First Helium Receives $1.25 Million for February 1-30 Production and $1.85 Million in Warrants

First Helium Receives $1.25 Million for February 1-30 Production and $1.85 Million in Warrants - RICH TV LIVE - March 29, 2022 - #firsthelium #oil #richtvlive #helium #trading #stocks #news #business #finance #education #pennystocks #richtv #richpicksdaily

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.

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