Helium Evolution Announces Seismic Program, Pooling Agreement and Provides Operations Update

Executive Summary

• Helium Evolution entered a pooling agreement with North American Helium covering ~40,000 acres (51% NAH / 49% HEVI) and launched a $4.9 M gross ($2.4 M net to HEVI) 3‑D seismic program over the pooled lands.
• The 3‑D seismic is slated for completion in six weeks with data processing/interpretation in Q2‑2026, paving the way for a drilling campaign as early as Q3‑2026.
• The company placed its Soda Lake helium processing facility on standby after Q4‑2025 production shortfalls; reactivation hinges on successful wells tied to the upcoming seismic‑drilling workflow.

Key Details

• Pooling Agreement: 40,000 acres in Grasslands/Mankota area; NAH operates; ownership split 51% NAH / 49% HEVI.
• 3‑D Seismic Program: ~170 km² area, NAH‑operated, gross cost $4.9 M (net $2.4 M to HEVI). Completion expected within six weeks; processing & interpretation scheduled for Q2‑2026.
• Drilling Timeline: Subject to seismic results, drilling on pooled lands anticipated to start Q3‑2026, with target tie‑in to Soda Lake Facility around September 1 2026.
• Glenbain 2‑D Seismic Shoot: Completed Dec 2025; ~60 km line over 100% HEVI‑owned land; data processing in Q1‑2026 to define future drill locations (2026‑2027).
• Soda Lake Facility Status: Production fell below sustainable levels in Q4‑2025; workover performed but facility placed on temporary standby while optimization and seismic programs progress.
• Potential Well Tie‑Ins: Successful wells (existing flow‑tested 5‑30 Well, plus potential 2‑31 Well and 9‑18 Well) could be tied to Soda Lake Facility in fall 2026, enabling near‑term reactivation.
• Cash Position & Strategy: Partnership with NAH provides cost/risk sharing; current cash balances deemed sufficient to fund expanded exploration and development activities throughout 2026.

Notable Quotes

“The pooling agreement with NAH represents a meaningful step forward in maximizing the value of our Mankota lands,” said Jim Baker, Interim President & CEO.
“While the temporary standby of the Soda Lake Facility is disappointing, its proximity to the 3D Seismic program positions us to quickly tie in future successful wells…”