American Noble Gas (AMGAS) released its annual report for YE'22. AMGAS booked its inaugural proved helium reserves albeit just 202mcf and it produced 67mcf in 2022 from its Hugoton Gas Field interests. The helium price used for the reserves estimate was just US$260/mcf. AMGAS intends to use the proceeds of the May 2023 Series B Convertible Preferred Stock offering of US$750k for development of its Hugoton Gas Field and Central Kansas Uplift Properties. It wrote down the value of its Central Kansas Uplift property, having shut down production from its horizontal production wells but is considering the deepening of the conventional wells on the property to explore for helium and other noble gases that may be present in deeper producing zones.
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