DALLAS, Oct. 17, 2013 /PRNewswire/ -- IACX Energy has commenced helium production and sales from a new facility located at Harley Dome, Utah, approximately 40 miles west of Grand Junction, Colorado. This facility is the first helium-only application to extract the rare gas from federal lands and is IACX's third helium plant.
The Harley Dome field was discovered in 1925 and was designated "Federal Helium Reserve No. 2" by President Franklin Roosevelt in 1934. Despite the proven nature of the reserve, it has remained unexploited until now. The field's unusual gas composition (7% helium with the balance being mostly nitrogen) and its low reservoir pressure proved to be a barrier to prior attempts to develop the field. IACX's small scale, low pressure helium extraction technology has allowed for this helium deposit to be finally produced, some 90 years after its initial discovery.
At a time when domestic helium supplies are on decline and the federal helium storage is depleting, IACX is actively developing new domestic supplies. For almost 100 years, the United States has been the world's largest producer of helium, but conventional, domestic supplies are declining and other international sources (Algeria, Qatar and Russia) are on the rise. Helium has strategic and indispensable uses in many high tech applications such as MRI machines, semi-conductor manufacturing, the NASA space program, fiber optic cables, etc. The availability of domestic supplies of helium is critically important to a wide array of U.S. industries.
IACX is developing other high-helium deposits across the country and is positioned for rapid growth as it continues to combine its helium purification technology with its ability to locate and produce helium-rich feed stocks. The Company is also working with various natural gas producers to highlight the considerable value of helium that may be present in their production. IACX believes that significant volumes of helium are not recovered by today's natural gas producers. Where helium is present in economic quantities, its value help can offset the impact of low natural gas prices.
About IACX: IACX Energy designs, fabricates, deploys and operates a proprietary fleet of skid-mounted natural gas treating assets that removes nitrogen and extracts helium from natural gas at or near the wellhead. These assets are modular and can be moved with relative ease. They operate at low pressure and ambient temperatures, and they can accommodate a wide array of gas volumes and compositions. IACX presently has 20 processing units across seven states and is fabricating additional units to meet demand. The Company's helium assets produce refined, gaseous helium that is sold directly to the end-user marketplace. IACX's private equity sponsor is Haddington Ventures of Houston, Texas (www.hvllc.com).
For more information, please contact IACX at 972-960-3210 or visit its website at www.iacx.com.
Contact: Scott Sears