCQC:VVCVF) announces the following:
Perforation of 2 Wells in Syracuse
VVC is proud to announce significant progress in its Syracuse Project, aimed at helium and natural gas extraction. The Company has successfully completed the perforation of two critical wells: Hodgson 1-17 and T-Spiker 1-7.
On November 16, 2023, VVC made a pivotal announcement regarding the Syracuse Project's progress in helium and natural gas extraction. The Company proudly disclosed the successful connection of two wells, Durler 2-21 and Levens 2-31 to the Tumbleweed Pipeline, marking a significant stride in the Company’s strategic initiative. In conjunction with this achievement, VVC reiterated its commitment to completing six additional wells, including the previously mentioned Hodgson 1-17 and T-Spiker 1-7.
This development is a crucial step in VVC’s strategy to enhance its helium and natural gas production capabilities. "The perforation of these wells positions VVC to tap into the high-potential Syracuse Project more effectively," stated Jim Culver, CEO of VVC Resources.
The Syracuse Project represents VVC's commitment to innovative and sustainable resource extraction in helium and natural gas.
Appointment of Officers
In first Board Meeting after the re-election of directors at the Annual General Meeting of shareholders (the "AGM") held yesterday, the Directors reappointed the following executive officers for VVC and the Chairman of the Board of Directors for the ensuing year:
- Jim Culver, President and CEO
- Terrence Martell, Chairman of the Board
- Kevin Barnes, Chief Financial Officer
- Michel Lafrance, Secretary-Treasurer
- Bill Kerrigan, President of Plateau Helium Corporation.
In addition, the directors also appointed directors to the Company’s various standing committees and a Chairman for each Committee for the ensuing year.
Option Grant
At the same Board Meeting, the Directors also granted incentive stock options under its stock option plan, to officers, directors and consultants of the Company, to purchase up to an aggregate of 14,650,000 common shares, representing 2.96%% of the outstanding shares of the Company. The stock options are exercisable at a price of CA$0.08 per share expiring November 20, 2033. The exercise price was fixed above the minimum allowable price by the TSX Venture Exchange policies. The options, granted in accordance with the provisions of the Company's stock option plan, are subject to the TSX Venture Exchange policies and the applicable securities laws. Of the Options granted, 45.4% were to directors, 30.7% to Officers and 23.9% to Employees/Consultants of the Company.
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). 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.
