U.S. OTC: DMEHF
VANCOUVER, BC, Jan. 24, 2022 /CNW/ - The Company is pleased to announce that it has received the permit for the first offset well, (the 1-1) to the McCauley Field discovery well, (1-1). This well is situated on a local structural high, where the porosity and permeability are expected to be highly productive in multiple formations. The Company expects the rig to be mobilized and the well spudded by the end of this week.
"This well will be the second well in the McCauley Field and the Company will be moving the rig over to drill another offset well immediately upon completion," said Robert Rohlfing, Chief Executive Officer. "This second developmental well in the McCauley Field is an important part of bringing our processing plant online later this year. Upon completion of drilling operations on these two wells, the rig will be moved to the Gunnar Dome wildcat prospect."
The 1-1 well is planned to reach a total depth of approximately 4300 feet. This location is situated on a structural high with very specific trapping mechanisms which the Company's geologic team has previously identified and found in the 11-1 well. This well should encounter multiple pay zones in the lower Permian, Pennsylvanian, Mississippian, Devonian, with a total depth in the Precambrian Granite to gather further data for other planned wells outside of the McCauley field.
Completion procedures will begin once the rig is released after the drilling of the Gunnar Dome prospect.
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.
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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.
SOURCE Desert Mountain Energy Corp.
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