TORONTO, Jan. 25, 2022 (GLOBE NEWSWIRE) — VVC Exploration Corporation (“CVV“or the”Society“) (TSX-V:VVC) is pleased to announce that its wholly-owned subsidiary Plateau Helium Corporation (“SSP”) has engaged Foreland Operating, a proven field management team, to manage day-to-day helium operations going forward.
“Bringing on such an experienced team not only allows us to expand our reach and scale, but also allows us to do so at a significantly accelerated rate,” said Jim Culver, President and CEO of VVC. “Their impressive resume speaks for itself, and we look forward to working collaboratively with this group as we continue to build on the momentum we have built over the past year.”
About Foreland Operating: A Texas-based upstream oil and gas company whose leaders have over 60 years of combined experience with a proven track record of successful full-cycle development in a range of international settings and in negotiating monetization at high-value world-class resources, both conventional and unconventional. The long-serving team has operated in many of the top US basins, including the Barnett Shale, Marcellus Shale and Permian Basin, having drilled over 500 vertical and horizontal oil and gas wells. Foreland Operating’s strength in efficiency lies in its use of cutting-edge technologies and its focus on partnerships with stakeholders.
Foreland Operating’s innovative and versatile team specializes in systematic operations improvements that lead to maximum resource recovery at minimum cost. Their team has a proven track record of rapid vertical penetration rates, dramatically reducing cycle time, with a 100% improvement in feet drilled per day – from 1,500 feet in 2017 to 3,100 feet in 2020.
Tony Beilman, President of Foreland Operating said, “After reviewing PHC’s properties and strategy, we felt our involvement was the perfect fit for PHC’s next phase of growth. PHC is ready and well suited to fill a void that remains largely unfilled.
Foreland Operational Management:
Tony Beilman, PEI – President (40 years of experience)
- District Completion Engineer Phillips Petroleum (ConocoPhillips) Panhandle.
- Head of engineering and operations at Phillips Petroleum, AOCO, managing a drilling program of over 50 wells, two water floods and extensive workover campaigns in subsequent Permian Basin asset sales (for a total of $42 million).
- Founder of Foreland Operating (formerly Novus Operating) providing contract operating services which included the development of David Arrington Oil and Gas Barnett and subsequent asset sales (totaling $742 million over two transactions), the development and sale of assets of Primex Energy Barnett ($48 million), Marcellus Asset (Novus Operating) ($150 million), development of Permian Basin assets and subsequent sale of assets of $130 million. Managing the selection, drilling, completion, design and operation of horizontal well facilities and pipelines in the Midland Basin, Eagle Ford, San Juan Basin, Panhandle, OK, KS, TX, eastern Colorado.
VVC’s wholly-owned subsidiary is dedicated to helium production in the United States with properties in Kansas and Colorado.
Strategy: Leasehold properties that have at least one well that has already been drilled, completed, tested, revealed 2% or more helium, and was plugged but not produced (primarily because at the time of drilling there is no had no processing facilities available). Generally, each leased block has the potential to add a minimum of four additional wells. This strategy greatly reduces the risk of drilling dry holes.
Major Helium Projects and Area Summary:
- Syracuse: 16,800
- Monarch: 1,600
- Syracuse Extension Kansas: more than 11,000
- Extension from Syracuse to Colorado: 27,180
- PHC is in the process of finalizing a development contract with a major mine owner for an additional 60,000 acres in the state of Colorado.
About VVC Exploration Corporation
VVC is a Canadian mining exploration and development company listed on the TSX Venture Exchange (TSX-V: VVC). With the addition of Plateau Helium Corporation (“PHC”), VVC is also a helium producing company. VVC’s portfolio includes the Gloria copper project in northern Mexico, precious metals properties also in Mexico, and helium projects held by its wholly-owned subsidiary, PHC. VVC is currently focused on helium projects owned by PHC and will resume development of the Gloria copper project, once Covid-19 restrictions are lifted in Mexico. To learn more, visit our website at: http://vvcexpl.com.
On behalf of the Board of Directors
Michel J. Lafrance, secretary-treasurer
For more information, please contact:
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