VVC Exploration Corporation, dba VVC Resources, ("VVC" or the
"Company"), (TSX-V:VVC and OTCQB:VVCVF) announces the successful
connection of two wells in Syracuse, Kansas and the commencement of
the sale of helium and natural gas. Durler 2-21 a newly completed
well and Levens 2-31 an existing well are now connected to the
Internal Pipeline and linked to Tumbleweed Midstream's Ladder Creek
Pipeline, facilitating the transportation of helium and natural gas
to the Ladder Creek Helium Processing Plant located in Cheyenne
Wells, Colorado.
As announced on May 09, 2022, VVC installed 7
miles of its internal gathering system pipeline ("Syracuse Gas
Gathering System") and completed it by extending the project's
total length to 14 miles (see NR dated May 25, 2022). With the
Durler 2-21 and Levens 2-31 wells been successfully linked to this
Syracuse Gas Gathering System and currently in production, the
Company initiated the sale of the extracted helium and natural gas.
It is also noteworthy that part of the infrastructure installed by
the Company in 2022 was a 14-mile Saltwater Gathering System. Both
wells are connected to this system which returns any waste water to
a permitted saltwater disposal well.
Situated in Hamilton County, Kansas, these wells
represent key assets within the Company's extensive Syracuse
Project. Over the next several weeks, VVC's technical team will
conduct a comprehensive evaluation of these wells and further
analysis to determine crucial metrics, such as average flow rates,
and helium and natural gas percentages. The Company anticipates
releasing this valuable data in the coming months.
Additionally, VVC announces that the previously
drilled wells Levens 4-31, Weaver 1-15, and C-Double 1-16, in the
Syracuse Project have been perforated and are ready for completion,
and that the Hodgson1-17, T Spiker 1-7 and Simon 1-18, wells are
ready for perforation and completion. The Company anticipates
completing these six wells by year-end, further bolstering its
production.
Finally, permits are currently in progress for
the first test well in the Stockholm project, the second leg of
VVC's strategic approach to expanding its portfolio of helium and
natural gas. The Stockholm project is the first of a series of
projects that are expected to have significantly higher flow volume
and helium percentages than the Syracuse project. Results from this
well will provide guidance for the next stage of VVC's helium and
natural gas expansion.
Jim Culver, CEO of VVC, expressed his thanks to
the team for these latest achievements, stating, "The connection of
Durler 2-21 and Levens 2-31 to the Ladder Creek Pipeline is a first
step in the Company's revised VVC's helium and natural gas
strategy. We look forward to sharing the results of production of
these wells, and the Stockholm test well which will provide
insights into the potential of the Company's helium and natural gas
resources."
For more information about VVC and its ongoing
projects, please visit www.vvcresources.com.
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) and on the OTC Market (OTCQB:VVCVF). To
learn more, visit our website at: www.vvcresources.com.
On behalf of the Board of DirectorsMichel J.
Lafrance, Secretary-Treasurer
For further
information please contact: |
Patrick Fernet - (514)
631-2727E-mail: pfernet@vvcexploration.com |
or |
|
Mike Culver - (202) 531-6559E-mail: mike@vvcresources.com |
|
|
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|
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.
2369 Kingston Road, PO Box 28059 Terry
Town, Scarborough, ON M1N 4E7 – Tel:
416-619-5304
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", "strategy",
"success" or similar words suggesting future outcomes or statements
regarding an outlook. Such statements include, among others:
Completion of Additional Wells by End of 2023; will conduct …
further analysis to determine crucial metrics; Company anticipates
releasing this valuable data in the coming months; Company
anticipates completing these six wells by year-end; expected to
have significantly higher flow volume and helium percentages;
Results from this well will provide guidance for the next stage;
look forward to sharing the results of production … which will
provide insights into the potential.
Such forward-looking information or statements
are based on several 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 affecting the ability to
develop projects, risks in legislative changes in the applicable
jurisdictions, risks inherent in operating in foreign
jurisdictions, the ability to attract key personnel, risks in
decrease of price of helium and copper. 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. 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.sedarplus.ca).
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