JCO Jericho Oil Corporation

Jericho Oil Corporation (“Jericho” or the “Company”) (TSX-V: JCO; Frankfurt: JLM; OTC: JROOF) is pleased to support the Hydrogen Council’s new report released Wednesday highlighting hydrogen’s role in a rapid and deep decarbonizing world, including its cost competitiveness and various end applications.  The report offers a comprehensive perspective on market deployment around the world, investment momentum as well as implications on cost competitiveness of hydrogen solutions.

Key Findings Outlined in the Report:

• Hydrogen is gathering strong momentum as a key energy transition pillar
• Deployment and investments: Announced hydrogen investments have accelerated rapidly in response to government commitments to deep decarbonization with over 200 announced projects totaling $300 billion in spending
• Supply: If scaled up with the right regulatory framework, clean hydrogen costs can fall faster than expected
• Distribution: Cost-efficient transmission and distribution required to unlock hydrogen applications
• End applications: Falling clean hydrogen costs and application specific cost drivers improve the cost competitiveness of hydrogen applications

Critically, the report recognizes multiple hydrogen applications that can be the most cost competitive low-carbon solutions from a total cost of ownership perspective, highlighting hydrogen-based boilers for various low-grade, mid-grade and high-grade heating applications.

Link to Press Release: Hydrogen Insights 2021 - Hydrogen Council

Link to Report: Hydrogen-Insights-2021-Report.pdf (hydrogencouncil.com)

Brian Williamson, CEO of Jericho, states, “Supported by the global shift of regulators, investors and consumers toward decarbonization, hydrogen is receiving unprecedented interest and investments.  Given Jericho’s recent acquisition of Hydrogen Technologies Inc.’s novel and patented hydrogen-based cleanH2steam DCC boiler, we are pleased to see industry reports outlining the incredible progress and macro tailwinds pushing hydrogen as a zero-carbon fuel and feedstock required to meet our global sustainability goals.  Our HTI cleanH2steam DCC boiler solution provides zero emissions, higher overall efficiencies while remaining cost competitive with traditional hydrocarbon boiler systems.”

This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and 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.

Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". Although Jericho believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Forward-looking information and 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 information and statements which include, but are not limited to: the effects of and risks associated with the ongoing COVID-19 pandemic, the impact of general economic conditions, industry conditions and current and future commodity prices including sustained low oil prices, significant and ongoing stock market volatility, currency and interest rates, governmental regulation of the oil and gas industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; liabilities inherent in oil and gas exploration, development and production operations; and the other factors described in our public filings available at www.sedar.com. Readers are cautioned that this list of risk factors should not be construed as exhaustive.The forward-looking information and 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 information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

Neither 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.

CONTACT:

Adam Rabiner Director, Investor Relations604.343.4534a.rabiner@jerichooil.com