First Helium Spud 7-30 Undeveloped Light Oil at Worsley

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Company to Drill 7-30 and 7-15 Well Locations ‘Back-to-Back’

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CALGARY, Alberta, Jan. 21, 2025 (GLOBE NEWSWIRE) — First Helium Inc. (“First Helium” or the “Company”) (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC) today announced that it has begun drilling its unproved oil field (“PUD”) 7-30 at its Worsley property in Northern Alberta.^1,2. After drilling the 7-30 vertical well, the contractor’s rig will move directly to the 7-15 well to begin drilling in early February, barring any unforeseen delays. The company will continue to provide regular updates on ongoing field operations.

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“We’re excited to be drilling again – starting with our 7-30 light oil well that blew out this past weekend. We will follow up by drilling our top impact Leduc anomaly, 7-15, which if seismic is about 5X the width of our 1-30 light oil reservoir discovery. Positive results from these two sources will further de-risk our Leduc Play, where we have identified 10 other key areas in 3D seismic, and potential further expansion to the southeast across our 100% owned lands,” said Ed Bereznicki, President and CEO of 3D. First Helium. “Successfully, the combined oil potential from these two operations will provide immediate cash flow and significant near-term value to our shareholders,” added Mr. Bereznicki.

The 7-15 vertical well area (see Figure 1) has been prepared for drilling. The proximity of the two sites, which are about 6 kilometers apart, will facilitate the transfer of equipment and reduce assembly costs. Depending on the results, the necessary preparations are being made to complete, equip and integrate the two wells before the spring break in Alberta (the period from mid/late March to May when Provincial highway restrictions limit the movement of heavy equipment), continuing to set the stage for systematic development throughout the Company’s land .

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Figure 1:
The Worsley Project Inventory

Option Grant

Today the Company has granted 8,000,000 stock options to certain Directors, Officers and Key Consultants of the Company. The options are exercisable at a price of $0.09 and are valid until January 21, 2030.

ABOUT THE FIRST HELIUM

Led by a Senior Management 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 suppliers of helium gas in North America.

First Helium owns more than 53,000 hectares along the Worsley Trend in Northern Alberta which has been the core of its drilling and exploration activities to date.

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Building on its successful discoveries of 15-25 helium, and 1-30 and 4-29 oil wells at the Worsley project, the Company has identified multiple follow-up drilling locations and acquired an expanded infrastructure program to facilitate future exploration and development all over. Worsley area. Cash flow from its successful oil wells at Worsley has helped support First Helium’s ongoing exploration and development strategy. Other potential oil fields have been identified on the Company’s land in Worsley.

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

CONTACT INFORMATION

The original company Helium Inc.
Investor relations
Email: ir@firsthelium.com
Phone: 1-833-HELIUM1 (1-833-435-4861)

Neither the TSX Venture Exchange nor its Legal Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of applicable securities laws. The use of any of the words “anticipate”, “plan”, “proceed”, “anticipate”, “estimate”, “goal”, “may”, “will”, “project”, “should”, “predict”, “ may” and similar expressions are intended to identify forward-looking statements. In particular, this press release contains forward-looking statements regarding the completion of planned future operations. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, you should not place undue reliance on the forward-looking statements because the Company cannot give any assurance that they will prove to be correct. Since forward-looking statements speak of future events and conditions, they involve inherent assumptions, risks and uncertainties. Actual results may differ materially from those currently anticipated due to numerous assumptions, factors and risks. These considerations and risks include, but are not limited to, assumptions and risks related to the state of equity capital markets and regulatory approvals.

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Management has provided the above summary of risks and assumptions related to forward-looking statements in this press release to provide readers with a broad view of the Company’s future performance. The Company’s actual results, performance or success may differ materially from those expressed in, or implied by, these forward-looking statements, and, therefore, no assurance can be given that any events anticipated by the forward-looking statements will or will occur. , or if any of them do so, what benefits the Company will receive from them. These forward-looking statements are made as of the date of this press release, and, except as required by applicable securities laws, the Company disclaims any intention or obligation to publicly update any forward-looking statements, even as a result of new information. , future events or results or otherwise.

Source: First Helium Inc.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ea92f055-5a98-4262-8475-38fb286df847

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