Grand Gulf Energy Ltd Announces Resignation of Mark Freeman from the Board, Effective April 15, 2022

Grand Gulf Energy Ltd is an Australia-based independent exploration and production company with operations and exploration in North America. The Red Helium project is located in Utah, in the prolific proven helium producing Four Corners area of the United States. The project has a gross unrisked P50 prospective resource of approximately 10.9 billion cubic feet (bcf) recoverable helium (independently estimated), with over 29,000 gross acres leased. The Company is the majority shareholder of Valence Resources LLC, operator of the Red Helium project, with the right to earn up to 85% by drilling three exploration wells. The project comprises approximately 315 kilometers (kms) of 2D seismic has been acquired and reprocessed identifying multiple drill targets. The Company has a working interest (WI) of 39.65% in Desiree Field, 55.5% in D&L FIELD and 66% in DJ BASIN, COLORADO, USA.