TORONTO, Oct. 05, 2021 (GLOBE NEWSWIRE) — VVC Exploration Corporation (“VVC” or the “Company“) (TSX-V:VVC) is pleased to announce that its wholly owned subsidiary Plateau Helium Corporation (“PHC”) has commissioned a National Instrument 51-101 (“NI 51-101”) compliant report (the “NI 51-101 Report”) on its four (4) helium projects in Kansas and Colorado, USA.
Engagement of Lee Keeling and Associates
PHC has engaged Lee Keeling and Associates (“Keeling”) of Tulsa Oklahoma, an oil and gas engineering consulting firm with specialized expertise in helium, to complete an evaluation of PHC’s helium assets. This evaluation will be carried out in accordance with the requirements of NI 51-101 in Canada. The results of the evaluation will be published in NI 51-101 Report which, when finalized, will be filed on SEDAR (www.sedar.com), where it will be available for download by shareholders. The NI 51-101 Report will help PHC in its strategic decision making and management of the helium business, as well as providing the Company’s investors, and the market, a view of the Company’s helium assets through a third-party expert.
Keeling will consult on the well completions and testing programs, and will also prepare an independent evaluation of the existing producing wells, the historic non-producing wells and as well as an overview of the Company’s helium lease acreage. In addition, Keeling will create a format for evaluating and updating PHC’s helium resource as more leases are added and wells are drilled.
Keeling is a Qualified Person as such term is defined in NI 51-101.
VVC Chairman TM said: “We are particularly excited to have a third-party review of the projects in Plateau Helium, so that we will be able to effectively communicate the tremendous potential value we see in these projects.”
PHC’s Four Existing Helium Projects
PHC now has four (4) helium projects to be evaluated by Keeling. These projects cover an aggregate of approximately forty thousand (40,000) acres in: Syracuse (PHC’s original project), Monarch, Syracuse Extension Kansas, and Syracuse Extension Colorado. In addition to the core acreage in these projects, the Company will continue to add properties to each.
About National Instrument 51-101 (NI 51-101)
NI 51-101, Standards of Disclosure for Oil and Gas Activities, requires all Canadian reporting issuers engaged in oil and gas activities to provide disclosure of their estimated oil and natural gas reserves, and related future net revenue, on an annual basis. In addition, NI 51-101 permits reporting issuers to disclose estimates of resources (other than reserves) provided that such disclosure satisfies the requirements of NI 51-101. This requires that all estimates of reserves, resources, and values attributable to reserves or resources that are disclosed, must be prepared or audited in accordance with the Canadian Oil and Gas Evaluation Handbook (“COGE Handbook”).
About Lee Keeling and Associates
Lee Keeling and Associates (Keeling) are international consultants providing confidential advice on all segments of the petroleum industry, international and domestic, since 1957. They provide their clients with a product that incorporates knowledgeable geologic, engineering and economic evaluations from which they can make sound and dependable business decisions. Keeling’s staff is proficient in the use of professionally accepted evaluation procedures and engineering practices using a wide-range of software to produce specialized services and reports tailored to clients need. Services include: oil and gas (including helium) reserve estimates, oil and gas (including helium) appraisals, CO2 sequestration feasibility studies, PHMSA audit preparation, gas storage studies, water flood studies, expert witness testimony, oil and gas pipeline feasibility studies, drilling and development programs, and formation evaluation. They are also well versed in reservoir analysis, unitization studies, fluid injection programs, enhanced recovery, horizontal drilling, and deliverability studies, and subsurface fluid disposal.
About VVC Exploration Corporation
VVC is a publicly traded Canadian-based mining exploration and development company listed on the TSX Venture Exchange (TSX-V:VVC). With the addition of Plateau Helium Corporation (“PHC”), VVC is also a Helium producing company. VVC’s portfolio includes the Gloria Copper Project in Northern Mexico, precious metals properties also in Mexico and the Helium Projects owned by PHC, its wholly owned subsidiary. VVC is currently focused on PHC’s Helium Projects and will resume the development of Gloria Copper Project, as soon as Covid-19 restrictions are removed in Mexico. To learn more, visit our website at: http://vvcexpl.com.
On behalf of the Board of Directors
Michel J. Lafrance, Secretary-Treasurer
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