First Helium to Acquire Alberta Heavy Oil Assets for Worsley Expansion
First Helium Inc. (TSXV:HELI) has signed a definitive purchase agreement to acquire select shallow heavy oil assets in the core Worsley region, north of Grande Prairie, Alberta. The transaction includes a shut-in oil pool across 5,760 net acres of land, existing oil and water-handling infrastructure, and related petroleum rights, with an effective date of January 1, 2026.
The acquisition expands First Helium Inc. (TSXV:HELI) operational footprint alongside its existing Charlie Lake shallow heavy oil discovery. The acquired pool historically produced between 450 and 500 barrels of oil per day (bbl/d). First Helium plans to reactivate six wells to restore initial production to roughly 300 bbl/d, with potential to reach 400 bbl/d. Management has also identified 11 horizontal drilling locations to support a corporate goal of reaching 2,000 bbl/d across Worsley within two years.
Closing the transaction requires regulatory approvals from the TSX Venture Exchange, completed financing, and license transfers with the Alberta Energy Regulator. Financial commitments under the agreement total approximately $7.8 million, which includes purchase considerations and asset retirement obligation security requirements. No finder fees or company securities will be issued to the vendor.
Key points
- First Helium Inc. (TSXV:HELI) agreed to acquire shallow heavy oil assets covering 5,760 net acres in Alberta's Worsley region.
- The acquired pool offers near-term production potential of 300 to 400 barrels of oil per day through six initial well reactivations.
- The property contains 11 identified horizontal drilling locations and includes existing oil and water-handling infrastructure.
- Total financial obligations and security requirements for the transaction are estimated at approximately $7.8 million.
- Completion requires TSX Venture Exchange approval, Alberta Energy Regulator license transfers, and finished financing.
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What assets is First Helium acquiring in Alberta?
First Helium is acquiring shallow heavy oil assets in the Worsley area, covering 5,760 net acres, existing infrastructure, and a shut-in oil pool with historical production of 450 to 500 barrels per day.
How much oil does First Helium expect to produce from the new assets?
First Helium aims to restore production to approximately 300 barrels per day from six well reactivations, with potential to reach 400 barrels per day and support a larger 2,000 barrel-per-day corporate target over two years.
What are the closing conditions for the acquisition?
The deal requires TSX Venture Exchange approval, license transfers and asset retirement obligation security with the Alberta Energy Regulator, and successful completion of financing.