First Helium Inc. announced that it has received a reserve report from its independent evaluator, prepared in accordance with "NI 51-101" guidelines, indicating Total Proved plus Probable gross reserves of 505,100 barrels of light oil with corresponding NPV 10% of $24.6 million1,2, for its oil property at Worsley. In addition, the Company received revenue of approximately $1.2 million in late July for oil volumes that the Company delivered for sale during June. In late June, the Company received revenue of approximately $0.7 million for oil volumes that the Company delivered for sale during May.

First Helium's geoscience team has identified numerous potential drilling locations across the largely undeveloped balance of its 79,000 acre Worsley property. These locations are based on detailed geological and geophysical mapping with the incorporation of nearly 15,000 acres of 3D seismic data, and approximately 210 km of 2D seismic data. Similarly, the team has identified a number of potentially high-impact locations on its Southern Alberta Area (Lethbridge) lands, including a drill-ready location for later this year.