Jericho Energy clarifies LOI with Smartkem

Mr. Brian Williamson reports JERICHO CLARIFIES OCTOBER 7 NEWS RELEASE Jericho Energy Ventures Inc. wishes to clarify its Oct. 7, 2025, news release announcing the execution of a non-binding letter of intent (LOI) with Smartkem Inc. The LOI is strictly non-binding and was entered into solely to explore the potential terms of a future business combination. No definitive agreement has been executed, and there has been no change in control, no change to management or the board and no transfer or disposition of assets. Jericho Energy continues to conduct its core oil and gas operations and energy infrastructure activities in Oklahoma. It remains in full compliance with TSX Venture Exchange listing requirements, and confirms that if the amalgamation proceeds, the resulting entity would be listed on the Nasdaq Stock Market and Jericho would delist from the TSX Venture Exchange. However, there is no assurance that a definitive agreement will be entered into or that any transaction will be completed. About Jericho Energy Ventures Inc. Jericho Energy Ventures is uniquely positioned at the nexus of energy and AI (artificial intelligence) infrastructure. Leveraging its long-producing oil and gas joint venture assets and robust Oklahoma infrastructure, the company is deploying scalable, on-site power solutions to build cutting-edge build-to-suit AI data centres. With direct access to abundant, low-cost natural gas, the company delivers efficient, high performance energy solutions -- reducing waste, maximizing output and unlocking long-term value in the rapidly converging AI and energy markets. Jericho Energy's mission is clear: to innovate relentlessly, optimize energy resources and power tomorrow's breakthroughs, one bold step at a time. We seek Safe Harbor.