VANCOUVER, Dec. 13, 2017 /CNW/ - Bruin Point Helium Corp. (the "Company" or "Bruin Point") (TSX Venture: BPX) Mr. Frank Jacobs, CEO, is pleased to provide this update on the commencement of the Company's work program. The Company is an early-stage helium exploration and development company recently listed on the TSX Venture Exchange which is now initiating the exploration of the acreage held by the Company for the potential of helium, carbon dioxide and hydrocarbons.
Founded in December 2014, Bruin Point was established to acquire and assess the helium potential of areas in North America. Identifying the rapid growth in demand for helium as a result of new applications across healthcare, technology and other industries, the Company secured a ten-year lease for 12 Federal licenses totaling 17,767 acres within the prolific resource-generating Greater Uinta Basin area in Carbon County, Utah.
The Greater Uinta Basin has potential for extraction of helium, carbon dioxide and both oil and gas. The acreage held by the Company is close to established oil production to the South West and carbon dioxide production to the west. An exploration well within the Bruin Point acerage and another well less than a mile from the acreage boundary both contained helium. Independent Qualified Reserves Evaluators Gustavson Associates LLC, based in Boulder Colorado, completed their National Instrument 51-101 report1 to assess the resource in August 2017. The encouraging report notes that "the assets are placed in a good geological location for potential helium accumulations to be present".
Following several years of planning, Bruin Point can now commence the exploration of the acreage. Management visited the area and has recommended to the Board to acquire another 55 miles of reprocessed seismic data and plan for a vertical exploratory wells.
Bruin Point is led by a team with a track record of success. CEO Frank Jacobs, a petroleum engineer with 35 years of operational experience in drilling and production, is supported by Chief Financial Officer and Chief Operting Officer, Lawrence Pemble. Additionally, David Sidoo serves as Chairman and Nick DeMare as a Director. The Company holds a 100% working interest ("WI") and an 87.5% net revenue interest ("NRI"), with 10% being held by the BLM, Amerillo Field Office, and 2.5% to the original vendor of the assets.
Helium is the primary target of the firm's exploration efforts. The price of helium has doubled in the last decade and reliable demand projections forecast further growth, making this the perfect time to establish the Company's foothold in the market. Amid uncertainty of supply from Qatar, support for new North American helium players is expected to be strong.
1 National Instrument 51-101 - Resource Evaluation Report: https://static1.squarespace.com/static/59df291729f18789e2a4ea41/t/59fb3fa1ec212da1cfe1be8a/1509638076808/Bruin+Point_NI+51-101.pdf
"Helium is a globally strategic element in emerging technologies, and by developing the resources of helium in North America we can create stable supply to meet growing demand," said Frank Jacobs, Bruin Point's CEO.
Additional details regarding Bruin Point's production plan 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 developing its helium asset in North America, covering 17,767 acres in the prolific southeast Carbon County district of Utah. Holding potentially globally significant helium reserves, 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, and set against the limited supply of the gas on earth. Bruin Point Helium Corp. is listed on the TSX Ventures 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: Bruin Point Helium Corp., please contact Nick DeMare: Telephone: (604) 685-9316, Email: [email protected]; Bruin Point Helium Corp., #1305 - 1090 W. Georgia Street, Vancouver, BC, V6E 3V7, Canada