JERICHO ENERGY VENTURS - JROOF STOCK NEWS

Jericho Energy Ventures (OTC:JROOF) announced that its subsidiary, Hydrogen Technologies, is eligible for up to 80% grant funding from the U.S. Department of Energy (DOE) for businesses deploying its DCC™ hydrogen-fueled boiler. This initiative aims to decarbonize industrial operations by transitioning from traditional fossil fuel-based systems to a zero-emission alternative. The DOE's funding supports several projects with sizes ranging from $750K to $10M, with a total of $156 million allocated to various projects. The DCC™ boiler is recognized for its 97% fuel efficiency and emission-free operation, fostering a cleaner industrial environment.

Jericho Energy Ventures (OTC: JROOF) has successfully closed a non-brokered private placement of 8,662,745 units at CAD$0.26 per unit, generating gross proceeds of $2,252,313.70. Each unit includes one common share and one warrant, allowing purchase of a share at $0.50 for two years. The financing, led by insiders, has conditional approval from the TSX Venture Exchange. Proceeds will support general working capital and advance its subsidiary, Hydrogen Technologies. Insider participants purchased 2,064,769 units. The financing's securities are subject to a four-month hold period.

Jericho Energy Ventures (OTC PINK:JROOF) announced a multi-year Joint Development Agreement (JDA) between its portfolio company, H2U Technologies, and Tokyo Gas Co., Ltd. The collaboration aims to discover novel catalysts using H2U's proprietary Catalyst Discovery Engine™ to reduce costs of Proton Exchange Membrane (PEM) electrolyzers for producing green hydrogen. This partnership addresses supply chain challenges associated with using costly platinum group metals like iridium. Tokyo Gas plans to utilize hydrogen produced from electrolysis for direct applications and to manufacture e-methane.

Jericho Energy Ventures (TSXV:JEV)(OTC PINK:JROOF) has announced a non-brokered private placement aiming to raise approximately CAD$2 million at CAD$0.26 per unit. Each unit comprises one share and a warrant, allowing the purchase of a share at CAD$0.50 for two years. Proceeds will support general working capital and advance its subsidiary, Hydrogen Technologies, amid rising commodity prices. The financing is subject to TSX Venture Exchange approval and may involve insider participation, considered a related party transaction under MI 61-101. The securities will not be registered under U.S. securities law.

Jericho Energy Ventures (OTC PINK:JROOF) announced that its EU partner, EXOGEN Hydrogen Solutions, has joined Hydrogen Europe, a significant industry association. This membership facilitates the promotion of hydrogen as a vital element in achieving a zero-emission society, supported by over 400 members across the EU. EXOGEN's CEO, Mario Reinisch, will also present at the Euro Chlor Hydrogen Day 2023 on March 7, discussing the use of 100% hydrogen for zero-emission steam production. The collaboration aims to advance JEV's patented DCC™ boiler technology in the EU market, enhancing energy transition efforts.

Hydrogen Technologies (HT), a subsidiary of Jericho Energy Ventures (OTC:JROOF), will present at the CampusEnergy2023 conference from February 27 to March 2, 2023. HT's President, Janet Reiser, and Chief Commercial Officer, Dean Moretton, will discuss De-carbonizing Campus with Grants and Steam as a Service on March 1. HT's patented cleanH2steam Dynamic Combustion Chamber (DCC™) is a hydrogen-fueled boiler with zero CO2 emissions and over 95% thermal efficiency. In December 2022, the DCC™ received the Solar Impulse Efficient Solution label, highlighting its environmental benefits.

Jericho Energy Ventures (TSXV:JEV)(OTC PINK:JROOF) announced significant results from its first well since 2018, the Lazarus #1, achieving an initial 45-day average production rate of 75 barrels of oil per day and 65 mcf of natural gas per day. This production has maintained stability since first extraction on December 7, 2022. The well was developed using cash flow and is expected to reach payout in under 18 months based on current market prices. With approximately 16,000 net acres owned by its Eagle Road joint venture, Jericho plans to explore further drilling opportunities with similar potential.

Jericho Energy Ventures has announced a significant enhancement to its financial capacity by refinancing its Senior Secured Revolving Credit Facility. The new credit facility, provided by a new bank lender, increases the borrowing base by 23% to USD $7.0 million. This facility replaces the previous COVID-related Main Street Lending Program facility and bears interest at a rate tied to Chase Prime. CFO Ben Holman highlighted that this expansion reflects the value of their oil and gas joint venture assets, aimed at boosting production amidst high commodity prices.

Jericho Energy Ventures (TSXV:JEV)(OTC:JROOF) announces its involvement in the Pacific Northwest Hydrogen Association, which has received encouragement from the U.S. Department of Energy (DOE) to apply for funding. The project aims to establish a clean hydrogen hub in the Pacific Northwest. Out of 79 proposals, PNWH2's concept paper is among 33 selected to move forward. The DOE plans to provide up to $1 billion for successful applications, targeting six to ten hubs. Jericho's Dynamic Combustion Chamber technology will be utilized in this initiative.