Mr. Greg Kaiser reports

URIEL GAS HOLDINGS CORP. PROVIDES CORPORATE UPDATE

Uriel Gas Holdings Corp. has provided a corporate update, including several key operating and corporate developments, outlined in greater detail herein.

Greater Grande Prairie asset acquisition: prospective for helium

This month, Uriel completed the third closing of a definitive purchase and sale agreement for assets in the greater Grande Prairie area of Alberta, including natural gas wells, pipelines and ownership in a gas processing facility. This piece of the collective GP acquisition represents an incremental bolt-on component to disclosed acquisitions outlined in the company's financial documents for the three and nine months ended March 31, 2023, filed on SEDAR in conjunction with this press release.

This consolidation of assets in the greater Grande Prairie area includes high-value natural gas wells and pipelines with an average working interest of 76 per cent in the northern portion of this sweet natural gas pool, with helium testing greater than or equal to 0.75 per cent. This exceeds the global benchmark for economic recovery from stand-alone wells by approximately 0.25 per cent.

Recent pressures taken in this region of the pool indicate almost 70 per cent of OPP (original pool pressure) and could accommodate a horizontal well(s) to connect remaining undrained reservoir within the Banff formation and significantly increase productivity relative to proximal vertical wells.

Uriel also completed reprocessing and interpretation of recently acquired seismic at the company's conventional Richdale light oil pool. Seismic confirms the Banff A oil accumulation extends to the south of existing directional vertical wells. Geophysical mapping confirms the potential for several vertical and/or horizontal locations. The pool's relatively shallow depth could result in lower costs to drill, complete and equip wells. Uriel's 100-per-cent-owned multiwell oil battery has ample capacity to treat new oil production.

In its continuing attempt to expand its conventional light oil base, while at the same time advancing its helium portfolio, geological mapping led to the posting of Crown lands offsetting several key wells. Uriel was successful in acquiring 640 highly prospective acres for both Cardium and Ellerslie light oil potential with multiple locations, both vertical and horizontal, identified.

About Uriel Gas Holdings Corp.

Uriel is a growth-oriented oil and gas company focused on exploration, development and production of crude oil and natural gas assets in the Western Canadian sedimentary basin. With a 100-per-cent operated working interest in the Richdale property, which covers approximately 5,867 acres and is located approximately 100 miles northeast of Calgary, Alta., Uriel seeks to acquire and optimize recoveries from underdeveloped hydrocarbon pools that offer compelling economics. Uriel is committed to providing superior long-term financial returns for shareholders while operating in a manner that protects the safety of workers, communities and the environment. Uriel's common shares are listed for trading on the Canadian Securities Exchange under the ticker UGH.

We seek Safe Harbor.