Mr. Brian Williamson reports

JERICHO ENERGY VENTURES' HYDROGEN TECHNOLOGIES SECURES U.S. DEPARTMENT OF ENERGY FUNDING FOR CALIFORNIA-BASED PROJECT

A California-based project co-developed by Jericho Energy Ventures Inc.'s wholly owned subsidiary, Hydrogen Technologies (HT), has been awarded $1-million (U.S.) in funding from the U.S. Department of Energy's Hydrogen and Fuel Cell Technologies Office (HTFO).

The project, Hydrogen Permitting Issues and Improvements (HPII), was developed by HT and three partners: Sandia National Laboratories, GHD (a global professional services company with expertise in hydrogen infrastructure), and the University of California at Riverside. The team will identify and address challenges with the deployment of hydrogen-powered equipment (that is, steam/hot water boilers, fuel cells and fork-lifts) at locations where hydrogen is likely to play a role but is currently an unfamiliar fuel, such as at manufacturing facilities or district heating systems.

HT will receive a share of the total funding for its part in engaging current and potential users of hydrogen-fuelled boilers, their permitting authorities, community and environmental organizations.

The HPII project will identify and address technological and administrative barriers to permitting hydrogen projects. The project focuses on providing state-of-the-art safety and risk analysis for select use cases and real-world data on at-scale issues and concerns to improve integration into existing industrial infrastructure. The project includes a strong community engagement strategy where local representatives from disadvantaged communities are engaged early in the process to identify challenges and mitigation measures to ensure success.

Brian Williamson, chief executive officer of Jericho Energy Ventures, commented: "We are proud to be part of this important DOE-funded project with our esteemed partners. We see the independent launch of our hydrogen solution platform accelerating our access to future collaborations and partnerships with groups pushing full steam ahead with lower emissions industrial and commercial solutions. Beyond delivering our patented, zero-emission hydrogen DCC boiler technology, we are increasingly being recognized as a trusted, innovative hydrogen solutions partner to industry and government."

HT is collaborating with several multinational corporations and universities to complete feasibility studies for the utilization of the company's zero-emission hydrogen boiler technology. HT is presently working with its manufacturing partner, Superior Boiler, to deploy its boiler technology at a prominent Western United States university while providing decarbonized district heat for its campus.

Hydrogen Technologies' greenhouse-gas-free hydrogen-fuelled boilers offer a highly efficient and sustainable alternative to conventional fossil-fuel-based boilers. DCC boilers eliminate greenhouse gas emissions, providing a clean and eco-friendly source of steam and hot water for various industries and applications. HT's DCC system is a recipient of the Solar Impulse Foundation's prestigious "Solar Impulse Efficient Solution" award recognizing profitable solutions to protect the environment.

Jericho Energy recently announced plans to spinout its hydrogen platform from its traditional energy assets as a separate, pure-play H2 solutions company to maximize shareholder value.

The company also announces that it has arranged a shares for debt transaction to settle an aggregate of $376,071 in interest accrued on convertible debentures outstanding up to Nov. 12, 2024, and disclosed in the company's financial statements and in the company's news releases dated Jan. 7, 2022, and April 5, 2024. The shares for debt settlement is subject to approval from the TSX Venture Exchange, pursuant to TSX-V Policy 4.3 -- Shares for Debt, which will be followed by the company issuing an aggregate of 2,892,846 common shares at a deemed price of 13 cents to 14 cents of the holders of the debentures of which two are non-arm's-length parties to the company. The settlement shares will be issued subject to prospectus exemptions available pursuant to Canadian securities laws and will be subject to a four-month-and-one-day hold period.

The shares for debt transaction was approved by the company's board of directors and did not require a formal valuation nor minority shareholder approval pursuant to Multilateral Instrument 61-101.

About Hydrogen Technologies

Hydrogen Technologies (HT) offers its award-winning clean, zero-emission energy solution for the commercial and industrial boiler market. There are a wide range of applications for its cleanH2steam DCC boiler, which works much like traditional commercial heat, hot water and industrial steam boilers. Whether the application is district heating, food processing, chemical refining, pharmaceuticals, pulp and paper mills, or any other industrial process, HT has a reliable, efficient and clean solution for your GHG and ESG (environmental, social and governance) goals.

About Jericho Energy Ventures Inc.

Jericho is an energy company positioned for the current energy transitions; owning, operating and developing both traditional hydrocarbon joint venture assets; and advancing the low-carbon energy transition, with active investments in hydrogen. Its wholly owned subsidiary, Hydrogen Technologies, delivers breakthrough, patented, zero-emission boiler technology to the commercial and industrial heat and steam industry. It also holds strategic investments and board positions in H2U Technologies (a breakthrough electrocatalyst and low-cost electrolyzer platform) and Supercritical Solutions (developing the world's first, high-pressure, ultraefficient electrolyzer). Jericho also owns and operates long-held producing oil and gas JV (joint venture) assets in Oklahoma which it is currently developing from cash flows in an effort to further increase production.

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