VVC Achieves Cashflow Generating Milestone
TORONTO, June 26, 2023 - VVC's Strategic Investment, Proton Green, LLC ("Proton Green"), the operator of one of the leading helium, beverage grade CO2, and carbon sequestration hubs in North America, announced the startup of its Phase I Helium Extraction Plant at its St. Johns Dome asset, which spans approximately 150,000 contiguous acres. The St. Johns asset is located in Apache County, Arizona, atop one of the largest helium and carbon dioxide reservoirs in North America, with an estimated 33 billion cubic feet of helium and 9 trillion cubic feet of CO2 in accessible reservoirs. Notably, both helium and CO2 produced from the region contain no hydrocarbon component.
According to Steve Looper, Chief Executive Officer of Proton Green, LLC: "With initiation of production at its Phase I Helium Extraction Plant, Proton Green joins the Top 10 ranks as a helium producer in North America, being junior to Exxon, Kinder Morgan, NASCO, and others as leading producers. Proton Green's Phase I Helium Extraction Plant will reach nameplate production capacity over the next several weeks, as standard ramp up and risk management procedures are executed. Proton Green's production has been contracted for fixed-price offtake with two multi-national industrial gas distribution and marketing companies."
With its 14.09% ownership, VVC expects to begin recognizing cashflows from the free cash generated by Proton Green. "We are truly excited about this new development" said Terrence Martell, Chairman of VVC. "We look forward to future monetizing efforts that this strategic investment brings now that Proton Green will be generating free cash in the near term".
About VVC Resources
VVC engages in the exploration, development, and management of natural resources - specializing in scarce and increasingly valuable materials needed to meet the growing, high-tech demands of industries such as manufacturing, technology, medicine, space travel, and the expanding green economy. Our portfolio includes a diverse set of multi-asset, high-growth projects, comprising: Helium & industrial gas production in western U.S.; Copper & associated metals operations in northern Mexico; and Strategic investments in carbon sequestration and other green energy technologies. VVC is a Canada-based, publicly-traded company on the TSXV (TSX-V:VVC) and on the OTC Market (OTCQB:VVCVF). To learn more, visit our website at: www.vvcresources.com.
About Proton Green, LLC
Proton Green LLC, is poised to become one of the leading North American producers of helium and beverage-grade CO2, while also building out its position as one of the leading carbon sequestration operators in North America. With operating control over the St. Johns Field, a 152,000-acre property in Apache County, Arizona, the Company controls a massive helium reservoir, CO2 reservoir, and carbon storage basin. Both helium and beverage-grade CO2 remain in short supply. Helium is used to cool magnets in MRI systems, as the temperate of silicon during semiconductor manufacturing, for space and satellite system applications, as well as in many other critical technologies. Carbon capture and sequestration is fast becoming a climate imperative, and the Company has the ability to inject up to 22 million metric tons of CO2 per year at its primary basin, and over one billion tons of total storage capacity. Company website: https://www.protongreen.com/
| On behalf of the Board of Directors | ||
| Michel J. Lafrance, Secretary-Treasurer | ||
| For further information, please contact: | ||
| Patrick Fernet - (514) 631-2727 | or | Trevor Burbank - (214) 641-1041 |
| E-mail: pfernet@vvcexploration.com | E-mail: trevor@vvcexpl.com | |
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