Jericho Energy Ventures Reports Record Oil and Gas JV Results for FY 2022

• Delivers strong 2022 results highlighted by 37% YoY revenue growth within its oil and gas joint ventures
• Company intends to increase production and cash flow with start of 2023 drilling program

TULSA, OK and VANCOUVER, BC / ACCESSWIRE / May 9, 2023 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC PINK:JROOF)(FRA:JLM) ("Jericho", "JEV" or the "Company") is pleased to report strong year-over-year financial performance at its oil and gas joint ventures (collectively, the "JV") in Oklahoma, driven by elevated crude oil and natural gas prices during 2022.

Key FY 2022 highlights from Jericho's oil and gas JV¹ (all $ figures in USD):

• 37% YoY growth in product revenues ($11.3mm FY-22 vs. $8.2mm FY-21)
• Average realized oil price increased 42% YoY; average realized natural gas price increased 48%
• Average realized oil price differential off West Texas Intermediate, less than $2 / bbl
• Barrel of Oil Equivalent Production was steady, down 1.0% YoY
• 63% YoY growth in total adjusted joint venture income² ($3.6mm FY-22 vs. $2.2mm FY-21)
• JEV's share of adjusted JV income in FY-22 was $1.7mm vs. $1.1mm in FY-21

"Our oil and gas operations benefitted from higher realized oil and natural gas prices throughout the year, providing strong growth in product revenues that largely fell to our joint ventures' bottom line," said Brian Williamson, CEO of JEV. "Our stable low-decline production provides strong cash flows and underpins our strategy to produce hydrocarbons today and lower carbon forms of energy tomorrow. We intend to increase production, cash flows, reserves, and shareholder value in 2023 through the drill bit as well as potential opportunistic asset acquisitions."

JEV also announces that it has engaged the services of Toronto based Atrium Research Corporation ("Atrium"), a provider of issuer paid research. Atrium will produce a number of research reports based on publicly available information, industry data, and discussions with management to assist the Company in presenting its investment case to potential investors. In exchange for its research services, Atrium will receive cash compensation in the amount of C$4000 per month for a term of 12 months. JEV and Atrium are arm's length parties, and Atrium holds no shares or options to purchase shares in the issued and outstanding capital of JEV.

About Jericho Energy Ventures

Jericho Energy Ventures is an energy company positioned for the current energy transitions; owning, operating and developing both traditional hydrocarbon JV assets and advancing the low-carbon energy transition, with active investments in hydrogen. Our wholly owned subsidiary, Hydrogen Technologies, delivers patented, zero-emission boiler technology to the Commercial & Industrial heat and steam industry. We also hold strategic investments and board positions in H2U Technologies (a novel electrocatalyst and low-cost iridium-free electrolyzer platform) and Supercritical Solutions (developing the world's first, high pressure, ultra-efficient 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 into the current commodity price environment.

Website: https://jerichoenergyventures.com/
Twitter: https://twitter.com/JerichoEV
LinkedIn: https://www.linkedin.com/company/jericho-energy-ventures
YouTube: https://www.youtube.com/c/JerichoEnergyVentures

For Further Information:

Allen Wilson, Director, or
Adam Rabiner, Dir. of Investor Relations
Jericho Energy Ventures Inc.
Tel. 604.343.4534
investorrelations@jerichoenergyventures.com

This news release contains certain "forward-looking information" and "forward-looking ‎statements" (collectively, "forward-looking statements") within the meaning of applicable ‎securities laws. Such forward-looking statements are not representative of historical facts or ‎information or current condition, but instead represent only Jericho's beliefs regarding future ‎events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of ‎Jericho's control. Forward-looking statements are frequently characterized by words such as ‎‎"plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, ‎or statements that certain events or conditions "may", "will" or "may not" occur.‎

Forward-looking statements are subject to a variety of risks and uncertainties and other factors ‎that could cause actual events or results to differ materially from those anticipated in the forward-‎looking statements, which include, but are not limited to: regulatory changes; changes to the ‎definition of, or interpretation of, foreign private issuer status; the impacts of COVID-19 and other ‎infectious diseases; general economic conditions; industry conditions; current and future ‎commodity prices and price volatility; significant and ongoing stock market volatility; currency and ‎interest rate fluctuation; governmental regulation of the energy industry, including environmental ‎regulation; geological, technical and drilling problems; unanticipated operating events; the ‎availability of capital on acceptable terms; the need to obtain required approvals from regulatory ‎authorities; liabilities and risks inherent in oil and gas exploration, development and production ‎operations; liabilities and risks inherent in early stage hydrogen technology projects, energy ‎storage, carbon capture and new energy systems; changes in government environmental ‎objectives or plans; and the other factors described in Jericho's public filings available at ‎www.sedar.com.

The forward-looking statements contained herein are based on certain key expectations and ‎‎assumptions ‎of Jericho ‎concerning anticipated financial performance, business prospects, ‎strategies, commodity prices, ‎regulatory regimes, the ‎‎sufficiency of budgeted capital expenditures in carrying out ‎planned activities, the ability to obtain financing on ‎acceptable terms, expansion of consumer ‎adoption of the Company's (or its subsidiaries') technologies and products, and the success of ‎investments, all of which are ‎subject to change based on ‎market conditions, ‎potential timing delays ‎and other risk factors. Although Jericho believes that these assumptions and the expectations ‎are ‎reasonable based on information currently available to management, such ‎statements are not ‎guarantees of future performance and actual results or developments may differ materially from ‎‎those in the forward-looking statements. Investors should not place undue reliance on forward-‎looking ‎statements.‎

Readers are cautioned that the foregoing lists are not exhaustive. The forward-looking statements ‎contained in this news release are made as of the date of this news release, and Jericho does not ‎undertake to update any forward-looking statements that are contained or referenced herein, ‎except as required by applicable securities laws‎.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in ‎the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of ‎this release.

¹ Jericho holds a varying ownership percentage in its oil and gas joint ventures. Please refer to pg.4 of JEV's FY 2022 MD&A for more details, available under the Company's profile at www.sedar.com.

² Adjusted joint venture income is a "non-GAAP" financial measure and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the financials section entitled "NON-GAAP MEASURES" at the end of our FY 2022 MD&A for more details, available under the Company's profile at www.sedar.com.

SOURCE: Jericho Energy Ventures Inc.