First Helium
First Helium is a publicly traded Canadian helium, light oil, and natural gas exploration and development company operating its 53,000+ acre Worsley Property in Northern Alberta, selling helium under a 10-year take-or-pay agreement to a major global industrial gas company and generating cash flow from Leduc light oil wells.
- Company typePublic
- Founded2016
- HeadquartersVancouver, Canada
- Headcount11–50
- GTM typeB2B
- OfferingHardware or Manufacturing
What First Helium does
First Helium Inc. is a publicly traded helium-focused exploration and development company (TSXV: HELI; OTCQB: FHELF; FRA: 2MC) incorporated in Vancouver, BC, with operational headquarters in Calgary, Alberta. Founded in 2016 and listed on the TSX Venture Exchange in 2021, the company holds over 53,000 acres of 100% owned land along the prospective Worsley Trend in Northern Alberta, plus option lands exceeding 276,000 acres in the Southern Alberta Helium Fairway. Its core technical assets are the 15-25 helium discovery well (1.3% helium, 323 MMcf independently evaluated contingent resource), the 1-30 and 4-29 Leduc light oil wells (combined over 113,000 barrels produced and more than CA$13 million in cumulative revenue), the 5-27 horizontal helium well, and the Blue Ridge Formation helium-enriched natural gas play extended across Worsley.
The company employs proprietary 3D seismic interpretation, domain-specific geological modeling of the Leduc and Blue Ridge formations, and modular helium processing (nitrogen separation targeting 95%+ purity) at a planned Worsley gas processing facility. Its revenue model is dual-stream: near-term cash flow from light oil sales (estimated ~400 bbl/d at CA$45–50/bbl field netbacks, sold on the open market) plus a long-duration contracted stream from a 10-year take-or-pay helium supply agreement with a major global industrial gas company, covering 80–100% of produced helium volumes at firm pricing for the first five years and worth up to US$100 million over that period. Customer segments are exclusively B2B enterprise buyers: industrial gas distributors (helium) and energy market buyers (oil and natural gas).
The go-to-market is sales-led and contract-based rather than volume-based, with all helium pre-sold to a single tier-1 offtake counterparty and crude oil sold at the wellhead into the open market. The strategic intent is to convert the contracted helium offtake into cash flow while using oil revenue to fund ongoing exploration of Leduc light oil, Blue Ridge helium-enriched gas, and the newly identified shallow heavy oil play across the Worsley land base.
First Helium firmographics
Firmographics- Name
- First Helium
- Legal name
- First Helium Inc.
- Website
- https://firsthelium.com
- Company type
- Public
- Founded year
- 2016
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- First Helium is a publicly traded Canadian helium, light oil, and natural gas exploration and development company operating its 53,000+ acre Worsley Property in Northern Alberta, selling helium under a 10-year take-or-pay agreement to a major global industrial gas company and generating cash flow from Leduc light oil wells.
- Ownership category
- akta.pro rank
First Helium industry classification
Industry- Product category
- Helium Production
- NAICS
- Industrial Gas Manufacturing (32512), Natural Gas Extraction (21113)
- SIC
- Crude Petroleum & Natural Gas (1311), Mining & Quarrying Of Nonmetallic Minerals (No Fuels) (1400)
- akta.pro primary industry
- Helium & Rare Gases (Neon/Krypton/Xenon) (IMAEACAD)
- akta.pro secondary industries
- Cryogenic Liquids & Distribution (IMAEACAK), Electronics & Semiconductor High-Purity Gases (IMAEACAG)
Keywords
Where First Helium is headquartered
LocationHeadquarters
- HQ city
- Vancouver
- HQ country
- Canada
- HQ region
- North America
Offices2 records
Markets served
First Helium business model
Business model- GTM type
- B2B
- Offering type
- Hardware or Manufacturing
- Cost components
- Operations, Supply Chain, Personnel, Technology or R&D, Infrastructure
Revenue model
- Helium Sales - Take-or-Pay Offtake Agreement: Long-term 10-year take-or-pay agreement with major global industrial gas supplier. Company sells 80% (potentially up to 100%) of produced helium volumes at specified per-unit pricing during first 5 years (firm pricing). After initial 5-year term, price re-determination windows available. Agreement potentially worth up to $US 100 million over first 5 years of production. Minimum helium specification of 95% purity required.
