Helium Evolution Incorporated provided an update on the status of two recently drilled wells, along with upcoming planned drilling for the fourth quarter of 2023. As announced on September 25, 2023, HEVI and farm-in partner, North American Helium Inc. successfully drilled and cased the first joint well to encounter helium at 2-31-2-8W3 on lands within Block 1 at Mankota in Saskatchewan. HEVI has a 20% working interest in Joint Well #1. NAH has indicated their intention to proceed with completion and production testing of Joint Well #1 in the coming weeks, after which HEVI will provide an update on the well's performance.

As previously announced on September 19, 2023, NAH spud the farmout well at 11-13-13-29W3 ("Test Well #4"), on farmout lands within Block 3 at Fox in Saskatchewan. Test Well #4 was drilled and fully funded by NAH pursuant to a previously announced farmout arrangement. After reaching total depth, NAH notified HEVI that the open hole portion of Test Well #4 will be adopted, but that NAH is electing to suspend the cased hole portion of the well to afford optionality and the ability to re-enter it at a later date.