VANCOUVER, Jan. 10, 2018 /CNW/ - Bruin Point Helium Corp. (the "Company" or "Bruin Point") (TSX Venture: BPX), today announces the acquisition of additional 2D seismic data (Phase Two Seismic Programme), that covers the Company's Carbon County Helium Prospect (the "Project"). The seismic from several vintages was reprocessed by and acquired from Seismic Exchange Inc. ("SEI").
The newly acquired Phase Two Seismic Programme ("Phase Two") data, which consists of nearly 60 line miles, has been purchased to delineate additional drillable prospects and structures on the Project, as well as, upgrade the already located faulted structures which were identified in the Phase One Seismic Programme ("Phase One").
Bruin Point's Phase One Seismic Programme enabled the Company to identify a large faulted structure with a possible two traps in three reservoirs and one continuous resource play within its Project location.
These findings resulted in the assignment of probabilistic resources in the National Instrument 51-101 Report, completed by the Independent Qualified Reserves Evaluators, Gustavson Associates LLC. The report provides a best estimate (P50) for total prospective helium resources of 6.62 Bcf, which, if proven, in itself would meet the current global helium demand for one year.
Frank Jacobs, CEO at Bruin Point, comments: "The reprocessed seismic data quality is excellent and reprocessing the data has already yielded a much superior product than was previously available."
Jacobs further explains that: "With the addition of this expanded data set we will be able to increase the resolution and accuracy of the subsurface imaging of the Project. Once the data is interpreted we will be able to stake the first well location."
David Sidoo, Chairman at Bruin Point, says: "The exploration stage at the Carbon County Helium Project is developing on schedule. We were very enthusiastic about the results from Phase One and subsequent progress made on the leases. We look forward to finalizing the interpretation for Phase Two, which could guide us towards the delineation of further helium resources, as well as enable us to determine the optimum location for the first phase exploration well(s) planned for 2018."
Previous wells drilled both within the Project and less than one mile outside of it have tested helium. The Carbon County Helium Project area is potentially home to significant helium resources, which is highlighted by strategic government reserves being earmarked in the neighbouring counties;
- Federal Helium Reserve #1 Woodside Dome in Emery County, Utah
- Federal Helium Reserve #2 Harley Dome in Grand County, Utah
Other key operators in the area include ConocoPhillips Company, Anadarko Petroleum Corporation and Newfields Exploration Company, to name a few.
Additional details regarding Bruin Point's operations and timeline will be available in the coming months. For more information about Bruin Point, please visit http://www.bruinpoint.com/.
About Bruin Point Helium
Bruin Point Helium Corp., headquartered in British Columbia, Canada, is exploring its acreage for helium covering 17,767 acres (100% Working Interest (WI) and 87.5% Net Revenue Interest (NRI) in all 12 leases) in the southeast Carbon County district of Utah. Holding potentially significant helium resources, Bruin Point Helium is poised to capture the opportunity offered by rising helium prices due to growing demand for helium globally being driven by new technology-based applications. Bruin Point Helium Corp. is listed on the TSX Venture Exchange.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Company's current plans. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such forward looking statements are qualified in their entirety by the inherent risks and uncertainties surrounding future expectations, including that the Transaction contemplated herein is completed. Forward-looking statements are based on a number of assumptions which may prove to be incorrect, including, but not limited to: the ability of Bruin Point to obtain necessary approvals to complete the Transaction or to satisfy the requirements of the TSXV with respect to the Transaction and the Bruin Point financing. The cautionary statements qualify all forward-looking statements attributable to Karoo and Bruin Point and persons acting on their behalves. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward- looking statement, whether as a result of new information, future events or results or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Accordingly, undue reliance should not be put on such statements due to the inherent uncertainty therein.
SOURCE Bruin Point Helium Corp
For further information: please contact Lawrence Pemble: Email: [email protected], Bruin Point Helium Corp., #1305 - 1090 W. Georgia Street, Vancouver, BC V6E 3V7, Canada