DESERT MOUNTAIN ENERGY SIGNS JOINT OPERATING AGREEMENT & GUNNAR DOME WELL UPDATE
Desert Mountain Energy Corp. (DMEHF) has signed a Joint Operating Agreement (JOA) with Beam Earth Ltd., focusing on hydrogen zones in the McCauley helium field. This partnership is set to enhance exploration efforts in helium while leveraging Beam Earth's hydrogen expertise. The Company has also identified helium in the Gunnar Dome well but plans to isolate a tested zone incompatible with its processing facility. Additionally, Desert Mountain has filed a counterclaim against the City of Flagstaff regarding an original injunctive action.
- Signed a Joint Operating Agreement with Beam Earth to enhance helium exploration.
- Identified helium in the Gunnar Dome well, indicating positive exploration results.
- Tested helium zone at Gunnar Dome is incompatible with McCauley Helium Processing Facility, necessitating additional work.
- Filed a counterclaim against the City of Flagstaff, indicating potential ongoing legal issues.
TSX.V: DME
U.S. OTC: DMEHF
Frankfurt: QM01
VANCOUVER, BC, Oct. 3, 2022 /PRNewswire/ - DESERT MOUNTAIN ENERGY CORP. (the "Company") (TSXV: DME) (OTC: DMEHF) (Frankfurt: QM01) From the President of the Company.
The Company is pleased to announce that it has signed a Joint Operating Agreement (JOA) with Beam Earth Ltd. The JOA initially encompasses the shallow hydrogen zones found while drilling in the McCauley helium field. The agreement provides for the Company's continued ability to remain focused on its helium prospects, whilst utilizing Beam Earth ltd. expertise in hydrogen. Furthermore, this agreement provides the basis for opportunities for other JOA's with Beam in jurisdictions outside of Arizona.
"The cooperation of our technical teams provides a like-minded approach to exploration, development and production of helium and the emerging technologies surrounding the optimization of lower cost, naturally occurring hydrogen," says Robert Rohlfing, CEO of Desert Mountain Energy Corp. "We look forward to working together with Beam Earth on the complexity of the geological settings and specific geophysical options required to be able to repeatedly duplicate successful exploration."
The Company has tested two zones in the Gunnar Dome well and found helium. The gaseous composition of that specifically tested interval would not be compatible for production with the planned McCauley Helium Processing Facility. Therefore, the Company is scheduling the rig and associated equipment to come out, isolate the tested zone and complete the well into another zone where helium was seen on the mass spectrometer without the inclusion of other noble gases. DME will advise upon completion of that work.
The Company would also advise that it has filed a counterclaim for damages in regards to the original injunctive action by the City of Flagstaff. The Company will only comment as appropriate in this matter. A copy of the filing may be found online, at the Coconino County Clerks' office.
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.
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-signs-joint-operating-agreement--gunnar-dome-well-update-301638424.html
SOURCE Desert Mountain Energy Corp.
FAQ
What is the significance of the Joint Operating Agreement signed by Desert Mountain Energy (DMEHF)?
What were the results of the testing at the Gunnar Dome well for Desert Mountain Energy (DMEHF)?
What legal action has Desert Mountain Energy (DMEHF) taken against the City of Flagstaff?
How does the partnership with Beam Earth Ltd. affect Desert Mountain Energy's focus on helium?
