First Helium Inc. announced that it has delivered for sale over 1,100 barrels of light crude oil, realizing over $90,000 in sales revenue for the Company. Over the next month, First Helium anticipates that it will complete construction and commissioning of an oil battery at 1-30, including the installation of multiple storage tanks to mitigate seasonal weather impacts, reduce downtime and allow tank treating to minimize operating costs. The
Company has procured all equipment necessary for the construction of the oil battery and expects to bring the 1-30 well into full production in early February. First Helium expects to commence production of light oil from 1-30 at an estimated rate of 400 barrels per day, with expected field netbacks of CAD 45.00 to CAD 50.00 per barrel based on a current WTI price of CAD 68.00 to CAD 73.00 per barrel, which is anticipated to provide ongoing operating cash flow for the Company in mid-Q1. In connection with its March year end, the Company will commission an independent reserves evaluator to prepare an NI51-101 compliant reserve report for 1-30, including a net present value of estimated oil reserves. Lastly, the Company will continue to explore alternatives to maximize the value of 1-30 to further the Company's helium exploration and development strategy.