First Helium 1-30 Oil Well Production Update

Cash Flow Deployed to Ongoing Helium Exploration

TSXV: HELI   FRA: 2MC

CALGARY, AB, March 2, 2022 /CNW/ – First Helium Inc. ("First Helium" or the "Company") (TSXV: HELI) (FRA: 2MC), today announced first month's average daily production of approximately 430 barrels per day ("bbls/d") of light oil from its successful "1-30" discovery well which is located on First Helium's 100% owned, 79,000 acre Worsley landholdings in Northern Alberta, Canada. The 1-30 well was brought on-stream on January 23, 2022. The Company has received revenues of approximately CA$ 280,000 for January oil production deliveries, and based on expected February pricing, anticipates receiving approximately CA$1,200,000 in late March for February's oil production.

"With strong production and cash flow from the 1-30 well, we currently expect payout of less than 2 months for drilling and completion," said Ed Bereznicki, President & CEO of First Helium."Cash flow from the well will be deployed to help support ongoing helium exploration activities at our Worsley Property and our Southern Alberta Helium Fairway exploration land, which is located near existing third-party helium production and recently announced, promising helium exploration results," added Mr. Bereznicki.

First Helium expects to realize field netbacks of CA$82 to CA$88 per barrel based on a current WTI price of US$85 to US$90 per barrel, which is anticipated to provide strong, ongoing operating cash flow for the Company. The 1-30 well is located near the Company's new 4-29 exploration well, which commenced drilling in mid-February, and approximately 3 kilometers to the southeast of the 15-25 helium well on the core Worsley Property.

ABOUT FIRST HELIUM

Led by a core Senior Executive Team with diverse and extensive backgrounds in Oil & Gas Exploration and Operations, Mining, Finance, and Capital Markets, First Helium seeks to be one of the leading independent providers of helium gas in North America.

Building on its successful 15-25 helium discovery well at the Worsley project, the Company has identified numerous follow-up drill locations and acquired an expansive infrastructure system to facilitate future exploration and development of helium across its Worsley land base. Cash flow from its successful 1-30 oil well at Worsley will help support First Helium's ongoing helium exploration and development growth strategy.

First Helium holds over 79,000 acres along the highly prospective Worsley Trend in Northern Alberta, and 276,000 acres in the Southern Alberta Helium Fairway, near existing helium production. In addition to continuing its ongoing exploration and development drilling at Worsley, the Company has identified a number of high impact helium exploration targets on the prospective Southern Alberta Helium Fairway lands to set up a second core exploration growth area for the Company.

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

ON BEHALF OF THE BOARD OF DIRECTORS

Edward J. Bereznicki
President, CEO and Director

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.

FORWARD-LOOKING AND CAUTIONARY STATEMENTS

This news release contains certain statements or disclosures relating to First Helium that are based on the expectations of its management as well as assumptions made by and information currently available to First Helium which 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, which address activities, events, outcomes, results, or developments that First Helium anticipates or expects may or will 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 news release contains forward-looking statements pertaining to the timing and rate of production of the 1-30 discovery well; anticipated cash flows; the entering into of off-take marketing arrangements; the use of funds and the Company's strategy. The forward-looking statements contained in this news release reflect several material factors and expectations and assumptions of First Helium including, without limitation: that First Helium will continue to conduct its operations in a manner consistent with past operations; the general continuance of current or, where applicable, assumed industry conditions; availability of debt and/or equity sources to fund First Helium's capital and operating requirements as needed; and certain cost assumptions.

Forward-looking statements are based on estimates and opinions of management at the date the statements are made and are subject to risks, uncertainties and assumptions, including those set out in the Final Prospectus dated June 28, 2021 and filed under the Company's profile on SEDAR at www.sedar.com. Readers are cautioned that actual results may vary materially from the forward-looking statements made in this news release. Risks that could cause actual events or results to differ materially from those projected in forward-looking statements include, but are not limited to, risks associated with the oil and gas industry; the ability of First Helium to fund the capital and operating expenses necessary to achieve its business objectives; the impact of the COVID-19 pandemic on the business and operations of First Helium; the state of financial markets; increased costs and physical risks relating to climate change; loss of key employees and those risks described in the Final Prospectus dated June 28, 2021. First Helium does not undertake any 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.

First Helium Inc., Investor Relations, Email: [email protected], Phone: 1-833-HELIUM1 (1-833-435-4861)