Mr. Brian Williamson reports

JERICHO ENERGY VENTURES WELCOMES JULIE CORELLI TO BOARD OF DIRECTORS AND PROVIDES CORPORATE UPDATE

Jericho Energy Ventures Inc. has appointed Julie Corelli to its board of directors, effective Oct. 13, 2026. Following the appointment of Ms. Corelli, the board will comprise six directors.

Ms. Corelli is a retired corporate attorney who brings more than 40 years of legal, transactional and governance experience to Jericho. She retired in January, 2026, from Troutman Pepper Locke, a leading Am Law 50 law firm with more than 1,600 attorneys across more than 30 offices in the United States and internationally. Ms. Corelli became a partner at Pepper Hamilton, a predecessor firm to Troutman Pepper Locke, in 1992 and spent more than three decades as a partner of the firm and its successor organizations.

During the latter part of her practice, Ms. Corelli advised investment vehicles across a broad range of asset classes as well as family offices and private companies on formation, regulation, operations, corporate transactions and governance matters. Earlier in her career, she focused on corporate and partnership taxation, private equity, and M&A (merger and acquisition) transactions.

Ms. Corelli held significant leadership positions at Pepper Hamilton, including serving for seven years as chair of its corporate department and for 12 years on its executive committee, including as vice-chair from 2013 to 2017. She also served on the board of Malvern Bancorp (North America) from 2018 until its merger with First Bank New Jersey in 2023 and has additional private-company and non-profit board experience.

Ms. Corelli holds a JD and an LLM in taxation from Villanova University and a BA in American history from Yale University.

Brian Williamson, chief executive officer of Jericho, commented: "We are pleased to welcome Julie to the Jericho board and to add her strong corporate governance experience to our organization. We continue to see Oklahoma's regulatory framework and pro-business push driving value across our joint venture platform as energy underpins Jericho's value proposition. Our newly formed AI [artificial intelligence] infrastructure platform continues to see energy and energy infrastructure as the pathway to unlocking value from traditional energy assets, and we believe Jericho is strategically positioned for growth."

In conjunction with Ms. Corelli's appointment, the company is pleased to provide the following corporate update highlighting recent strategic, operational and organizational developments.

Key business update highlights

Oil and gas assets results improve

Jericho continues to advance the value optimization of its oil and gas joint venture assets, which remain the company's core business and source of revenue. Over the last four quarters (Q2 2025 to Q2 2026), Jericho delivered improved margins and stabilized operating costs of approximately $34.24 per barrel, reflecting stronger market fundamentals and continued operational discipline. Key highlights include:

• Q2 gross production averaged 237 barrels of oil equivalent per day;
• Q2 operating costs declined 29 per cent year over year to approximately $34.24 per barrel;
• Q2 gross margins improved $722,365 versus $527,745 in Q1 2026.

Leadership team addition

Jericho also welcomed James Lovely as director of finance. Based in Tulsa, Okla., Mr. Lovely will work with Jericho's leadership to advance its interest across its joint venture platforms, including its oil and gas assets and Oklahoma AI Ventures LLC. He will oversee asset reviews and screening, financial modelling and investment analysis for the company's joint venture endeavours. He will also support capital raising, investor relations and corporate strategy. Mr. Lovely's career spans enterprise software, medtech (medical technology), venture capital, energy and banking, in organizations ranging from Fortune 500 companies to early-stage startups.

Oklahoma AI Ventures letter of intent (LOI) with major power and energy infrastructure company

As recently announced by Jericho's joint venture partner, Comstock Holding Companies, Oklahoma AI Ventures has entered into a non-binding LOI with a premier electric power and energy infrastructure company to serve as the exclusive power provider for up to three gigawatts of power across Oklahoma AI Ventures' assembled land portfolio. Oklahoma AI Ventures is the strategic joint between Comstock and an entity in which Jericho holds an indirect interest and holds development rights covering approximately 6,000 acres within an 18,000-acre subsurface portfolio in north-central Oklahoma. The LOI is non-binding, and there can be no assurance that it will result in a definitive agreement or on what terms.

Access to large-scale power infrastructure represents a critical component of AI and high-performance computing campus development and further advances Oklahoma AI Ventures' strategic development objectives.

About Jericho Energy Ventures Inc.

Jericho Energy Ventures is uniquely positioned at the nexus of energy and AI infrastructure. Leveraging its long-producing oil and gas joint venture assets and robust Oklahoma infrastructure, Jericho Energy Ventures is deploying scalable, on-site power solutions to build cutting-edge, build-to-suit AI data centres. With direct access to abundant, low-cost natural gas, JEV delivers efficient, high-performance energy solutions -- reducing waste, maximizing output, and unlocking long-term value in the rapidly converging AI and energy markets.

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