Desert Mountain Energy (DME) has entered into a Memorandum of Understanding with the city of Flagstaff for mutual cooperation and strategic development of helium and hydrocarbon resources in the greater Flagstaff region and Coconino County, Arizona.
Under the agreement, with an initial one-year term, both parties will evaluate potential resources and potentially develop reasonable plans for strategic development.
Flagstaff is the largest city in Northern Arizona and and is the county seat for Coconino County. It has over 64 square miles of prospective ground for helium and hydrocarbons at the base of the San Francisco Peaks.
Vancouver-based DME controls leases aggregating approximately 18,234 acres in Coconino County in its Heliopolis Project and its aggregate holdings in Arizona’s Holbrook Basin, where it is undergoing helium exploration, are now approximately 39,742 acres.
DME said in a statement, “Maintaining and preserving the ecosystem and beautiful Northern Arizona landscape and environment as a long-term legacy is a major priority. Hence, planned economic development will be mindful of preserving the environment and not impinging significantly on the rights and customs of local indigenous communities.”
Flagstaff has agreed to work with DME for access to areas identified as highly prospective for helium and hydrocarbon resources providing those areas are not in designated national or state parks, or are otherwise recognized as highly sensitive.
“We are very gratified to have gained the support of the City of Flagstaff for our exploration and development programs in Coconino County, Arizona,” said Irwin Olian, CEO of DME.
“We look forward to working with Flagstaff on a cooperative basis to develop plans for strategic development of helium and hydrocarbon resources in the region in a manner which creates a minimal footprint and is highly sensitive to environmental, cultural and community issues.”
“At the same time, we believe Flagstaff can be the beneficiary of significant cash flow, job and infrastructure development from development of these resources. We view this as a “win-win” situation for all concerned.”
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