Mr. Allen Wilson reports

JERICHO ENERGY VENTURES CLOSES FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT FINANCING

Jericho Energy Ventures Inc. has closed the first tranche of its previously announced non-brokered private placement. The company issued 7.99 million units (at a price of 10 cents per unit, generating gross proceeds of $799,000. A second and final tranche of the financing is expected to close in short order.

Each unit consists of one common share and one share purchase warrant, with each warrant entitling the holder to purchase one share at a price of 20 cents for a period of two years from closing.

All securities issued under the financing are subject to a four-month-and-one-day hold period expiring on May 16, 2025, under applicable securities laws in Canada and the rules of the TSX Venture Exchange. The financing remains subject to final approval of the exchange.

In connection with the first tranche of the financing, the company paid a total of $8,680 in cash finders' fees and issued a total of 86,800 finders' warrants. The finders' warrants are non-transferable and have the same terms as the warrants forming part of the units.

An insider of Jericho purchased one million units in the financing. The insider participation is exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101, Protection of Minority Securityholders in Special Transactions, by virtue of the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, based on that the fair market value of such insider participation does not exceed 25 per cent of Jericho'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 (JV) assets and advancing the low-carbon energy transition, with active investments in hydrogen. The company's wholly owned subsidiary, Hydrogen Technologies, delivers breakthrough, patented, zero-emission boiler technology to the commercial and industrial heat and steam industry. Jericho also holds strategic investments and board positions in California Catalysts (formerly H2U Technologies), a leading developer of advanced materials for electrolysis, and Supercritical Solutions, developing the world's first, high-pressure, ultraefficient electrolyzer. Jericho also owns and operates long-held producing oil and gas JV assets in Oklahoma, which it is currently developing from cash flows in an effort to further increase production.

We seek Safe Harbor.