Delivers strong third quarter results highlighted by 51% YoY revenue growth within its oil and gas joint ventures
Company continues to capitalize on the sustained surge in oil and gas prices
TULSA, December 8, 2022 - Jericho Energy Ventures Inc. (TSXV:JEV)(OTC PINK:JROOF)(FRA:JLM) ("Jericho", "JEV" or the "Company") reports strong year-over-year financial performance at its oil and gas joint ventures (collectively, the "JV") in Oklahoma, driven by elevated crude oil and natural gas prices for the first three quarters of 2022.
Key nine-month highlights from Jericho's oil and gas JV¹ (all $ figures in USD):
- 51% YoY growth in product revenues ($8.86mm Q3-22 vs. $5.88mm Q3-21)
- Average realized oil price increased 56% YoY; average realized natural gas price increased 70%
- Average realized oil price differential off West Texas Intermediate, less than $2 / bbl
- Barrel of Oil Equivalent Production was steady, down 1.2% YoY
- 95% YoY growth in total adjusted joint venture income² ($3.16mm Q3-22 vs. $1.62mm Q3-21)
- JEV's share of adjusted JV income in Q3-22 was $1.46mm vs. $0.78mm in Q3-21
Brian Williamson, CEO of JEV, stated, "Our oil and gas operations benefitted from higher realized oil and natural gas prices throughout the first nine months of 2022, compared to 2021, providing strong growth in product revenues that largely fell to our joint ventures' bottom line. We continue to demonstrate that our strategy of providing molecules required for today AND tomorrow can yield results for our shareholders. Our steady oil and gas production base provides strong cash flows that feed both strategic initiatives of hydrocarbons today and lower carbon forms of energy tomorrow."
(1): Jericho holds a varying ownership percentage in its oil and gas joint ventures. Please refer to pg.4 of JEV's Q3-22 MD&A for more details, available under the Company's profile at www.sedar.com.
(2): Adjusted joint venture income is a "non-GAAP" financial measure and might not be comparable to similar financial measures disclosed by other issuers. Please refer to the financials section entitled "NON-GAAP MEASURES" at the end of our Q3-22 MD&A for more details, available under the Company's profile at www.sedar.com.
About Jericho Energy Ventures
Jericho Energy Ventures (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 breakthrough, 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 breakthrough electrocatalyst and low-cost 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 elevated commodity price environment.
For Further Information:
Allen Wilson, Director, or
Adam Rabiner, Investor Relations
Jericho Energy Ventures Inc.
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Jericho's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Jericho's control. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may", "will" or "may not" occur.
Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements, which include, but are not limited to: regulatory changes; changes to the definition of, or interpretation of, foreign private issuer status; the impacts of COVID-19 and other infectious diseases; general economic conditions; industry conditions; current and future commodity prices and price volatility; significant and ongoing stock market volatility; currency and interest rate fluctuation; governmental regulation of the energy industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; liabilities and risks inherent in oil and gas exploration, development and production operations; liabilities and risks inherent in early stage hydrogen technology projects, energy storage, carbon capture and new energy systems; changes in government environmental objectives or plans; and the other factors described in Jericho's public filings available at www.sedar.com.
The forward-looking statements contained herein are based on certain key expectations and assumptions of Jericho concerning anticipated financial performance, business prospects, strategies, commodity prices, regulatory regimes, the sufficiency of budgeted capital expenditures in carrying out planned activities, the ability to obtain financing on acceptable terms, expansion of consumer adoption of the Company's (or its subsidiaries') technologies and products, and the success of investments, all of which are subject to change based on market conditions, potential timing delays and other risk factors. Although Jericho believes that these assumptions and the expectations are reasonable based on information currently available to management, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Investors should not place undue reliance on forward-looking statements.
Readers are cautioned that the foregoing lists are not exhaustive. The forward-looking statements contained in this news release are made as of the date of this news release, and Jericho does not undertake to update any forward-looking statements that are contained or referenced herein, except as required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Jericho Energy Ventures Inc.
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