Jericho Energy Appoints Jake Royster as COO to Advance AI-Driven Energy Platform and Enhance Operations

Executive Summary

• Jericho Energy Ventures closed the final tranche of its previously announced non‑brokered private placement, issuing 6,724,658 units at CAD $0.08 per unit for gross proceeds of CAD $537,972.60.
• The company promoted Jake Royster to Chief Operating Officer; he will oversee power‑generation strategy and legacy oil & gas asset optimization.
• Jericho is in advanced negotiations to extend three unsecured loans totaling USD $1,075,000 (including a $350,000 insider loan) with the same 12‑month maturity and 10% annual interest rate.

Key Details

• Units Issued: 6,724,658 units (each unit = 1 common share + ½ warrant).
• Price per Unit: CAD $0.08.
• Gross Proceeds (final tranche): CAD $537,972.60.
• Aggregate Financing to Date: 32,409,590 units issued; total gross proceeds of CAD $2,592,767.60.
• Warrant Terms: Each warrant allows purchase of one share at $0.20 per share; exercisable for 24 months from issuance.
• Hold Period: Units subject to a four‑month‑and‑one‑day hold period expiring July 28 2026.
• Use of Proceeds: Accelerate development of flagship AI data center campus and related energy infrastructure in Oklahoma; general working capital.

• No Finder’s Fees/Broker Warrants: None paid in connection with the financing.

• Management Appointment: Jake Royster promoted to Chief Operating Officer (previously Director of Operations, appointed April 2025).

• Responsibilities: Execute power‑generation strategy for AI data centers; expand and optimize legacy oil & gas assets.

• Achievements cited: Lowest per‑barrel lifting costs in >8 quarters (Q4 2025); maintained asset profitability despite a 17% commodity price decline vs Q4 2024; operational efficiency improvements.

• Loan Extension Negotiations:

• Total outstanding unsecured loans: USD $1,075,000 from three lenders (incl. $350,000 insider loan).
• Terms: 12‑month maturity, 10% annual interest, non‑convertible, no securities issued.
• Current status: Advanced discussions to extend the loans; all three lenders being approached.

Notable Quotes

• “Jake has already demonstrated tremendous leadership since joining Jericho last year, delivering meaningful operational improvements across our energy portfolio while helping position the Company for its next phase of growth,” – Brian Williamson, CEO.