IMPERIAL HELIUM CORP. ANNOUNCES CONFIRMATION OF SUFFICIENT DELIVERABILITY FROM IHC-STEVEVILLE-2 & IHC-STEVEVILLE-3 TO SUPPORT A 10-15MMCF/D PRODUCTION FACILITY

Calgary, Alberta, March 23, 2022 (GLOBE NEWSWIRE) -- Imperial Helium Corp. (TSXV: IHC; OTCQB: IMPHF) (“IHC” or the “Company”), a growth-oriented company focused on commercializing our helium discovery in Alberta (the “Steveville Asset”), is pleased to announce confirmation of raw gas deliverability of 10-15 MMcf/d from our first two wells, IHC-Steveville-2 (10-22-020-12W4) and IHC-Steveville-3 (12-12-020-12W4).

As outlined in previous releases, IHC is planning to construct a production facility at Steveville that is capable of processing a combined 10-15 MMcf/d of raw gas from these two wells. This gas rate is supported by production test results from the Blow-out Zone (“BOZ”) in IHC-Steveville-2, which had rates of 5-8 MMcf/d, and in IHC-Steveville-3, preliminary deliverability estimates from the BOZ combined with production test analysis of the new Sub-Salt Zone (“SSZ”) of 2.5 MMcf/d. Collectively, the results to date indicate that IHC has deliverability capacity of 10-15 MMcf/d of raw gas (see table below for additional details) for more than three years before experiencing a 15% per year decline over an estimated 10-15 years.

*BASED ON PRESSURE TRANSIENT ANALYSIS (PT ANALYSIS) **ESTIMATED DURING SUCCESSIVE CLEAN-UP FLOW PERIODS

BOZ Production Testing at IHC-Steveville-3

The production test of the BOZ currently underway in IHC-Steveville-3 is designed to confirm production capability from our primary reservoir across the Steveville structure. The results of our BOZ production at IHC-Steveville-2 confirmed that well as our first potentially commercial production well. Comparison of well logs between IHC-Steveville-2 and IHC-Steveville-3 demonstrates the continuity of the BOZ thickness and reservoir properties between these wells.

Highlight results from the first three days of production testing of the BOZ in IHC-Steveville-3 show:

• An immediate strong gas flow to surface upon perforating 9m of pay in the BOZ.
• Helium concentration of 0.44% and overall gas composition is the same as the gas composition in the BOZ at IHC-Steveville-2, indicating the BOZ reservoir is in communication between both wells.
• An initial 2-hour clean-up period with sustained pressure and flow estimated at 5 MMcf/d.
• A second 5.5-hour clean-up period, after acid stimulation, with sustained pressure and flow estimated at 8 MMcf/d.
• Increasing pressure after gas flow was restricted to 2 MMcf/d using a ¼ inch choke for the first of two restricted flow periods. Pressures are being recorded at the surface and beside the reservoir. Pressure-transient (“PT”) analysis will be used to determine reservoir properties and model production capacity.
• In the second six-day period, gas flow will be set at 6 MMcf/d to confirm productive capacity of 5-8 MMcf/d as previously modelled using PT analysis from the BOZ at IHC-Steveville-2.
• Due to the high quality of the BOZ reservoir, IHC is conducting an Interference Test between the IHC-Steveville-2 and IHC-Steveville-3 wells by placing pressure recorders in both wells during the multi-point restricted-flow production test in IHC-Steveville-3. This interference test will determine if there is pressure communication in BOZ between the wells over a distance of 4.2kms.
• After the two restricted flow periods, IHC-Steveville-3 will be shut-in for approximately 24 days to observe the pressure response of the reservoir as it returns to equilibrium.

Upon completion of production testing, IHS-Markit will conduct an independent PT-Analysis of the data collected. “We are incredibly excited by what we are seeing from IHC-Steveville-3. The strong response of the BOZ and new SSZ in IHC-Steveville-3 confirms sufficient deliverability from both IHC-Steveville-2 and IHC-Steveville-3 to produce 10-15 MMcf/d of raw gas for three years before declining,” said Dr. David Johnson, President & CEO of IHC. “This data strongly supports an aggressive advancement towards commercial production.”

Upon completion of production testing of IHC-Steveville-3, IHC plans to return immediately to IHC-Steveville-2 to begin production testing the SSZ. In addition, acid stimulation will be used to reduce the skin of +21 in the BOZ to improve deliverability; a skin of -2 (optimal is -4) was achieved using acid stimulation of the SSZ at IHC-Steveville-3.

About Imperial Helium Corp.

Imperial Helium Corp. is focused on the exploration and development of helium assets in North America, initially through the anticipated commercialization of its Steveville, Alberta helium discovery. With increasing helium supply shortfalls around the world, the Company is committed to becoming a supplier of helium to help meet the needs of the many critical industries which rely on this irreplaceable resource, including healthcare, electronics and semiconductors as well as aerospace and leak detection. Driven by Canadian geoscience and engineering expertise and supported by strategic alliances with key players in the helium and capital markets ecosystem, IHC intends to leverage its proprietary well database to support longer-term growth. IHC is based in Calgary, Alberta, and listed on the TSX Venture Exchange under the symbol “IHC”. To learn more about the Company and expand on the subject of helium, please visit www.imperialhelium.ca.

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Forward-Looking and Cautionary Statements

Certain information included in this press release constitutes forward-looking information under applicable securities legislation. Forward-looking information typically contains statements with words such as “anticipate”, “believe”, “expect”, “plan”, “intend”, “estimate”, “propose”, “project”, “will” or similar words suggesting future outcomes or statements regarding an outlook. Forward-looking information in this press release may include, but is not limited to, statements concerning: drilling activities; discovery activities including re-discovering and capturing the Steveville blow-out; and the business plan of the Company, generally, including helium development and extraction. The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Imperial Helium. Although Imperial believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Imperial can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the helium industry in general (e.g., operational risks in development, exploration and production; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), constraint in the availability of services, commodity price and exchange rate fluctuations, the current COVID-19 pandemic, changes in legislation impacting the helium industry, adverse weather or break-up conditions and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures.

The forward-looking information contained in this press release is made as of the date hereof and Imperial undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

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