Helix Exploration Marks First Commercial Helium Sales from Rudyard Facility Within 24 Months Post-IPO

First Jumbo Tube Trailer Departure Marks Major Production Milestone at Rudyard

Helix Exploration reached a key operational milestone with the shipment of its first leased ten-cylinder jumbo tube trailer, holding approximately 160 Mcf of compressed premium helium, from the Rudyard facility. This trailer, filled with helium sourced from the company’s three active wells, is en route to an industrial gases customer. This event marks the company’s transition from a development-stage explorer to an operational, revenue-generating helium producer.

Prior to initiating regular commercial sales, the company optimized its wells. The industrial gases partner has taken possession of the trailer and will supply its own trailers to Rudyard for filling, establishing a steady delivery rhythm as anticipated by the board. Additionally, arrangements are underway to relocate a second leased tube trailer from North Carolina to Rudyard for commissioning, enhancing capacity for ongoing commercial operations.

Rudyard Facility Achieves Commercial Production in Montana’s First Helium Field

The Rudyard facility, Montana’s inaugural helium-producing field, commenced commercial operations after completing commissioning. It features three stacked helium-bearing reservoirs within a proven geological formation, with an initial four wells designed for commercial helium flow rates. Production began in February 2026 via an on-site PSA (pressure swing adsorption) processing unit, advancing to commercial sales by July 2026, just five months later.

This progression from exploration to commercial sales in just over two years represents a significant milestone. All wells in the pipeline system operate under high pressure. Additional wells have been surveyed and await approval from the Montana Board of Oil and Gas. The company will provide market updates as permits are granted. Plans include bringing the Inez-1 well into production from the Souris River interval following ongoing re-entry and retrieval operations, which will notably expand the production base.

Industrial Gases Partner Commits to Purchasing Entire Helium Output from Three Wells

Helix has entered a spot sales agreement with an undisclosed industrial gases group committed to buying all helium produced from the three active wells. This initial arrangement extends through late August 2026, providing immediate revenue certainty for early production volumes and establishing a foundation for ongoing commercial operations.

The customer supplies its own trailer service for continuous filling to ensure uninterrupted supply, while Helix has leased a second tube trailer to rotate through filling cycles. Negotiations continue for longer-term offtake agreements to follow the initial spot sales. The company is exploring strategic options leveraging its recent acquisition of the Keyes liquid helium complex, enabling it to offer both liquid and gaseous helium offtake agreements tailored to market and customer needs.

Keyes Liquid Helium Complex Acquisition Enhances Vertical Integration

The acquisition of the Keyes Helium Complex in Oklahoma has significantly strengthened Helix’s market position by integrating upstream helium production with downstream liquefaction capabilities. The Keyes facility is among only six operational helium liquefaction plants in the US. This integration allows Helix to add value by processing its own and third-party helium, supporting the growing North American helium market with flexible, independent liquefaction capacity.

The board highlighted that the enhanced offtake options from the Keyes acquisition are central to ongoing discussions about longer-term sales as production scales. The company aims to sell premium-priced liquid helium globally, moving beyond compressed gas sales to capture higher margins through liquefaction. This vertical integration provides a competitive edge, positioning Helix to capitalize on strong market dynamics.

Robust Helium Market Fundamentals Support Strong Pricing and Demand

The announcement underscores ongoing global helium supply constraints following significant production losses in Qatar, while demand remains strong in semiconductor manufacturing, MRI healthcare, aerospace, fiber optics, scientific research, and defense sectors. Spot helium prices continue to exceed historical averages, creating favorable conditions for new primary helium projects.

In this context, domestically produced US helium is strategically important, with customers seeking secure, reliable long-term supplies. Helix’s ability to capture full margin from wellhead through liquid delivery positions it advantageously amid constrained global supplies and heightened demand for North American helium. The timing of Helix’s commercial launch aligns well with these strong market fundamentals, supporting revenue growth and customer base expansion.

Inez-1 Well Re-Entry Advances Toward Fourth Production Well

Helix is progressing re-entry and retrieval operations on the Inez-1 well, targeted as the fourth production well. Operations await improved weather and contractor availability following delays caused by extreme rainfall and challenging ground conditions at the Montana site.

Despite weather-related setbacks, costs remain within budget. The company plans to bring Inez-1 into production from the Souris River interval, significantly expanding Rudyard’s production capacity beyond the current three wells. This will enhance supply capabilities for its industrial gases customer and support potential longer-term offtake agreements at increased volumes.

Rapid IPO-to-Revenue Timeline Demonstrates Strong Operational Execution

Helix Exploration has advanced from IPO through exploration, development, financing, commissioning, and commercial production to first helium sales in just over 24 months. This timeline encompasses key milestones, including developing the Rudyard facility from concept to revenue-generating operation. The company has successfully launched one of North America’s few new primary helium projects within this compressed timeframe.

CEO Bo Sears remarked, "Seeing our first full trailer leave Rudyard carrying compressed high-grade helium is the result of extensive technical work and tremendous effort during start-up by the entire team." He added, "Progressing from IPO to first helium sales in such a short period is an exceptional achievement," and noted that "with wells ramped to projected production rates and bottlenecks resolved, we expect regular deliveries to commence now." This indicates the company has overcome initial commissioning challenges and anticipates consistent commercial delivery moving forward.

Pending Montana Regulatory Approvals for Additional Helium Wells

Beyond the three producing wells, more wells have been surveyed and await Montana Board of Oil and Gas approval. The company commits to updating the market as permits are granted. The pace of regulatory approvals will affect Helix’s capacity expansion at Rudyard and its ability to support potential long-term customer contracts requiring higher volumes.

The regulatory approval process is critical for production growth at Rudyard. As additional wells gain approval and enter production, they will help meet customer demand and support longer-term offtake agreements currently under negotiation. The reference to "more wells have been surveyed" indicates a development pipeline within Rudyard contingent on regulatory clearance.

Management Confident in Scaling Production and Market Position

CEO Bo Sears stated, "Our timing could not be better," emphasizing that "current helium market conditions remain highly favorable." He highlighted that "controlling our own liquefaction positions us to sell premium liquid helium globally." This reflects management’s confidence in leveraging the Keyes facility to capture additional margin through helium liquefaction.

The CEO concluded, "We believe Helix is exceptionally well positioned to benefit from market dynamics as we scale production and build a leading independent, vertically integrated US helium business." This forward-looking statement underscores management’s optimism about operational capabilities and the favorable North American helium market amid constrained global supplies.