DESERT MOUNTAIN ENERGY Announces Partnership with Beam Earth for Hydrogen

Source: www.gulfoilandgas.com 5/16/2024, Location: North America

DESERT MOUNTAIN ENERGY CORP. is pleased to announce that it has signed a new agreement with Beam Earth Ltd. to commence hydrogen exploration in Arizona, targeting the fourth quarter of 2024. The previously announced agreement dated July 18, 2022 is superseded by the new arrangement. Under the terms of the new agreement, Beam Earth Ltd. will finance the following:

A payment of $225,000 USD to DME within 90 days from the signing date.
Covering all geophysical and associated drilling costs, including the completion of pilot wells.
Engineering for a combined "white" hydrogen/helium plant, leveraging DME's hydrogen separation unit currently located at the McCauley Field in Arizona.
The planning for a "green" hydrogen plant in Arizona.
The planning and engineering for ammonia and loading facilities in New Mexico and Arizona, as applicable.
Conducting geophysical work in Chaves County, New Mexico, focused on "white" hydrogen.
The planning and engineering work for "blue" hydrogen processing/reformation and power generation plants in New Mexico.

DME will be the operator of record for all wells and plants in Arizona and New Mexico. Additionally, the Company will retain 100% rights, titles, and interests for all its currently owned wells in New Mexico, as well as wells #1-4, #6, and #8 in Arizona. DME and Beam Earth Ltd. will jointly share in the hydrogen and helium profits from new wells in Arizona. This partnership also paves the way for DME to process helium from additional potential sources in Arizona, should such opportunities arise.

"As previously emphasized, we remain committed to our Arizona projects," stated Robert Rohlfing, CEO of Desert Mountain Energy Corp. "This agreement offers a non-dilutive growth opportunity, allowing DME to focus on its advanced helium extraction technology and maximize return on investment. With the up-front payment and the planned work extending through Q1 of 2025, Beam Earth Ltd. is expected to invest between CDN $3.6 and $4.3 million before DME incurs more than minimal expenditures."

The total funding by Beam Earth Ltd. in Arizona will be determined by the quantity of "white" hydrogen generated from wells and their decision on the extent of utilizing DME's properties for the most cost-effective production of "green" hydrogen.


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