Company Prepares for Oil Target Drill Testing and Prioritizes Additional Drilling Targets
Calgary, Alberta--(Newsfile Corp. - October 26, 2023) - First Helium Inc. (TSXV: HELI) (OTCQX: FHELF) (FSE: 2MC) ("First Helium" or the "Company"), an exploration and development company with properties in Northern and Southern Alberta, is pleased to announce that its two 100% owned oil wells, 1-30 and 4-29, have cumulatively produced over 105,000 barrels of approximately 35-degree API light oil through the Company's Worsley oil facilities. Since coming onstream in Q1 2022, the wells have generated over $12,500,000 in revenue which has helped fund ongoing helium exploration and development activities. In addition to the two low risk oil operations proposed this winter, one of which is targeting booked proven undeveloped reserves of over 160,000 barrels of light oil, the Company is further prioritizing its inventory of drilling locations for oil, natural gas and helium for future exploration and development.

"Our back-to-back Leduc oil discoveries have provided significant revenue and cash flow enabling us to accelerate our helium exploration activities," said Ed Bereznicki, President & Chief Executive Officer of First Helium. "Our 15 identified drilling locations, following positive results, will add multiple follow-up targets to our inventory which positions the Company well to provide substantial growth and scale on its existing Worsley land base," added Mr. Bereznicki.

Worsley is a historically active oil & gas exploration area that is very attractive for multi-product exploration including oil, helium, and natural gas.
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