First Helium Acquires Strategic Shallow Heavy Oil Assets

First Helium Inc. has announced a definitive agreement to acquire shallow heavy oil assets in the Worsley area, Alberta, Canada. The acquisition, via its subsidiary First Helium Alberta Inc., involves select assets with notable remaining recoverable oil potential. It includes six wells targeting approximately 300 barrels per day (bbl/d), with a potential increase to 400 bbl/d through additional reactivations.

The deal covers 3,360 acres of 100% working interest land, supporting low-risk growth. First Helium plans to use existing infrastructure for lower development costs. 11 new horizontal drilling sites are also identified, aiming for production within two years with modest capital investment. The assets will complement the company's existing Charlie Lake project.

The transaction requires regulatory approvals, financing completion, and compliance with asset retirement obligations. The $7.8 million acquisition is expected to strengthen First Helium's regional footprint and production strategy.