Helium Evolution Incorporated announced that its farm-in partner, North American Helium Inc. ("NAH"), has served the Company notice of its intention to drill a joint well on the lands NAH earned pursuant to the farm-out agreement (the "Amended Farmout Agreement") announced on October 21, 2022. The joint well is expected to spud before the end of November 2023, and will be located at 9-18-3-8W3M ("Joint Well #2"). Joint Well #2 is the second confirmed joint well and is in addition to the eight previously announced wells to be drilled by NAH on HEVI lands.

HEVI has confirmed that it will participate in the drilling of Joint Well #2 at its 20% working interest, which is estimated to cost the Company approximately $0.4 million net. Funding of the Company's share of Joint Well #2 is supported by HEVI's strong working capital position which totaled $8.8 million at June 30, 2023.