DESERT MOUNTAIN ENERGY CORP. SPUDS GUNNAR DOME WILDCAT WELL AND CANCELS PRIVATE PLACEMENT
Desert Mountain Energy Corp. announced the spudding of the Gunnar Dome Wildcat Well, targeting a depth of 4,500 feet to explore the top Granite Formation. The well aims to assess gas composition, expected to have high nitrogen levels. However, the company has canceled a previously announced private placement of $7.5 million due to market conditions. The company focuses on helium, hydrogen, and noble gas exploration, essential for renewable energy and high-tech industries.
- Spudding of the Gunnar Dome Wildcat Well targeting 4,500 feet.
- Geological modeling suggests high nitrogen content in gas composition.
- Cancellation of the $7.5 million private placement due to market conditions.
TSX.V: DME
U.S. OTC: DMEHF
Frankfurt: QM01
VANCOUVER, BC, July 13, 2022 /PRNewswire/ - DESERT MOUNTAIN ENERGY CORP. (the "Company") (TSXV: DME) (U.S. OTC: DMEHF) (Frankfurt: QM01) From the President of the Company.
Desert Mountain Energy is pleased to announce the spudding of the Gunnar Dome Wildcat Well. The intended depth of this well is 4,500'+- and is designed to test all zones to the top Granite Formation. DME will be utilizing the same successful drilling procedures, including multiple casing strings designed to protect all zones and the environment. Our geologic modelling suggests that the gas composition should contain high concentrations of nitrogen.
Due to market conditions, the Company has decided to cancel the previously announced private placement for
ABOUT DESERT MOUNTAIN ENERGY
Desert Mountain Energy Corp. is a publicly traded resource company primarily focused on exploration, development and production of helium, hydrogen and noble gases. 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
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 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.
View original content:https://www.prnewswire.com/news-releases/desert-mountain-energy-corp-spuds-gunnar-dome-wildcat-well-and-cancels-private-placement-301585955.html
SOURCE Desert Mountain Energy Corp.
FAQ
What is the significance of the Gunnar Dome Wildcat Well for Desert Mountain Energy (DMEHF)?
Why did Desert Mountain Energy cancel its $7.5 million private placement?
What is the targeted depth of the Gunnar Dome Wildcat Well?
What gases is Desert Mountain Energy focused on exploring?
What can investors expect from the drilling results at the Gunnar Dome?
