ORIGINAL: First Helium Bolsters Financial Position in March - Receives $1.25 Million for February 1-30 Production and $1.85 Million in Warrants Exercises 2022-03-29 06:00 ET - News Release First Helium Bolsters Financial Position in March - Receives $1.25 Million for February 1-30 Production and $1.85 Million in Warrants Exercises Canada NewsWire CALGARY, AB, March 29, 2022 TSXV: HELI OTCQB: FHELF FRA: 2MC CALGARY, AB, March 29, 2022 /CNW/ - First Helium Inc. ("First Helium" or the "Company") (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC), today announced a significant positive change to the Company's balance sheet based on ongoing payments from light oil production and cash proceeds from the exercise of previously issued warrants. Strong revenues continue through the receipt of payments of $1.25 million for light oil volumes delivered during February from the "1-30" 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, and produced an average of approximately 430 barrels per day ("bbls/d") of light oil during the month of February. The Company also recently announced the successful drilling, completion and testing of its 4-29 light oil discovery well and estimates that it will receive payment in April of approximately $100,000 for volumes of oil produced during the testing operations. In addition, during the month of March First Helium has received proceeds of approximately $1,490,500 from the exercise of 2,981,082 warrants with a strike price of $0.50 and approximately $359,000 from the recent exercise of 1,025,812 broker warrants with a strike price of $0.35. Also, in an effort to broaden its potential investor base, First Helium's common shares began trading in the U.S.; its listing was upgraded to the OTCQB on March 14, 2022, under ticker "FHELF". "The 1-30 well continues to perform very strongly and we look forward to bringing the 4-29 well on stream next month," said Ed Bereznicki, President & CEO of First Helium. "Total cash proceeds of approximately $3.2 million from the early exercise of warrants along with cash flow from the two wells will be deployed to help support ongoing helium exploration activities at our Worsley Property and our Southern Alberta Helium Fairway exploration land," added Mr. Bereznicki. 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 and 4-29 oil wells 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. For more information about the Company, please visit www.firsthelium.com. ON BEHALF OF THE BOARD OF DIRECTORS Edward J. Bereznicki President, CEO and Director Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release. SOURCE First Helium Inc. First Helium Inc., Investor Relations, Email: [email protected], Phone: 1-833-435-4861
First Helium's 1-30 well averages 430 bbl/d in March 2022-04-13 14:11 ET - News Release Mr. Edward Bereznicki reports FIRST HELIUM RECEIVES ADDITIONAL $1.87 MILLION IN WARRANTS EXERCISES AND EXPECTS $1.2 MILLION FOR 1-30 MARCH PRODUCTION First Helium Inc. has received an additional $1.87-million in proceeds from recent warrants exercises. In addition, based on expected March pricing and associated government royalty rate escalation as a result of well payout, the Company anticipates receiving revenue of approximately CA$1.2 million in late April for March's oil production. Located on First Helium's 100% owned, 79,000 acre Worsley landholdings, the 1-30 well averaged daily production of approximately 430 barrels per day ("bbls/d") of light oil during March. Cumulative net revenues from 1-30 have enabled the light oil well to recover associated capital drilling and completion costs, or reach "payout", in less than two months. "While achieving payout in less than two months is exceptional, the 1-30 well continues to perform very strongly and we forecast that it will continue to contribute significant cash flow to the Company on a monthly basis," said Ed Bereznicki, President & CEO of First Helium. "Additional cash flow is also expected from the new 4-29 oil well, which is on-track to be put on-stream this month. Those cash flow streams, along with incremental cash received of approximately $1.87 million from the exercise of warrants, will further contribute to funding First Helium's ongoing drilling program at Worsley, set to begin following the annual Spring heavy equipment road bans in Northern Alberta," added Mr. Bereznicki. In addition to the $1.85 million in warrant proceeds announced in late March, First Helium has received additional proceeds of approximately $1,685,000 from the exercise of 3,370,259 warrants with a strike price of $0.50 and approximately $184,000 from the recent exercise of 526,683 broker and bonus warrants with a strike price of $0.35.