- Oil and Natural Gas Production: Oil production from 1-30 and 4-29 Leduc oil wells generating cash flow. The 1-30 well pays out in approximately two months. Associated natural gas is sold along with helium. Light oil production rate estimated at 400 barrels per day with field netbacks of CA$45-50 per barrel.
- Future Helium Processing Facility: Planned helium and natural gas processing facility to process raw gas stream containing approximately 65% natural gas and 1.3% helium from the 15-25 discovery well. Crude processed helium delivered at plant gate to offtake partner.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels5 records
First Helium product offering
Product offeringCore offering
First Helium explores, develops, and produces helium, light crude oil, and natural gas from its 53,000+ acre Worsley Property in Northern Alberta, Canada. The company sells crude processed helium (minimum 95% purity) under a 10-year take-or-pay offtake agreement with a major global industrial gas company and markets light oil production at wellhead or through pipeline infrastructure.
Product overview
First Helium is a helium exploration and development company operating in Alberta, Canada, with its core asset at the Worsley Property (53,000+ acres). The company produces helium from its 15-25 discovery well, light oil from the 1-30 and 4-29 Leduc wells, and is developing the Blue Ridge helium-enriched natural gas play via the 5-27 horizontal well. Products include raw helium gas, processed helium (95%+ purity), and light crude oil. The company has secured a 10-year take-or-pay helium supply agreement worth up to US$100 million with a major global industrial gas company. Current development includes drilling the 7-30 PUD oil well and 7-15 Leduc exploration well, while advancing shallow heavy oil and Blue Ridge helium plays.
Differentiator
Problem solved
Functional benefit
Products and services
- Worsley Property Helium, light oil, and natural gas exploration and development property located along the highly prospective Worsley Trend in Northern Alberta, Canada, containing the 15-25 helium discovery well, multiple Leduc light oil wells, and the Blue Ridge helium-enriched natural gas formation.
- 15-25 Helium Discovery Well Helium production well testing at 1.3% helium content and 65% natural gas content, flowing 2 million cubic feet per day of raw gas, with 323 million cubic feet of independently evaluated contingent helium resource by Sproule Associates Ltd.
- 1-30 Light Oil Well Leduc formation light oil production well producing at approximately 400 barrels per day, with combined production of over 113,000 barrels of light oil and more than $13 million in revenue from the 1-30 and 4-29 wells.
- 4-29 Light Oil Well Leduc formation light oil well that contributes to combined oil production alongside the 1-30 well, generating cash flow for ongoing exploration activities.
- 5-27 Horizontal Helium Well Horizontal well in the Blue Ridge Formation at West Worsley, cased and ready for completion, designed to establish a repeatable, high-margin helium-enriched natural gas play with associated helium content of 0.8% to 1.0%.
- 7-30 PUD Oil Well Proved undeveloped (PUD) light oil location targeting the Leduc formation with assigned gross proved plus probable undeveloped reserves of 196,700 barrels by Sproule Associates Limited.
- 7-15 Leduc Anomaly Exploration Well High-impact exploration well targeting the Leduc Formation structural anomaly approximately 5X the areal extent of the successful 1-30 light oil pool discovery, also evaluating multiple uphole zones for oil, natural gas, and helium.
- Worsley Helium Gas Processing Facility Planned helium and natural gas processing facility at Worsley to process crude helium to minimum 95% purity for sale under the take-or-pay supply agreement with a major global industrial gas company.
- Helium Take-or-Pay Supply Agreement 10-year take-or-pay helium supply agreement with a major global industrial gas company covering 80-100% of produced helium volumes, worth up to US$100 million during the first 5 years with firm pricing and price re-determination windows after the initial term.
Quantifiable outcome
- Up to $US 100 million in potential revenue over first 5 years from helium offtake agreement
- +4 more outcomes
Companies that use First Helium
Customer profileNamed customers1 record
Segments2 records
Ideal customer profiles2 records
First Helium technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature4 records
First Helium partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Major Global Industrial Gas CompanycoreFirst Helium entered into a 10-year take-or-pay helium supply agreement with a major global industrial gas supplier. The company agreed to sell 80% (potentially up to 100%) of its produced helium volumes at specified pricing during the first 5 years. The agreement is worth up to $US 100 million in potential revenue over the first 5 years of production. The Purchaser will be obligated to take or pay for all helium volumes delivered, subject to maximum monthly and annual volume quantities. After the initial 5-year term, price re-determination windows are available.
