Mr. Brian Williamson reports

JERICHO ENERGY VENTURES PORTFOLIO COMPANY AWARDED CALIFORNIA GRANT FOR CLIMATE INNOVATION

As part of Jericho Energy Ventures Inc.'s long-standing hydrogen partnership with Capella Partners, a Jericho Energy portfolio company, was awarded a grant from the Climate Innovation Proof of Concept Grant program associated with the California NanoSystems Institute (CNSI) laboratory at the University of California, Santa Barbara.

This marks Jericho's second H2 portfolio company to secure a California-based grant in the second half of 2024.

Brian Williamson, chief executive officer of Jericho, stated: "We are honoured that CNSI has recognized our collaboration and efforts with the Capella team in this highly competitive process. Our cutting-edge advancements highlight the critical role of green hydrogen in accelerating the energy transition. As a cornerstone of this shift, green hydrogen demands relentless efforts to reduce costs and each step we take brings us closer to a more sustainable and transformative future."

Private placement amendment

Further to its news release dated Nov. 12, 2024, Jericho has repriced its previously announced non-brokered private placement for gross proceeds of up to $2-million from 12 cents per unit to 10 cents per unit. The units will consist of one common share and one warrant, each warrant entitling the holder to purchase one share at a price of 20 cents per share for a period of two years.

The financing is expected to close on or about Jan. 15, 2025, and is subject to customary closing conditions including TSX Venture Exchange approval.

The securities issued under the financing will be subject to a four-month hold period under applicable securities laws in Canada and the rules of the exchange. The financing is expected to close immediately following conditional approval of the exchange, subject to customary closing conditions, including the final approval of the exchange. A finder's fee or broker's commission may be paid in connection with a portion of the financing.

Participation by insiders of the company in the financing will constitute a related party transaction as defined in Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. The company intends to rely on exemptions from the formal valuation and minority approval requirements provided under sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis that neither the fair market value of the securities to be issued under the financing nor the consideration to be paid by insiders of the company will exceed 25 per cent of the company's market capitalization.

Net proceeds from the financing will be used for general working capital purposes.

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.

We seek Safe Harbor.