DESERT MOUNTAIN ENERGY ANNOUNCES STRATEGIC PARTNERSHIP WITH BEAM EARTH LTD. FOR HYDROGEN IN ARIZONA AND NEW MEXICO
Desert Mountain Energy has announced a new strategic partnership with Beam Earth for hydrogen exploration in Arizona, starting in Q4 2024. This agreement replaces a previous one from July 18, 2022. Beam Earth will fund various activities, including a $225,000 USD payment to DME, covering geophysical and drilling costs, and planning for hydrogen and ammonia plants in Arizona and New Mexico. Additionally, DME retains rights to all its current wells and will operate all new wells and plants under this partnership. Beam Earth is expected to invest between CAD $3.6 to $4.3 million by Q1 2025. DME will share profits from new wells in Arizona with Beam Earth
- Beam Earth will pay DME $225,000 USD within 90 days.
- Beam Earth is expected to invest between CAD $3.6 and $4.3 million before DME incurs significant costs.
- DME retains 100% rights, titles, and interests in its current wells.
- The partnership offers non-dilutive growth opportunities.
- DME will be the operator for all wells and plants in Arizona and New Mexico.
- The success of the partnership depends on the quantity of 'white' hydrogen generated from wells.
- The extent of Beam Earth 's investment will depend on the effectiveness of DME's properties for 'green' hydrogen production.
- The timeline extends through Q1 2025, delaying immediate returns.
TSX.V: DME
- A payment of
$225,000 USD - Covering all geophysical and associated drilling costs, including the completion of pilot wells.
- Engineering for a combined "white" hydrogen/helium plant, leveraging DME's hydrogen separation unit currently located at the McCauley Field in
Arizona . - The planning for a "green" hydrogen plant in
Arizona . - The planning and engineering for ammonia and loading facilities in
New Mexico andArizona , as applicable. - Conducting geophysical work in Chaves County,
New Mexico , focused on "white" hydrogen. - The planning and engineering work for "blue" hydrogen processing/reformation and power generation plants in
New Mexico .
DME will be the operator of record for all wells and plants in
"As previously emphasized, we remain committed to our
The total funding by Beam Earth Ltd. in
ABOUT DESERT MOUNTAIN ENERGY
Desert Mountain Energy Corp. is a publicly traded resource company primarily focused on the exploration, development and production of helium, hydrogen, natural gas and condensate. The Company is focused on helium extraction from different raw gas sources in an environmental and economic manner supplying elements deemed critical to the renewable energy and high technology industries.
We seek safe harbor
"Robert Rohlfing"
Robert Rohlfing
Exec 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
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.
FAQ
What is the new agreement between Desert Mountain Energy and Beam Earth ?
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