Jericho Energy Ventures (TSXV: JEV) and Comstock Holding Companies (Nasdaq: CHCI) Enter Definitive Agreement for Oklahoma AI Infrastructure JV

Executive Summary

• Jericho Energy Ventures and Comstock Holding Companies have entered into a definitive joint venture agreement to form Oklahoma AI Ventures LLC, a new entity focused on aggregating and developing land around Jericho's Oklahoma energy infrastructure for large-scale AI data center campuses.
• Comstock is committing up to approximately $10.0 million in total capital (including a prior $1.5M equity investment, a $2.75M initial contribution, and up to $5.75M over time), while Jericho contributes land and infrastructure assets valued at $5.0 million each.
• The joint venture will be owned 50% by Comstock and 50% by Rising Eagle LLC (50% owned by Jericho), with Comstock leading development and entitlements while Jericho provides critical energy, water, and fiber infrastructure.

Key Details

• Transaction Structure: Definitive Joint Venture Agreement formalizing a February 12, 2026 Letter of Intent (LOI).
• New Entity: Oklahoma AI Ventures LLC (the "Joint Venture").
• Ownership: 50% held by Comstock; 50% held by Rising Eagle LLC (which is 50% owned by Jericho Energy Ventures).
• Capital Contributions & Consideration:
• Comstock contributed $2.75 million at closing to fund land assemblage and development costs.
• Comstock committed to contribute up to an additional $5.75 million over time, subject to approved budgets.
• Total committed capital from Comstock: ~$10.0 million (includes a previously announced $1.5 million strategic equity investment in Jericho and a $2.5 million services fee payable to JEV USA Inc., a Jericho subsidiary).
• Jericho contributes land interests valued at $5.0 million; its affiliate entity contributes $5.0 million in rights/assets.
• Strategic Focus & Operations: The JV will acquire, aggregate, and develop land in and around Jericho's existing Oklahoma energy infrastructure footprint to support hyperscale AI data center campuses and digital infrastructure. Comstock will lead planning, entitlement, and project execution. Jericho will contribute land, power, natural gas, water, and fiber connectivity.
• Initial Project Focus: Jericho's existing Black Bear AI Data Center Campus in Oklahoma.
• Regulatory & Compliance: Transaction is subject to Multilateral Instrument 61-101 as a related party transaction (Comstock's CEO, Christopher Clemente, sits on Jericho's board). Jericho is exempt from formal valuation and minority approval requirements under MI 61-101. A filing will be made with the TSX Venture Exchange under Policy 5.3.
• Closing Conditions: Subject to customary conditions precedent.

Notable Quotes

• Brian Williamson, CEO of Jericho Energy Ventures: "Executing the definitive joint venture agreement with Comstock marks another significant milestone in Jericho's strategy to capitalize on the convergence of energy and AI infrastructure. By combining our robust Oklahoma energy and infrastructure footprint with Comstock's proven development capabilities and execution expertise, we are creating a uniquely positioned platform capable of delivering AI-ready campuses at scale."
• Chris Clemente, Chairman & CEO of Comstock Holding Companies: "We are excited to formalize our strategic partnership with Jericho and advance our shared vision of developing a leading AI infrastructure platform. By combining our resources and expertise, we have established a powerful foundation for growth and are uniquely positioned to address the rapidly accelerating demand for powerful, cost-effective AI solutions."