First Helium receives $1.2 million for oil production deliveries in April
TSXV: HELI OTCQB: FHELF FRA: 2MC
Reports average daily oil production of 520 BBL/D over past five days
During the month of May, the Company produced approximately 272 barrels per day (“bbl/d”) and delivered approximately 8,200 barrels of light oil for sale, down from previous months and from planned production capacity . The lower volume is the result of downtime related to a number of seasonal factors, including: severe rainy regional weather at the Company’s petroleum battery location, road use restrictions and the limited access due to overland flooding. During the downtime, the Company took the opportunity to fulfill certain regulatory testing and reporting requirements and to optimize its oil battery operations. At the end of June, the Company expects to receive approximately
“While periods of combined precipitation and spring runoff limited our ability to produce and transport oil volumes at normal capacity in late April and May, we are pleased to have been able to use the unplanned downtime to optimize the configuration of both – oil the battery well and perform some operations necessary to meet regulatory reporting requirements,” said
The Company is finalizing the necessary preparations to begin drilling the first of its two recently announced helium targets in July, subject to satisfactory weather conditions in the field. Similar to the Company’s helium 15-25 discovery well, which includes associated volumes of natural gas and natural gas liquids,
Led by a team of senior executives with diverse and extensive experience in oil and gas exploration and development, mining, finance and capital markets,
Building on its successful helium 15-25 discovery well at the
For more information about the company, please visit www.firsthelium.com.
ON BEHALF OF THE BOARD OF DIRECTORS
FORWARD-LOOKING AND CAUTIONARY STATEMENTS
This press release contains certain statements or disclosures relating to
Forward-looking statements are based on management’s estimates and opinions as of the date they are made and are subject to risks, uncertainties and assumptions, including those set forth in the final prospectus dated
© Canada Newswire, source
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