Jericho Energy Ventures Reports 26% Increase In Proved Reserves To US$43.7 Million

• Proved Developed Reserves Increases 32% to $27 Million
• Lazarus #1 vertical well continues to outperform management expectations

TULSA, OK and VANCOUVER, BC / ACCESSWIRE / April 24, 2023 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC:JROOF)(FRA:JLM) ("Jericho", "JEV" or the "Company") is pleased to announce the results of its December 31, 2022 reserves evaluation for its interests in oil and gas properties in Oklahoma as prepared by Cawley, Gillespie & Associates, Inc. ("CGA"), the Company's independent reserves evaluator. The evaluation was prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101").

Net Present Value of Reserves discounted at 10% (all figures expressed in USD):

• Total Proved Developed Reserves before tax of $27 million
  • An increase of 32% over the December 31, 2021, estimate
• Total Proved Reserves before tax of $43.7 million
  • An increase of 26% over the December 31, 2021, estimate
• Proved plus Probable Reserves before tax of $48.3 million
  • An increase of 37% over the December 31, 2021, estimate

On January 26, 2023 the Company announced results of the Lazarus #1 vertical well, the first well drilled by Jericho's oil and gas joint venture since 2018. To-date, the well has been on-production for 135 days and has averaged over 68 barrels of oil per day since initial production on December 7, 2022, exceeding management expectations. Jericho looks forward to building on this success and aims to increase the Company's cash flow with the start of its 2023 drilling program, beginning at the end of the second quarter.

Additional reserve information as required under NI 51-101 will be included in JEV's filing of its annual financial information on SEDAR on or before April 30, 2023.

About Jericho Energy Ventures

Jericho Energy Ventures (TSXV:JEV)(OTC:JROOF)(FRA:JLM) (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 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.