Mr. Greg Kaiser reports

URIEL GAS HOLDINGS CORP. PROVIDES CORPORATE UPDATE AND FILES JUNE 30, 2023 FISCAL YEAR END MATERIALS

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

Corporate update

It has been a very busy last year for Uriel Gas after the company's first acquisition in the Richdale area of Southern Alberta in July, 2022. Operations at the Richdale oil pool included a full turnaround at the 8-5 facility and well repairs of existing wells to stabilize production and cash flow. The company acquired, reprocessed and interpreted additional 2-D Trade seismic lines confirming the southern extent of the pool. Mapping west of Richdale identified additional light oil opportunities, which resulted in the identification of the Crossfield East project. Uriel posted lands for sale immediately adjacent to a lead well, producing very light oil from the Ellerslie formation, and was successful at the April, 2023, Crown land sale. Mapping indicates aerial extent to this oil-charged shore face sandstone, resulting in the booking of one horizontal well (with several additional feasible horizontal locations). A secondary shallower horizon (Cardium formation) is present and charged with light oil, and affords the company additional development potential.

In addition to the Richdale acquisition, Uriel Gas completed three asset acquisitions at Greater Grande Prairie (GGP) with helium in concentrations between 0.6 per cent and 0.85 per cent. Work continues with plans to reactivate the shut-in Banff gas pool in early 2024. Mapping continued in the GGP region resulting in the identification of multiple leads with seismic confirmation (all with helium concentrations greater than 0.5 per cent and as high as 8.5 per cent).

In the company's continuing efforts to high-grade its asset inventory, several potential acquisition candidates have been brought forward with additional work/evaluation being carried out.

The company is in the process of evaluating opportunities to move forward with development projects in early 2024 to maximize shareholder value.

Financial statements and management's discussion and analysis for the year ended June 30, 2023

The company's financial documents for the year ended June 30, 2023, have been filed and are available on SEDAR+.

About Uriel Gas Holdings Corp.

Uriel Gas 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 Gas seeks to acquire and optimize recoveries from underdeveloped hydrocarbon pools that offer compelling economics. Uriel Gas 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 Gas's common shares are listed for trading on the Canadian Securities Exchange under ticker UGH.

We seek Safe Harbor.