New Era Helium (NEH) and Accretion Acquisition announced they have entered into a non-binding letter of intent for a proposed business combination. Accretion trades on the Nasdaq.
The parties expect to sign a definitive agreement by the end of the year.
NEH is an exploration and production company that sources helium produced in association with the production of natural gas reserves in North America. The company currently owns and operates over 137,000 acres in Southeast New Mexico and has over 2.5 billion cubic feet of proved, probable, and possible helium reserves.
Accretion since October 2021 has been targeting companies involved in the energy value chain. The SPAC lost 88% of its trust value in an April extension vote after originally raising $180 million. Read more.
