VVC Exploration Corporation ("VVC" or the "Company") (TSX-V:VVC) is pleased to announce that its wholly owned subsidiary Plateau Helium Corporation (“PHC”) has engaged Foreland Operating, a battle-tested field management team, to manage the day-to-day helium operations going forward.
“Bringing on such an experienced team not only allows us to expand scope and scale, but also enables us to do so at a greatly accelerated pace,” said Jim Culver, VVC President and CEO. “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 been creating over the past year.”
About Foreland Operating: A Texas based upstream oil and gas operating company whose principals have a combined 60 plus years of experience with a proven track record of successful full-cycle development in a range of international settings and in negotiating high value monetization of world class resources, both conventional and unconventional. The long-tenured team has been operating in many of the premiere U.S. basins including the Barnett Shale, the Marcellus Shale and the Permian Basin having drilled over 500 vertical and horizontal oil and gas wells. Foreland Operating’s strength in efficiencies is through their use of state-of-the-art technology and its priority on stakeholder partnerships.
Foreland Operating’s multifaceted, innovative team specializes in systematic operations improvements that lead to maximum resource recovery at minimum cost. Their team has a track record of fast rates of vertical penetration, significantly reducing cycle time, with a 100% improvement in drilled feet per day - going from 1,500 ft in 2017 to 3,100 ft in 2020.
Tony Beilman, President of Foreland Operating stated, “After reviewing PHC’s properties and their strategy, we felt that our involvement was the perfect fit for the next phase of PHC’s growth. PHC is ready and well suited to fill a void that remains largely unaddressed.”
Foreland Operating Leadership:
Tony Beilman, PE - President (40 Years’ Experience)
- District Completion Engineer Phillips Petroleum (ConocoPhillips) Panhandle.
- Engineering and Operations Manager at Phillips Petroleum, AOCO, managing a 50+ well drilling program, two water floods and extensive workover campaigns in the Permian Basin subsequent asset sales (Totaling $42M).
- Founder of Foreland Operating (formerly Novus Operating) providing contract operating services that included David Arrington Oil and Gas Barnett development and subsequent asset sales (totaling $742M across two transactions), Primex Energy Barnett development and asset sale ($48M), Marcellus Asset (Novus Operating) development ($150M), Permian Basin asset development and subsequent asset sale of $130M. Managed the selection, drilling, completion, facility and pipeline design and operation of horizontal wells in Midland Basin, Eagle Ford, San Juan Basin, Panhandle, OK, KS, TX, Eastern Colorado.
About PHC
VVC’s wholly owned subsidiary is dedicated to the production of helium in the United States with properties in Kansas and Colorado.
Strategy: Lease properties that have at least one well that was previously drilled, completed, tested, showed for 2% or more of helium, and was plugged but not produced (mostly because at the time of the drilling, there were no processing facilities available). Generally, each leased block has the potential to add a minimum of four more wells. This strategy dramatically reduces the risk of drilling dry holes.
Major Helium Projects & Acreage Summary:
- Syracuse: 16,800
- Monarch: 1,600
- Syracuse Extension Kansas: more than 11,000
- Syracuse Extension Colorado: 27,180
- PHC is finalizing a development contract with a major mineral owner for an additional 60,000 acres in the State of Colorado.
