Jericho Energy Ventures Inc. announced that the Lazarus #1 vertical well ("Lazarus"), drilled by its Eagle Road Oil, LLC joint venture¹ has been put on production with an initial 45-day average oil rate of 75 barrels per day and average natural gas rate of 65 mcf per day. Critically, the Lazarus oil and natural gas production has not experienced any meaningful decline since first production on December 7, 2022. The strength, and longevity of the Lazarus well's production profile gives JEV confidence in the overall return profile.

Development of the Lazarus was funded from cash flow, and management expects the well to achieve payout in less than 18 months based on current CME WTI Oil Futures and NYMEX Henry Hub Natural Gas Futures pricing. The Lazarus #1 was a highly valued, oil-bearing Red Fork and Wilcox formation prospect in Pawnee County, Oklahoma, that had been defined through licensed 3D seismic and extensively characterized by our geology team earlier in 2022. Jericho's JV, Eagle Road, owns approximately 16,000 net acres and production infrastructure central to the Lazarus #1 well and will look to further study offset drilling locations with analogous characteristics that can provide similar returns to shareholders.