Blue Spruce Operating Secures Strategic Investment from Japex for the Dry Piney Helium & Carbon Sequestration Project

LABARGE, Wyo., Oct. 19, 2023 /PRNewswire/ -- Blue Spruce Operating LLC ("Blue Spruce") is pleased to announce a strategic investment from Japex (U.S.) Corp, a subsidiary of Japan Petroleum Exploration Co., Ltd ("Japex"), a global energy leader with more than five decades of experience encompassing exploration and production, LNG, and power.

Located on the LaBarge Platform in Wyoming, the Dry Piney Project is positioned to become a world-class helium source with diversified revenue streams. The project is immediately offset and structurally similar to long-lived, stable helium production that accounts for over 20% of the global helium supply. At full capacity, the Dry Piney Project is expected to produce over 800 million cubic feet per year of bulk liquid helium, which would make it the second largest helium source in North America. Additionally, the project will permanently sequester significant volumes of carbon that would otherwise be emitted. 

In a helium market characterized by growing demand from critical, high-tech sectors such as semiconductor manufacturing and aerospace, combined with increasing geopolitical supply risk and unpredictable international disruptions, the Dry Piney Project is strategically positioned to alleviate the decline in domestic helium production and reduce reliance on foreign sources for end-users. Blue Spruce anticipates conducting a competitive process to market future helium volumes in the coming months.

Blue Spruce will continue to build on the executive team's long-standing involvement in the project and existing plant design work. Additionally, the company's adjacent surface ownership will streamline construction, enhance market access, and reduce the scale of necessary infrastructure. 

The collaboration with Japex (U.S.) Corp adds invaluable technical and commercial expertise which will expedite the project's Final Investment Decision (FID) and construction.

For further information on the Dry Piney Helium & Carbon Sequestration Project and Blue Spruce Operating LLC, please visit our website or contact our management team.

Website: www.bluespruceoperating.com

About Blue Spruce Operating LLC: Blue Spruce Operating LLC is the operator of the flagship Dry Piney Helium & Carbon Sequestration Project, located in Sublette County, Wyoming. The project will address growing demand for domestic helium while making a substantial contribution to ongoing carbon reduction initiatives.

SOURCE Blue Spruce Operating, LLC