Energy Innovator Secures Strategic Partnership for AI Data Center Campus

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1. Ownership and Share Structure Information

The information listed above was updated on the date this article was published and was compiled from information from the company and various other data providers.

Jericho Energy Ventures Inc. (JEV:TSX.V; JROOF:OTC; JLM:FRA), an energy innovation firm at the intersection of energy and AI infrastructure, announced it signed a letter of intent (LOI) dated February 11, 2026, to form a joint venture (JV) with Comstock Holding Companies Inc., according to a release on February 12.

The strategic partnership is focused on acquiring and developing land around Jericho's existing energy assets in Oklahoma, Jericho said. Comstock is a diversified real estate company with over 40 years of experience in investing, developing, acquiring, owning, and operating various types of residential, commercial, and mixed-use real estate, while also providing supply-chain and management services to institutional investors, lenders, owners, and municipalities.

"We are pleased to welcome Comstock, a leading real estate investor and developer, as a major shareholder and strategic partner of JEV," Jericho Chief Executive Officer Brian Williamson said. "Their investment validates the quality of our energy assets and our strategy to develop premier AI data center campuses integrated within our robust Oklahoma energy infrastructure. This partnership strengthens our platform and positions the Company well for its next phase of growth."

As part of the proposed joint venture, Comstock has agreed to invest in Jericho through an initial non-brokered private placement for gross proceeds of US$1.5 million, subject to regulatory approvals, including acceptance by the TSX Venture Exchange, the release said.

The financing will consist of 25,684,932 units priced at CA$0.08 per unit. Each unit will include one variable voting share of the company and one-half of one share purchase warrant. Two warrants will allow the holder to acquire one variable voting share at an exercise price of CA$0.20 per warrant share, exercisable for 24 months from issuance. Additionally, the company may offer up to an additional 20,000,000 Units under the private placement on the same terms as Comstock's investment, depending on investor demand.

Comstock's founder and CEO, Chris Clemente, is expected to join Jericho's board of directors following Exchange approval, Jericho said. According to public filings and media reports, Clemente and billionaire real estate investor Dwight Schar — founder of Fortune 500 company NVR Inc., the third-largest homebuilder in the U.S. — each own approximately one-third of Comstock's outstanding shares, together representing an insider-controlled majority of the company.

The net proceeds from the financing will be used to accelerate the development of Jericho's planned flagship AI data center campus and related energy infrastructure in Oklahoma, as well as for general working capital needs. Once finalized, the joint venture aims to assemble a portfolio of strategically located land that integrates Jericho's subsurface energy infrastructure with surface land interests, supporting the development of large-scale AI data center campuses and related digital infrastructure. Comstock is expected to contribute US$6 million to the newly formed JV and may choose to participate in a subsequent private placement financing to Jericho or facilitate an indirect capital contribution from the JV to Jericho.

"We are excited to collaborate with Brian Williamson and the Jericho team," Clemente said. "Comstock and Jericho will be focused on accelerating the planning of a world-class AI data center campus and master plan on land indirectly controlled by Jericho, thereby creating significant value for all stakeholders."

The closing of the financing is subject to the negotiation of certain definitive terms and conditions, including Exchange approval. The securities issued under the financing will be subject to a four-month hold period under applicable Canadian securities laws and the rules of the Exchange. The financing is expected to close following conditional approval from the Exchange.

Building 'Cutting-Edge' Custom AI Data Centers

Jericho is "leveraging our long-producing oil and gas joint venture assets and robust Oklahoma infrastructure, we are deploying scalable, on-site power solutions to build cutting-edge build-to-suit AI Data Centers," the company has stated. "With direct access to abundant, low-cost natural gas, we deliver efficient, high-performance energy solutions — reducing waste, maximizing output, and unlocking long-term value in the rapidly converging AI and energy markets."

In December, Jericho announced a significant advancement in immediate power accessibility at its first AI Data Center Campus in Noble County, Oklahoma, a key part of JEV's 41,000-acre energy portfolio. Recent regulatory updates by the grid operator, Southwest Power Pool, have expedited the interconnection process for new generation resources.

Additionally, a newly constructed 345 kV transmission line crossing Jericho's AI Campus site positions it for rapid grid interconnection and improved access to reliable power, providing 20 MW of available capacity. This is supported by robust, scalable infrastructure with the potential to supply multiple gigawatts of combined grid power and natural-gas generation for custom data center development.

