Business
First Helium Receives Additional $1.87 Million in Warrants Exercises and Expects $1.2 Million for 1-30 March Production
First Helium Receives Additional $1.87 Million in Warrants Exercises and Expects $1.2 Mil...
About this update from First Helium Inc.
[{"type":"text","content":"\n \n \n \n First Helium Receives Additional $1.87 Million in Warrants Exercises and Expects $1.2 Million for 1-30 March Production\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TSXV: HELI    OTCQB: FHELF    FRA: 2MC\n \n \n \n \n 1-30 Oil Well Pays Out in Less than Two Months\n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n April 13, 2022\n \n \n /CNW/ -\n \n First Helium Inc. (\"First Helium\" or the \"Company\")\n \n (TSXV: HELI) (OTCQB: FHELF) (FRA: 2MC), today announced that it has received an additional\n \n $1.87 million\n \n in proceeds from recent warrants exercises. In addition, based on expected March pricing and associated government royalty rate escalation as a result of well payout, the Company anticipates receiving revenue of approximately CA$1.2 million in late April for March's oil production. Located on First Helium's 100% owned, 79,000 acre Worsley landholdings, the 1-30 well averaged daily production of approximately 430 barrels per day (\"bbls/d\") of light oil during March. Cumulative net revenues from 1-30 have enabled the light oil well to recover associated capital drilling and completion costs, or reach \"payout\", in less than two months.\n \n \n \n \n \n \n \n \n \n \"While achieving payout in less than two months is exceptional, the 1-30 well continues to perform very strongly and we forecast that it will continue to contribute significant cash flow to the Company on a monthly basis,\" said\n \n Ed Bereznicki\n \n , President & CEO of First Helium. \"Additional cash flow is also expected from the new 4-29 oil well, which is on-track to be put on-stream this month. Those cash flow streams, along with incremental cash received of approximately\n \n $1.87 million\n \n from the exercise of warrants, will further contribute to funding First Helium's ongoing drilling program at\n \n Worsley\n \n , set to begin following the annual Spring heavy equipment road bans in\n \n Northern Alberta\n \n ,\" added Mr. Bereznicki.\n \n \n In...