Imperial Helium Announces Spud of Initial Well at the Steveville Property

CALGARY, AB / ACCESSWIRE / July 5, 2021 / Imperial Helium Corp. (“Imperial Helium” or the “Company“) is pleased to announce it has spud IHC Steveville 1 at 102/03-01-020-12W4M, Imperial Helium’s first well on its Steveville Helium Property, located in Southeastern Alberta, on schedule.

IHC Steveville 1 is the first of two appraisal wells Imperial Helium plans to drill on the historic Steveville structure. This first well targets the crest of the Steveville structure. With surface casing set, the rig will drill forward and set intermediate casing in the Stettler Formation, before continuing on to a target depth of 2,047 metres. Upon reaching the target 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 first appraisal well is to confirm helium concentrations and flow rates from the Steveville structure established by the historic blow-out in 1940. The well following IHC Steveville 1 will approximately twin the Steveville blow-out.

David Johnson, CEO and Director commented “We are incredibly pleased to spud our first well and have the drill-bit smoothly turning to the right. We look forward to providing shareholders with future updates regarding both well results and those other value-creating initiatives that are planned to follow drilling.”

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 million cubic feet / day (50MMcf/d) for 100 days as first reported in the Calgary Herald on March 7, 1940. After the well was brought under control, drilling resumed followed by production testing which came in at 6 million cubic feet / day (6MMcf/d) of non-burnable gas (87% nitrogen 0.63% helium). Subsequent wells 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.

All public filings for the Company, including the summarized Geological Report and the summarized Work Program authored by Graham P. Simpson, Ph.D., P.Geo. and Patrick A. Olenick, P.Eng., of GLJ Ltd., can be found on the SEDAR website www.sedar.com. For more information about the Company, please visit www.imperialhelium.ca.

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, Imperial Helium is developing its asset base to meet the growing global helium demand and supply shortfalls in the market.

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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in polices of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation. Such forward-looking statements and information herein include but are not limited to statements regarding the Company’s anticipated performance in the future the planned exploration activities, receipt of positive results from drilling, the completion of further drilling and exploration work, and the timing and results of various activities.

Forward-looking statements or information involve known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company and its operations to be materially different from those expressed or implied by such statements. Such factors include, among others, changes in national and local governments, legislation, taxation, controls, regulations and political or economic developments in Canada and the United States; financial risks due to helium prices, operating or technical difficulties in exploration and development activities; risks and hazards and the speculative nature of resource exploration and related development; risks in obtaining necessary licenses and permits, and challenges to the Company’s title to properties.

Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the continued operation of the Company’s exploration operations, no material adverse change in the market price of commodities, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company does not intend to, and does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.

SOURCE: Imperial Helium Corp.

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