First Helium Receives Regulatory Approval for Well Disposal | Daily News Byte

First Helium Receives Regulatory Approval for Well Disposal

 | Daily News Byte

[ad_1]

TSKSV: HELI OTCKKS: FHELF FRA: 2MC

A company that will optimize oil production rates at Worsley

CALGARY, AB, December 15, 2022 /CNV/ – First Helium Inc. (“First Helium” or the “Company”) (TSXV: HELI ) (OTCKKS: FHELF ) (FRA: 2MC ), today announced that it has received the necessary regulatory approvals to commence operation of its Worsley Oil Battery disposal well. The company immediately activates its staging operations to enable increased oil production with significantly reduced ongoing operating costs.

First Helium Inc.  (TSXV: HELI) (CNV Group/First Helium Inc.)

First Helium Inc. (TSXV: HELI) (CNV Group/First Helium Inc.)

“We are very pleased to have received regulatory approval to commence water disposal operations at our Worsley Oil Battery, which will result in increased oil production and cash flow,” he said Ed Bereznicki, President and Chief Executive Officer of First Helium. “Completed late last quarter, the water disposal project will allow First Helium to optimally produce its 1-30 and 4-29 oil wells, resulting in increased oil production and low operating costs by eliminating the need to transport produced water to third-party water.” landfills,” added Mr. Bereznički.

Cash flow from its oil wells has and will continue to help support First Helium’s ongoing growth strategy in Worsley and Lethbridge in Southern Alberta.

At WorsleyThe company has identified numerous supporting drilling locations and acquired an expansive infrastructure system to facilitate future helium exploration and development across its focused onshore base. On the new one Worsley lands purchased last August, the Company has several high-priority targets such as successful helium and oil discoveries at 15-25, 1-30 and 4-29, and plans to acquire a 3D seismic program to further delineate these potential drilling locations. In addition, the Company is holding the 14-23 horizontal well for future completion and testing to establish a potential regional helium development play.

U Southern Alberta, First Helium is among the largest owners of highly prospective helium exploration fields. Based on publicly available data, helium production in this region has increased from zero to approximately 75 mcf/day in the last 3 years. Derived from an initial assessment of over 880,000 acres of option land in the region, which included screening over 230,000 acres of 3D seismic and 512 kilometers of 2D seismic, First Helium has focused on a select 276,000 acre area where it has worked several drill opportunities and intends to drill a prospect for helium in 2023.

ABOUT THE FIRST HELIUM

Led by a core senior executive team with diverse and extensive experience in oil and gas exploration and operations, mining, finance and capital markets, First Helium strives to be one of the leading independent helium gas suppliers in North America.

Building on the successful discovery of 15-25 helium in the well Worsley project, the Company has identified numerous locations for follow-up drilling and acquired an expansive infrastructure system to facilitate future exploration and development of helium throughout Worsley land base. Cash flow from its successful oil wells in the Worsley will help support First Helium’s ongoing helium research and development strategy.

First Helium holds over 60,000 hectares along the highly prospective Worsley trend in the Northern Alberta, and 276,000 hectares in the southern Alberta Helium Fairway, adjacent to existing helium production. In addition to continuing its ongoing exploration and development drilling at WorsleyThe company has identified a number of high impact helium exploration targets on potential helium road lands in Southern Alberta to establish another key growth area for the company.

For more information about the Company, visit www.firsthelium.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Edward J. Bereznički
President, CEO and Director

Neither TSKS Venture Exchange nor its regulation service provider (as that term is defined in TSKS policies) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING AND CAUTIONARY STATEMENTS

This press release contains certain statements or disclosures about First Helium that are based on the expectations of its management, as well as assumptions and information currently available to First Helium that may constitute forward-looking statements or information (“forward-looking statements ” ) under applicable securities laws. All such statements and disclosures, other than those of historical fact, relating to activities, events, outcomes, results or developments that First Helium anticipates or expects to occur in the future (in whole or in part) should be considered forward-looking. statements. In some cases, forward-looking statements can be identified by the use of the words “expect,” “will” and similar expressions. In particular, but without limiting the foregoing, this release contains forward-looking statements relating to the timing and nature of future activities at 15-25, 14-23 and the water disposal well; development of facilities; seismic acquisition; conclusion of marketing arrangements for sales; use of assets and strategies of the Company. Forward-looking statements contained in this press release reflect several material factors and First Helium’s expectations and assumptions including, without limitation: that First Helium will continue to conduct its operations in a manner consistent with past operations; general continuation of current or, where applicable, assumed industry conditions; the availability of debt and/or equity sources to finance First Helium’s capital and operating needs as needed; and certain cost assumptions.

Forward-looking statements are based on management’s estimates and opinions as of the date the statements are made and are subject to risks, uncertainties and assumptions, including those set forth in the Final Prospectus as of the date June 28, 2021 and filed under the Company’s profile on SEDAR at www.sedar.com. Readers are cautioned that actual results may differ materially from the forward-looking statements made in this press release. Risks that could cause actual events or results to differ materially from those anticipated in the forward-looking statements include, but are not limited to, risks associated with the oil and gas industry; First Helium’s ability to finance the capital and operating expenses necessary to achieve its business objectives; the impact of the COVID-19 pandemic on First Helium’s business and operations; state of financial markets; increased costs and physical risks related to climate change; the loss of key employees and those risks described in the Final Prospectus as of the date June 28, 2021. First Helium undertakes no obligation to update forward-looking statements, except as required by applicable securities laws. Investors should not place undue reliance on forward-looking statements.

SOURCE First Helium Inc.

Cision

Cision

View the original content for the multimedia download: http://www.nevsvire.ca/en/releases/archive/December2022/15/c8590.html

[ad_2]

Source link