VVC Connects First Helium Well
TORONTO, March 31, 2022 (GLOBE NEWSWIRE) -- VVC Exploration Corporation ("VVC" or the "Company") is pleased to announce that it has successfully completed and connected its first helium well in the Syracuse Project, known as the Levens #2, to Tumbleweed Midstream’s Ladder Creek Pipeline (the "Pipeline"). The Pipeline transports gas to the Ladder Creek Helium Processing Plant in Cheyenne Wells, Colorado.
Located in Hamilton County, Kansas, the Levens #2 is part of the Company’s 16,400-acre Syracuse Project. The Levens #2 was successfully drilled to a depth of 2,478 feet and encountered multiple gas zones. Following a period of clean-up and additional analysis over 30-45 days, our technical team will report on the average flow rates, helium percentages and economic viability of this well. This data is expected to be announced when it becomes available in early to mid-May.
"The connection of the Levens #2 well to the Ladder Creek Pipeline is the culmination of a tremendous amount of work by VVC’s helium team and represents an inflection point for VVC’s helium business. The Syracuse Project wells are the foundation for, and the beginning of, the massive growth in helium production, anticipated to occur by year’s end. We are particularly happy with the platform for growth that our professional team has built," commented Jim Culver, VVC President and CEO.
The Syracuse Project is one of the Company’s four helium projects, aggregating to approximately 41,000 acres leased, with leasing continuing.
Stockhouse Publishing
Pursuant to an arrangement with Stockhouse Publishing Ltd. ("Stockhouse") in August 2021, Stockhouse is assisting VVC with general market outreach and investor awareness as VVC continues to grow its investor base. This arrangement provided VVC with access to over 30 different marketing tools focused on editorial, brand awareness and amplifying news on VVC, in order to reach a larger investor audience. Stockhouse provided us with the opportunity to reach out to the investment community, and create a platform to educate and inform our investors in a more personal manner about the Company's projects.
As provided in the Agreement, VVC intends to settle, as a third tranche, $15,000 of the amount owing for services by the issuance of 125,000 shares at the price of $0.120 per share, being yesterday's market price discounted by 25%. Two other share issuances will occur in three and six months for the remaining $30,000.
The Securities to be issued pursuant to this transaction will be subject to the approval of the TSX Venture Exchange and to the applicable statutory, exchange and regulatory hold period of four months and any other required resale restrictions.
About VVC Exploration Corporation
VVC is a publicly traded Canadian-based mining exploration and development company listed on the TSX Venture Exchange (TSX-V:VVC). With the addition of Plateau Helium Corporation ("PHC"), VVC is also a Helium producing company. VVC’s portfolio includes the Gloria Copper Project in Northern Mexico, precious metals properties also in Mexico and the Helium Projects owned by its wholly owned subsidiary, PHC. VVC is currently focused on the Helium Projects owned by PHC and will resume the development of Gloria Copper Project, as soon as Covid-19 restrictions are removed in Mexico. To learn more, visit our website at: http://vvcexpl.com
On Behalf of the board of Directors
Michel J. Lafrance, Secretary-Treasurer
| For further information, please contact: | ||
| Patrick Fernet - (514) 631-2727 | or | Trevor Burbank - (214) 641-1041 |
| pfernet@vvcexploration.com | trevor@vvcexpl.com | |
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.
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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" or similar words suggesting future outcomes or statements regarding an outlook. Such statements include, among others: data is expected to be announced ... in early to mid-May; the massive growth in helium production, anticipated to occur by year’s end; etc.
Such forward-looking information or statements are based on a number of 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 related to Covid-19, risks affecting the ability to develop projects, risks in legislative changes in the applicable jurisdictions, risks in decrease of price of helium. 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 or that the results will be as expected. 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.sedar.com).
