Mr. Brian Williamson reports

JERICHO ENERGY VENTURES (TSXV:JEV) ANNOUNCES LETTER OF INTENT WITH COMSTOCK HOLDING COMPANIES (NASDAQ:CHCI) TO ADVANCE AI DATA CENTRE CAMPUS DEVELOPMENT LEVERAGING ITS ENERGY INFRASTRUCTURE; COMSTOCK TO INVEST USD$1.5 MILLION IN PRIVATE PLACEMENT

Jericho Energy Ventures Inc. has entered into a letter of intent (LOI), dated Feb. 11, 2026, with Comstock Holding Companies, Inc. (Nasdaq: CHCI), pursuant to which the parties have committed to establish a strategic partnership focused on the acquisition and development of land in and around Jericho's existing energy assets in Oklahoma.

Comstock is a diversified real estate organization with a 40-plus-year history of investing in, developing, acquiring, owning and operating virtually all types of residential, commercial, and mixed-use real estate, while providing supply-chain and management services to institutional investors, lenders, owners and municipalities with interests in real estate.

As part of the proposed joint venture, Comstock has agreed to invest in Jericho through an initial non-brokered private placement for gross proceeds of $1.5-million (U.S.), subject to applicable regulatory approvals, including acceptance by the TSX Venture Exchange.

The financing will consist of 25,684,932 units priced at eight Canadian cents per unit. Each unit will comprise one variable voting share of the company and one-half of one share purchase warrant. Each two warrants will entitle the holder to acquire one variable voting share at an exercise price of 20 cents per warrant share, exercisable for a period of 24 months from the date of issuance. In addition, the company may, at its discretion and subject to investor demand, offer up to an additional 20 million units under the private placement on the same terms as Comstock's investment.

Comstock's chief executive officer, Chris Clemente, is expected to join Jericho's board of directors following receipt of exchange approval.

Net proceeds from the financing will be used to accelerate development of Jericho's planned flagship artificial-intelligence campus data centre and related energy-infrastructure in Oklahoma and for general working capital needs.

When consummated, the joint venture is expected to focus on assembling a portfolio of strategically located land that integrates Jericho's subsurface energy infrastructure assets with surface land interests, supporting the development of large-scale AI data centre campuses and related digital infrastructure. Comstock is currently expected to contribute $6-million (U.S.) into the newly formed joint venture. In addition, it will have the opportunity, at its discretion, to either participate in a subsequent private placement financing to Jericho or cause an indirect capital contribution from the JV to be distributed to Jericho.

Brian Williamson, chief executive officer of Jericho, commented: "We are pleased to welcome Comstock, a leading real estate investor and developer, as a major shareholder and strategic partner of JEV. Their investment validates the quality of our energy assets and our strategy to develop premier AI data centre campuses integrated within our robust Oklahoma energy infrastructure. This partnership strengthens our platform and positions the company well for its next phase of growth."

Chris Clemente, CEO of Comstock, commented: "We are excited to collaborate with Brian Williamson and the Jericho team. Comstock and Jericho will be focused on accelerating the planning of a world class AI data centre campus and master plan on land indirectly controlled by Jericho thereby creating significant value for all stakeholders."

Closing of the financing is subject to negotiation of certain definitive terms and conditions, including 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 following conditional approval of the exchange. No finders' fees or brokers' commissions will be paid in connection with the financing. The joint venture and related transactions are subject to certain conditions and there can be no assurances that any or all of such transactions will be consummated.

About Jericho Energy Ventures Inc.

Jericho Energy Ventures (JEV) is uniquely positioned at the nexus of energy and AI infrastructure. Leveraging our long-producing oil and gas joint venture assets and robust Oklahoma infrastructure, we are 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, we deliver efficient, high-performance energy solutions -- reducing waste, maximizing output and unlocking long-term value in the rapidly converging AI and energy markets. For more information, please visit jerichoenergyventures.com.

About Comstock

Founded in 1985, Comstock is a leading asset manager, developer and operator of mixed-use and transit-oriented properties in the Washington region.

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