Helium Evolution Incorporated announced that its farm-in partner, North American Helium Inc. has served the Company notice of its intention to drill a joint well on the lands NAH earned pursuant to the farm-out agreement announced on October 21, 2022. The joint well is expected to spud September 13, 2023, and will be located at 2-31-2-8W3. Joint Well #1 is the first confirmed joint well and is in addition to the seven previously announced wells to be drilled by NAH on HEVI lands.

Joint Well #1 is an offset to Test Well #1 located at 13-30-2-8W3, which was drilled in November 2022 as part of the Amended Farmout Agreement. The Company has confirmed that it will participate in the drilling of Joint Well #1 at its 20% working interest, which is estimated to cost approximately $0.4 million net. Funding of the Company?s share of Joint Well #1 is supported by HEVI?s strong working capital position of $8.8 million at June 30, 2023.