Mr. Allen Wilson reports

JERICHO ENERGY VENTURES CLOSES $2.23 MILLION INSIDER-LED PRIVATE PLACEMENT FINANCING

Further to Jericho Energy Ventures Inc.'s news release dated Feb. 9, 2024, the company has closed a non-brokered private placement of 11,141,900 units at 20 cents per unit for gross proceeds of $2,228,380. Each unit consists of one common share and one warrant, with each warrant entitling the holder to purchase one share at a price of 24 cents for a period of two years from closing. The financing was led by insiders and existing shareholders of the company.

Certain insiders of Jericho purchased 3,364,500 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.

In connection with the financing, the company paid finders' fees in cash, totalling $9,400 and issued broker warrants totaling 47,000 warrants, with each broker warrant entitling the holder to acquire one common share for a period of two years from closing at a price of 24 cents.

All securities issued under the financing are subject to a four month hold period expiring on July 7, 2024, under applicable securities laws in Canada and the rules of the TSX Ventures Exchange. The financing remains subject to final approval of the exchange.

The net proceeds from the financing will be used for general corporate 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 assets in Oklahoma, which it is currently developing from cash flows in an effort to further increase production.

We seek Safe Harbor.