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Desert Mountain Energy Options 23,000 Acres of Additional Helium Leases in Arizona's Holbrook Basin
(via TheNewswire) November 25, 2019 - TheNewswire - Vancouver, British Columbia - DESE...
About this update from Desert Mountain Energy Corp.
[{"type":"text","content":"Desert Mountain Energy Options 23,000 Acres of Additional Helium Leases in Arizona's Holbrook Basin(via TheNewswire)\n\n \nNovember 25, 2019 - TheNewswire - Vancouver, British Columbia - DESERT MOUNTAIN ENERGY CORP. (the \"Company\") (TSXV:DME) (OTC:DMEHF) (Frankfurt:QM01) is pleased to announce that it has optioned approximately 23,000 additional acres of helium, oil & gas leases in the prolific Holbrook Basin of eastern Arizona. This brings the Company's total acreage under its control in the Basin to 65,911 acres. The leases were optioned for a period of three years directly from private family-owned corporations that have owned the underlying land for decades (the \"Lessors\").\n\n \n \nUpon exercise of the options, the Company will obtain a five-year lease covering development and production of helium, oil & gas and all other minerals from the ground optioned. The term of the leases will be extended so long as there is production from them, insofar as they are held by production. A customary 12.5% gross royalty on all production of helium, oil & gas is payable to the Lessors.\n\n \n \nThe optioned ground is situated in and around the Company's Heliopolis project area in close proximity to its other holdings in the Holbrook Basin. It complements the Company's existing leases and serves to further consolidate the Company's property position in the area. The optioned ground is highly prospective for helium and is characterized by the presence of anticlinal features, domes and other structures which have the potential to serve as traps for\n\n\n \ncommercially significant helium reservoirs. An historic oil well drilled on the optioned ground had a showing of helium.\n\n \n \nThe Company continues to be focused on development of its flagship Heliopolis helium project in Arizona's Holbrook Basin and is presently in the permitting process for its upcoming drill program. That program contemplates drilling three shallow wells in different priority target areas in the Basin. At the same time, the Company is also preparing a drill program at its Kight-Gilcrease Sand Unit helium, oil & gas project in Seminole County, Oklahoma.\n\n \n \nAccording to Irwin Olian, CEO of the Company, \"We are very grateful for the family's choice of Desert Mountain Energy as its partner to explore and develop helium and other mineral resou...