Quantum Helium (QHE ) produced 2,482 barrels of oil from multiple wells on its Sagebrush project in Colorado during the first quarter of 2026.
Average realised oil price was US$57 per barrel, and the total production generated gross revenue of just under US$110,000.
Quantum holds a 90% working interest in Sagebrush, which it is developing primarily as a helium play.
The company is continuing with the extended helium production test at the Sagebrush-1 well.
During this test programme, Sagebrush-1 has been taken out of normal oil production operations and dedicated to testing activities.
Production from the other Sagebrush wells continues as normal. As a result, overall field production during the second quarter expected to be lower than recent quarters
Quantum expects oil production from the Sagebrush field to continue alongside its helium-focused activities, with production from other Sagebrush wells continuing while the extended production test at Sagebrush-1 remains underway.
Separately, Quantum is also considering an OTC listing in the US, in order to improve access to a broader pool of potential investors in the USA.
“The first quarter of 2026 delivered another solid quarter of oil production and revenue generation for Quantum, with gross revenue of circa US$108,000 before royalties, taxes and operating costs,” said Howard McLaughlin, chief executive of Quantum Helium.
“This is an excellent result and reflects both stable field operations and the strengthening oil price environment during the quarter. Recent geopolitical developments in the Middle East have again demonstrated how sensitive global energy markets remain to supply disruptions. With our production unhedged, Quantum remains well positioned to benefit from stronger oil prices while continuing to advance our broader helium strategy across Sagebrush and Coyote Wash.
Importantly, our existing oil production continues to support operational activities across the business and reinforces our strategy of combining helium development with hydrocarbon production. "
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The current situation in the Middle East is keeping oil prices high, so it’s reasonable to assume the averaged realised value per barrel in the second quarter will be significantly higher than that of the first quarter. The war against Iran only started a long way into the first quarter, after all. But the key point is that ongoing cashflow from the oil will be used to support the development of the much more significant helium play that Quantum is offering here. As far as that’s concerned, it’s so far so good at the Sagebrush-1 well test. So everything still to play for.