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DESERT MOUNTAIN ENERGY ACQUIRES HELIUM-BEARING GAS FIELD IN NEW MEXICO
DESERT MOUNTAIN ENERGY ACQUIRES HELIUM-BEARING GAS FIELD IN NEW MEXICO Canada NewsWire ...
About this update from Desert Mountain Energy Corp.
[{"type":"text","content":"\n \n \n \n DESERT MOUNTAIN ENERGY ACQUIRES HELIUM-BEARING GAS FIELD IN NEW MEXICO\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n.prntaj{\nTEXT-ALIGN: JUSTIFY\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n TSX.V: DME\n \n U.S. OTC: DMEHF\n \n \n Frankfurt\n \n : QM01\n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n June 19, 2023\n \n \n /CNW/ -\n \n DESERT MOUNTAIN ENERGY CORP. (the \"Company\")\n \n (TSXV: DME) (U.S. OTC: DMEHF) (Frankfurt: QM01)\n \n From the President of the Company.\n \n The Company is pleased to announce that it has signed a binding letter of intent to purchase the Pecos Slope West Abo Gas Field and gas gathering system located in\n \n Chaves County, New Mexico\n \n . The company will close the purchase on\n \n June 30, 2023\n \n , from a privately held company and will immediately assume operations and revenue from the existing 188 gas wells and 1 water disposal well. Currently, there are no compression, helium processing or NGL stripping facilities located on-site nor are any of the wells on any type of artificial lift. This acquisition follows in line with the Company's previously disclosed plans and use of proceeds to utilize our mobile modular and scalable helium processing plant design, where applicable, elsewhere in\n \n the United States\n \n to maximize shareholder value. The third-party acquisition cost is\n \n $500,000.00\n \n US for the gathering system and\n \n $2,000,000.00\n \n US cash for the wells.\n \n \n The Company will continue to review and seek strategic opportunities in this helium-bearing natural gas area.\n \n \n \n \n STAGED REVITALIZATION PLAN\n \n \n \n \n \n Reconfigure gas gathering system \"choke points\"\n \n \n \n \n Finalize plant design requirements\n \n \n \n \n Select wells for immediate, mid-term and long-term workovers\n \n \n \n \n New line taps for increased revenue\n \n \n \n \n Generating additional revenue from Helium, CO2, methane credits and NGL's\n \n \n \n \n Long-term gas gathering contracts\n \n \n \n \n Emissions sequestration\n \n \n \n \n Review offsetting ...