SASKATOON, Saskatchewan, July 23, 2019 (GLOBE NEWSWIRE) -- Royal Helium Ltd. (“Royal” or the “Company”) (TSXV: RHC) reports that shareholders voted to pass all resolutions brought before the Company’s Annual General Meeting held on July 22, 2019. Shareholders re-elected Andrew Davidson, Tom MacNeill and John Pringle as the Company’s directors; re-appointed McGovern, Hurley, Cunningham LLP as auditors; approved continuation of the Company’s stock option plan and approved the consolidation of the corporation’s shares.
Andrew Davidson commented, “With shareholder support, Royal can now finalize its restructuring while continuing the advancement of its core helium properties. The Company has commenced advanced exploration activities at the Climax property, and is looking to have detailed drill targets identified by early August. Drill plans will be announced once finalized. Importantly, the detailed findings of our studies of geological economic and well data have been used to methodically identify several potential helium reservoir targets to drill”.
The studies were completed by Steve Halabura P.Geo, Royal’s Vice President of Exploration. The studies used all available data, including: past and currently producing analogue helium wells; oil and gas wells; seismic and geological data - all specifically on and around Royal’s land packages. The studies identified several potential geological reservoir structures and traps over multiple land packages within Royal’s helium properties. Of the several structures identified, Royals initial focus is the Climax area.
Highlights of the studies include:
- The entire Royal land package was confirmed to be prospective for helium production
- Focus areas are identified within a region of Saskatchewan with current helium production and historic gas composition analysis that are some of Saskatchewan’s highest known concentrations of helium
- These focus areas show the presence of a distinct basal sand unit in the Deadwood Formation that is a known producer of helium, and also prospective zones within the Lower to Middle Deadwood sequence, the proven helium-bearing interval
- The study of historical seismic compilation maps has identified 30 possible structural anomalies in the form of structural closures or structural noses either on, or adjacent to, Royal lands
Over the next three months, the Company will be focused on the advanced exploration and development of our properties specifically with the initial aim to commencing a multi-well drill program in the fourth quarter at Climax while continuing to further define the number of other well targets identified in the study, subject to financing.
Royal Helium is in discussions with several of the major industrial gas companies looking to select and secure a helium processing partner for Royal’s initial development. The early stage discussions are continuing and are progressing favourably.
Royal Helium Ltd.
Royal has over 300,000 acres of prospective helium land in south western and south-central Saskatchewan. All of Royals’ lands are in close vicinity to highways, roads, cities and importantly, close to existing oil and gas infrastructure, with a significant portion of its land near existing helium producing locations. With stable, rising prices and limited, non-renewable sources for helium worldwide, Royal intends to become a leading North American producer of this high value commodity.
For more information, please contact Andrew Davidson, the Chairman, President and CEO of the Company.
Andrew Davidson, CEO
Royal Helium Ltd.
1 (306) 653-2692
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.