Jericho Energy Ventures Reports Record Oil and Gas JV Results Through Q3 2022

Delivers strong third quarter results highlighted by 51% YoY revenue growth within its oil and gas joint ventures
Company continues to capitalize on the sustained surge in oil and gas prices

TULSA, OK and VANCOUVER, BC / ACCESSWIRE / December 8, 2022 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC PINK:JROOF)(FRA:JLM) ("Jericho", "JEV" or the "Company") reports 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 for the first three quarters of 2022.

Key nine-month highlights from Jericho's oil and gas JV¹ (all $ figures in USD):

• 51% YoY growth in product revenues ($8.86mm Q3-22 vs. $5.88mm Q3-21)
• Average realized oil price increased 56% YoY; average realized natural gas price increased 70%
• Average realized oil price differential off West Texas Intermediate, less than $2 / bbl
• Barrel of Oil Equivalent Production was steady, down 1.2% YoY
• 95% YoY growth in total adjusted joint venture income² ($3.16mm Q3-22 vs. $1.62mm Q3-21)
• JEV's share of adjusted JV income in Q3-22 was $1.46mm vs. $0.78mm in Q3-21

Brian Williamson, CEO of JEV, stated, "Our oil and gas operations benefitted from higher realized oil and natural gas prices throughout the first nine months of 2022, compared to 2021, providing strong growth in product revenues that largely fell to our joint ventures' bottom line. We continue to demonstrate that our strategy of providing molecules required for today AND tomorrow can yield results for our shareholders. Our steady oil and gas production base provides strong cash flows that feed both strategic initiatives of hydrocarbons today and lower carbon forms of energy tomorrow."

(1): Jericho holds a varying ownership percentage in its oil and gas joint ventures. Please refer to pg.4 of JEV's Q3-22 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 Q3-22 MD&A for more details, available under the Company's profile at www.sedar.com.

Foto: Accesswire

About Jericho Energy Ventures

Jericho Energy Ventures (JEV) 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 breakthrough, 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 breakthrough electrocatalyst and low-cost 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 elevated commodity price environment.