First Helium Inc. Commences Drilling 4-29 Target (TSXV: HELI) (OTC: FHELF) | RICH TV LIVE

First Helium Inc. Commences Drilling 4-29 Target (TSXV: HELI) (OTC: FHELF) | RICH TV LIVE - February 15, 2022 - #firsthelium #news #richtvlive #trading #stocks #helium #oil #drilling
First Helium Inc. ("First Helium" or the "Company") (TSXV: HELI) (FRA: 2MC), today announced the commencement of drilling its second exploration well, the " 4-29 " target, which is located on First Helium's 100% owned, 79,000 acre Worsley landholdings in Northern Alberta , Canada. Targeting multiple helium gas horizons and potential light oil accumulations, drilling of the 4-29 well is a follow-up to the successful 1-30 discovery well, which has produced at an average rate of approximately 400 barrels per day of light oil since coming on-stream on January 23 rd , 2022.

"Drilling of the 4-29 target highlights the potential to capture value from multiple commodity streams across our highly prospective 79,000 acre Worsley Trend," said Ed Bereznicki , President & CEO of First Helium. "Any successful outcomes from testing targets like 4-29 and 1-30 should significantly benefit our shareholders as our team executes on the vision to become a leading independent provider of helium gas in North America ," added Mr. Bereznicki.

The 4-29 well is located near the Company's 1-30 light oil discovery well, and approximately 3 kilometers to the southeast of the 15-25 helium well on the core Worsley Property. A geologic and seismic review of the region suggests that, like the 1-30 and 15-25, the 4-29 target presents as a structural high on the Leduc Reef Complex.

Based on the Company's assessment of economic Leduc wells along the Worsley Trend, approximately 20% have been light oil producers, and the balance have been natural gas producers containing potential economic helium content. A detailed geological and geophysical evaluation of the Company's lands in the vicinity of the 15-25 well, the 1-30 well, and along the broader Worsley Trend has yielded additional compelling drill targets. First Helium will incorporate the results from the drilling and testing of the 4-29 well to strategically pursue new drilling locations across the highly prospective, 90 km wide Worsley Trend.

On January 31, 2022 , the Company granted 100,000 incentive stock options (the "Options") to a consultant of the Company. The Options are exercisable at $0.35 per common share and expire on May 27 , 2026. The Options are subject to certain vesting provisions and were granted pursuant to the Company's shareholder-approved stock option plan and are subject to the policies of the TSX Venture Exchange and any applicable regulatory hold periods.

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