First Helium advances licensing process for oil wells in Northern Alberta, aiming for immediate cash flow and shareholder value

From GlobeNewswire: 2024-12-04 07:00:00

First Helium Inc. has completed surveying its proven undeveloped 7-30 location and is advancing through the licensing process for both the 7-30 and 7-15 locations, with proved plus probable undeveloped reserves of 196,700 barrels. The company aims for immediate cash flow and value for shareholders with successful drilling operations.

The Worsley Leduc Formation has 12 primary targets identified on proprietary 3D seismic data. First Helium has achieved success with previous drilling, generating revenue and cash flow. The company has identified 10 additional Leduc locations based on the same seismic interpretation, leading to a low-risk, scalable project with potential growth in oil production.

With over 53,000 acres of land, First Helium is focused on the Worsley Trend in Northern Alberta. The company aims to be a leading provider of helium gas in North America. Successful oil wells at Worsley have supported exploration and development efforts, with potential partnerships to accelerate development. The company has identified additional oil drilling locations on its land base.

First Helium emphasizes forward-looking statements regarding future planned activities. The company acknowledges inherent risks and uncertainties associated with forward-looking statements, such as market conditions and regulatory approval. Management provides a comprehensive perspective on the company’s future operations, emphasizing the importance of addressing risks and assumptions for investors.



Read more at GlobeNewswire: First Helium Advances Licensing of Strategic 7-15 and 7-30