"Access to immediate, scalable power is the linchpin of successful data center development," Williamson has said. "With 20 megawatts available in early 2026 and SPP clearing a pathway to gigawatt-scale capacity, our AI Campus is now uniquely positioned to meet the surging energy demands of next-generation digital infrastructure."

A 'General Buy Signal' Giving a Positive Forecast for the Stock

According to an AI technical analysis of the stock on February 11 by StockInvest.us, The stock is currently positioned in the upper section of a broad and declining trend in the short term, which could present a strong selling opportunity for short-term traders, as a reaction toward the lower part of the trend is anticipated.

"The Jericho Energy Ventures Inc. stock holds a sell signal from the short-term Moving Average; at the same time, however, there is a buy signal from the long-term average," the website noted. "Since the short-term average is above the long-term average there is a general buy signal in the stock giving a positive forecast for the stock."

If the stock continues to rise, it will encounter resistance from the short-term Moving Average at approximately US$0.0957. Conversely, if it declines, it will find support from the long-term average at around US$0.0904, StockInvest.us said. Breaking above the short-term average will trigger a buy signal, while breaking below the long-term average will trigger a sell signal.

Volume increased on the last trading day while the price remained unchanged. Although this is not a classic divergence, it suggests that the stock should be monitored closely as it may be at a "turning point."

The Catalyst: Americans Using More Power Than Ever Before

The Trump administration is seeking public commitments from some of the world’s largest technology companies to adhere to a new agreement governing the rapid expansion of AI data centers, according to two administration officials who spoke on condition of anonymity, reported Sophia Cai, Jason Plautz, and James Bikales for Politico on February 9.

A draft of this agreement, obtained by POLITICO, outlines commitments aimed at ensuring that energy-intensive data centers do not lead to higher household electricity prices, strain water resources, or compromise grid reliability. It also emphasizes that the companies driving demand should bear the costs of building new infrastructure.

The proposed agreement, which is still in draft form and subject to change, is intended as a voluntary pact between President Donald Trump and major U.S. tech companies and data center developers. It could involve commitments from AI leaders like OpenAI, Microsoft, Google, Amazon, and Facebook parent Meta, among others, to adhere to a broad set of energy, water, and community principles. None of these companies immediately responded to requests for comment.

The administration plans to unveil the initiative with a high-profile White House event, although it has not been formally announced yet, and it is unclear which companies have agreed to the compact or been invited to participate.

The decentralized nature of the U.S. electricity grid means that grid operators, state regulators, and utilities would need to agree to set rules or craft contracts to make parts of the proposed compact actionable.

In a notable departure from nearly two decades of stagnant U.S. electricity consumption, Americans are now using more power than ever before, according to a report by ICF International. The rapid growth of data centers to support AI technology, along with a surge in new manufacturing and oil and gas production, is significantly boosting industrial electricity demand.

Additionally, the increased use of electric vehicles, heat pumps, and other energy-intensive products is further driving this growth. ICF's analysis indicates that U.S. electricity demand is projected to rise by 25% by 2030 and by 78% by 2050, compared to 2023 levels. This surge in demand has important implications for the reliability and affordability of electricity. For residential customers, electricity rates could increase by 15% to 40% by 2030, depending on the market, and some rates might even double by 2050.

In a piece for U.S. Global Investors, Frank Holmes likened the current advancements in AI to the scale and ambition of the defense expansion during the Reagan era or the shale boom of the 2010s.

According to Grand View Research, the global data center market size was estimated at US$347.6 billion in 2024 and is expected to reach US$652.01 billion by 2030, growing at a compound annual growth rate (CAGR) of 11.2% from 2025 to 2030. "The rapid adoption of digital transformation initiatives, cloud computing, and emerging technologies such as artificial intelligence (AI), machine learning (ML), and the Internet of Things (IoT) have substantially increased demand," Holmes noted.

Ownership and Share Structure¹

Around 41% of Jericho's shares are held by management and insiders. They include CEO Brian Williamson, who owns 1.38%; founder Allen Wilson, who owns 0.99%; and board member Nicholas Baxter, who owns 0.49%.

Around 34% of shares are held by the company's "Top 10 external shareholders." The rest is in retail.

JEV's market cap is CA$28.88 million, and it trades in a 52-week range of CA$0.08 and CA$0.21. It has 304.03 million shares outstanding, about 220.98 million floating.