Desert Mountain Energy Announces Agreement to Provide Consulting for Hydrogen / Compressed Air Energy Storage
Desert Mountain Energy Corp. (DMEHF) has signed an agreement with Earl Resources Ltd. to provide geological and drilling services for energy storage development in Arizona. The company will be reimbursed for expenses and receive a carried override position on projects. If helium is found during drilling, Earl Resources will have a similar carried position on production. This venture is a step towards DME's goal of becoming a vertically integrated helium producer, with plans to start production in 2022 from the McCauley Field.
- Agreement with Earl Resources Ltd. enhances DME's service offerings and potential revenue streams.
- Carried override position on projects allows for financial upside without initial costs.
- Plans to produce and sell helium directly to U.S. consumers indicate a focused business strategy.
- None.
TSX.V: DME
U.S.OTCQX:DMEHF
Frankfurt:QM01
VANCOUVER, BC, Sept. 28, 2021 /PRNewswire/ - DESERT MOUNTAIN ENERGY CORP. (the "Company") (TSXV: DME) (U.S. OTC: DMEHF) (Frankfurt: QM01) From the President of the Company.
Desert Mountain Energy Corp. (DME-TMX.V) is pleased to announce that it has entered into an agreement with Earl Resources Ltd. (ERL-TMX.V), to provide geologic, land, well planning, drilling and completion for the purposes of developing bedded and domal salt cavern energy storage in Arizona and the southwest. The Company will be reimbursed for all expenses and a modest handling charge. For those efforts the Company will receive a carried override position on any projects without any financial input. Likewise, if during drilling operations for Earl Resources Ltd., helium is discovered, then Earl Resources Ltd. will have an equivalent carried position on any production by the Company.
"DME is pleased to announce the joint venture with Earl Resources Ltd. and the opportunity to participate in their energy storage business," says Robert Rohlfing, CEO of Desert Mountain Energy Corp. "The expansion of the DME team has provided the resources to contribute to the joint venture and participate in its future success. Our treasury is committed to our plan of becoming a vertically integrated helium producer with the discovery of the McCauley Field and our decision to put it into production in 2022. DME intends to produce, process and sell finished processed helium directly to domestic helium consumers in the US."
The Company is excited to provide these services and looks forward to development of our long-term strategic goals in the Southwestern United States. Furthermore, the Company has acquired specific leases and will be assigning those to Earl Resources Ltd. Currently all the leases to be assigned fall outside of the Company's current operational area.
ABOUT DESERT MOUNTAIN ENERGY
Desert Mountain Energy Corp. is a publicly traded exploration and resource company focused on the discovery and development of rare noble and hydrogen gas fields in the U.S. The Company is primarily looking for elements deemed critical to the renewable energy and high technology industries.
We seek safe harbor
"Robert Rohlfing"
Robert Rohlfing
Executive Chairman & CEO
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.
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SOURCE Desert Mountain Energy Corp.
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