U.S. OTC: DMEHF
FOR IMMEDIATE RELEASE
DESERT MOUNTAIN ENERGY CORP. QUARTERLY UPDATE
Vancouver, British Columbia — DESERT MOUNTAIN ENERGY CORP. (the “Company”) (TSX.V: DME, U.S. OTC: DMEHF, Frankfurt: QM01) From the President of the Company.
GUNNAR DOME WELL
The workover rig and the required associated equipment are scheduled to arrive next week upon being released from their current work. We will be conducting a cement squeeze operation on both sets of current perforations in order to isolate them. Once completed, perforation into a different zone where well logs and instrumentation indicated helium, will be performed. As previously stated in the last press release, the chemical composition (slightly elevated levels of CO2) of the gas was not compatible with the currently planned processing facility. It is anticipated the required workover, gas flow and composition tests will take between 14 to 21 days.
The zones that are to be isolated are being protected for future possible production combined with the Rohlfing Field wells.
McCAULEY HELIUM PROCESSING FACILITY
Trenching for flow lines is complete with final tie-ins to be completed after the processing facility has been delivered. The fence posts are currently being installed and wire mesh and razor wire are scheduled for next week. The solar panels will be delivered once the processing site is secure. Specific component containers will be trucked to the site shortly after their initial runup test is complete so that mechanical and electrical installation can commence.
FUTURE DRILLING PLANS
The Company is continuing with previously ordered additional independent archeological and native plant field studies, which are required in advance of permitting with the Arizona Oil & Gas Conservation Commission. These studies take many months and numerous agencies are required to review and approve the results of those studies. In order to remain efficient, the Company keeps a number of those studies underway. DME’s geological team continues to review the findings of our latest well and apply those findings to enhance the previous geophysical and geological modelling.
The Company’s decision to work with Beam Earth Ltd. is designed in a manner by which we can continue to focus on helium whilst using their hydrogen expertise for future possible joint operations. Therefore, a joint venture limits the Company’s downside exposure as we prove-up this portion of our findings. We have a joint technology committee that will work together for planning a three-well drill program to commence around June of 2023. In addition, other helium encounters made by Beam Earth Ltd., internationally or domestically, will become an opportunity for Desert Mountain Energy to participate in. DME currently has sufficient multiple casing strings by which to drill additional wells as studies are completed and permits are filed and approved.
GENERAL FINANCIAL NOTE
The Company is situated in a strong financial position and has sufficient cash to undertake advantageous advancements. Casing availability continues to be an industry-wide issue and the Company has taken a proactive stance in ordering for future needs. Some of these commitments have been pre-paid, with additional orders placed with the supplier and mills.
ABOUT DESERT MOUNTAIN ENERGY
Desert Mountain Energy Corp. is a publicly traded resource company primarily focused on exploration, development and production of helium, hydrogen and noble gases. The Company is primarily looking for elements deemed critical to the renewable energy and high technology industries.
We seek safe harbor
Exec Chairman & CEO
For more information, contact:
Don Mosher, President & Director
E-mail [email protected]
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. The statements made in this press release may contain certain forward-looking statements that involve a number of risks and uncertainties. Actual events or results may differ from the Company’s expectations.
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 nor does not assume any obligation to update such forward-looking statements or information, other than as required by applicable law.