Scale indicators9 records
Recent moves6 records
Expansion highlights7 records
First Helium competitors and assessment
Company assessmentDirect peers
- Avanti Helium: Canadian junior helium exploration and production company focused on Southern Alberta helium plays. Directly comparable as a small-cap primary helium developer pursuing offtake agreements and resource delineation in the same Western Canadian Sedimentary Basin.
- Helium Evolution Incorporated: Canadian helium-focused explorer developing helium resources in southern Saskatchewan and Alberta. Closely comparable to First Helium as a junior helium developer pursuing multi-well exploration programs and offtake arrangements.
- Global Helium Corp. Canadian helium exploration company with assets in Alberta targeting primary helium production from wellheads. Directly comparable as a Western Canadian helium-focused junior at a similar development stage.
- Pulsar Helium (formerly Royal Helium): Canadian helium developer advancing the Topaz project in Saskatchewan. Comparable as a small-cap helium-focused explorer pursuing primary helium production with similar geological and commercial characteristics to First Helium's Worsley project.
- North American Helium: Canadian helium exploration and production company operating in southern Saskatchewan and Alberta. Comparable as a primary helium developer that has brought multiple wells into production and secured offtake commitments, providing a useful operational benchmark.
Emerging players
- Desert Mountain Energy Corp. Junior helium and critical minerals explorer with assets in the southwestern United States. Comparable as a small-cap helium-focused developer pursuing primary helium production, though operating in a different geographic basin (Arizona/New Mexico).
Broad incumbents
- IACX Energy: US-based helium and industrial gas processor and producer with multiple operated helium recovery plants. Comparable as an established primary helium supplier with offtake relationships, providing a benchmark for downstream helium plant economics and offtake structures.
- Air Liquide: One of the world's largest industrial gas companies, encompassing helium production, processing, and global distribution. The likely buyer profile behind First Helium's unnamed offtake counterparty, making Air Liquide a direct comparable for end-market demand and pricing dynamics.
- Linde plc: Global industrial gas major with significant helium sourcing, processing, and distribution operations. Comparable as the largest global helium merchant and a probable offtake counterparty, anchoring global helium price formation and supply.
Regional players
- Tamarack Valley Energy: Intermediate oil and gas producer with operations across the Western Canadian Sedimentary Basin including Clearwater and Charlie Lake light oil plays. Comparable as a WCSB-focused oil and gas operator that benchmarks conventional oil economics and netbacks relevant to First Helium's Leduc production.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
First Helium social profiles
Digital presenceFirst Helium compliance and trust
Trust signalCompliance1 record
First Helium financial estimates
Financial estimateRevenue estimate
Valuation estimate
First Helium leadership team
Management profileNumber of profiles
Profiles2 records
First Helium funding detail
Funding detailFunding overview
Funding rounds5 records
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
First Helium M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about First Helium
What does First Helium do?
First Helium explores, develops, and produces helium, light crude oil, and natural gas from its 53,000+ acre Worsley Property in Northern Alberta, Canada. The company sells crude processed helium (minimum 95% purity) under a 10-year take-or-pay offtake agreement with a major global industrial gas company and markets light oil production at wellhead or through pipeline infrastructure.
Is First Helium a public or private company?
First Helium is a public company. It is classified as public and is currently operating.
When was First Helium founded?
First Helium was founded in 2016. It employs 11 to 50 people.
Where is First Helium based?
First Helium is headquartered in Vancouver, Canada, in the North America region.
How does First Helium make money?
Three revenue lines are on record. Helium Sales - Take-or-Pay Offtake Agreement is the primary driver. The others are oil and Natural Gas Production and future Helium Processing Facility.
Who are First Helium's main competitors?
Direct peers on record are Avanti Helium, Helium Evolution Incorporated, Global Helium Corp., Pulsar Helium (formerly Royal Helium) and North American Helium. Desert Mountain Energy Corp. is listed as an emerging player. Broad incumbents are IACX Energy, Air Liquide and Linde plc. Tamarack Valley Energy is listed as a regional player.
Does First Helium have an API?
No public API is recorded for First Helium.
What industry is First Helium in?
First Helium's product category is Helium Production. Its primary akta.pro industry code is IMAEACAD, Helium & Rare Gases (Neon/Krypton/Xenon), with a secondary code of IMAEACAK, Cryogenic Liquids & Distribution. Its NAICS code is 32512 and its SIC code is 1311.