First Helium Inc. (TSXV: HELI) (OTC: FHELF) (FRA: 2MC) 1-30 Oil Well Production Update

First Helium Inc. (TSXV: HELI) (OTC: FHELF) (FRA: 2MC) 1-30 Oil Well Production Update - RICH TV LIVE - March 2, 2022 - #firsthelium #news #richtvlive #trading #stocks #oil #heli
First Helium Inc. ("First Helium" or the "Company") (TSXV: HELI) (FRA: 2MC), today announced first month's average daily production of approximately 430 barrels per day ("bbls/d") of light oil from its successful "1-30" discovery well which is located on First Helium's 100% owned, 79,000 acre Worsley landholdings in Northern Alberta, Canada . The 1-30 well was brought on-stream on January 23, 2022 . The Company has received revenues of approximately CA$ 280,000 for January oil production deliveries, and based on expected February pricing, anticipates receiving approximately CA$1,200,000 in late March for February's oil production.

"With strong production and cash flow from the 1-30 well, we currently expect payout of less than 2 months for drilling and completion," said Ed Bereznicki , President & CEO of First Helium."Cash flow from the well will be deployed to help support ongoing helium exploration activities at our Worsley Property and our Southern Alberta Helium Fairway exploration land, which is located near existing third-party helium production and recently announced, promising helium exploration results," added Mr. Bereznicki.

First Helium expects to realize field netbacks of CA$82 to CA$88 per barrel based on a current WTI price of US$85 to US$90 per barrel, which is anticipated to provide strong, ongoing operating cash flow for the Company. The 1-30 well is located near the Company's new 4-29 exploration well, which commenced drilling in mid-February, and approximately 3 kilometers to the southeast of the 15-25 helium well on the core Worsley Property.

ABOUT FIRST HELIUM

Led by a core Senior Executive Team with diverse and extensive backgrounds in Oil & Gas Exploration and Operations, Mining, Finance, and Capital Markets, First Helium seeks to be one of the leading independent providers of helium gas in North America .

Building on its successful 15-25 helium discovery well at the Worsley project, the Company has identified numerous follow-up drill locations and acquired an expansive infrastructure system to facilitate future exploration and development of helium across its Worsley land base. Cash flow from its successful 1-30 oil well at Worsley will help support First Helium's ongoing helium exploration and development growth strategy.

First Helium holds over 79,000 acres along the highly prospective Worsley Trend in Northern Alberta , and 276,000 acres in the Southern Alberta Helium Fairway, near existing helium production. In addition to continuing its ongoing exploration and development drilling at Worsley , the Company has identified a number of high impact helium exploration targets on the prospective Southern Alberta Helium Fairway lands to set up a second core exploration growth area for the Company.

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