Jericho Energy Ventures Inc. (TSXV: JEV) and Comstock Holding Companies Inc. (NASDAQ: CHCI) entered a definitive agreement on June 4, 2026, to establish Oklahoma AI Ventures LLC, a joint venture focused on acquiring and developing land for AI data center campuses in Oklahoma.

The agreement formalizes a letter of intent announced in February 2026. Under the partnership, the companies will assemble land assets that integrate Jericho's subsurface energy infrastructure with surface land interests to support large-scale AI data center development.

Comstock Ventures contributed $2.75 million at closing and committed to contribute up to an additional $5.75 million over time, subject to approved budgets. Including Comstock's previous $1.5 million equity investment in Jericho, total committed capital reaches approximately $10 million, inclusive of $2.5 million payable to JEV USA Inc. as a services fee.

The joint venture's capital structure reflects agreed values of $5 million each for land interests and rights contributed by Jericho and its affiliate entity. At closing, membership interests will be held 50% by Comstock and 50% by Rising Eagle LLC, which is 50% owned by Jericho.

The partnership combines Jericho's Oklahoma energy infrastructure assets with Comstock's real estate development expertise. Comstock will lead planning and development activities, while Jericho contributes land positions and infrastructure assets including power, natural gas, water, and fiber connectivity.

The joint venture's initial focus centers on Jericho's existing energy assets within its Black Bear AI Data Center Campus in Oklahoma. The transaction remains subject to customary closing conditions.

The joint venture constitutes a related party transaction under Multilateral Instrument 61-101 due to Christopher Clemente's roles as Comstock's chairman and CEO and as a Jericho director. Jericho qualified for exemptions from formal valuation and minority approval requirements under the regulation.