Jericho and Comstock Team Up to Build Energy-Backed AI Data Center Campuses in Oklahoma
Jericho Energy Ventures Inc. (TSXV:JEV, OTC:JROOF, FRA:JLM) signed a letter of intent with Comstock Holding Companies, Inc. (Nasdaq:CHCI) to form a joint venture focused on acquiring and developing land in and around Jericho's existing Oklahoma energy assets. The goal: integrate subsurface energy infrastructure with surface sites to support large-scale AI data center campuses and related digital infrastructure.
Comstock will make an initial USD$1.5M strategic investment in Jericho via a non-brokered private placement, subject to TSX Venture Exchange approval. Proceeds are earmarked to accelerate Jericho's planned flagship AI data center campus in Oklahoma and associated energy infrastructure, plus general working capital.
Why this matters for IT and development teams
- Energy-first siting: Expect on-site power close to natural gas supply, aiming for predictable energy costs and high uptime for GPU-heavy workloads.
- Campus scale: The JV is set to assemble a portfolio of strategically located land, making multi-megawatt expansions and high-density compute layouts more straightforward.
- Control over stack: Owning/controlling both surface land and subsurface energy assets can simplify planning, reduce site dependencies, and align power delivery with compute needs.
- Watch the timeline: Approvals, financing close, and JV conditions still apply-plan capacity with that uncertainty in mind.
Key deal terms at a glance
- Financing: USD$1.5M initial investment from Comstock via private placement.
- Units: 25,684,932 Units at CAD$0.08 each; each Unit includes one variable voting share and one-half of one warrant.
- Warrants: Two warrants convert into one share at CAD$0.20; exercisable for 24 months from issuance.
- Upsize option: Jericho may offer up to an additional 20,000,000 Units on the same terms, subject to demand.
- Board: Comstock CEO Chris Clemente is expected to join Jericho's board, pending Exchange approval.
- JV capital: Comstock currently expects to contribute USD$6M to the new JV, with flexibility to participate in further Jericho financing or facilitate an indirect JV capital distribution to Jericho.
What Jericho and Comstock said
Jericho CEO Brian Williamson said Comstock's investment validates the quality of Jericho's energy assets and its plan to develop premier AI data center campuses integrated with Oklahoma-based energy infrastructure.
Comstock CEO Chris Clemente said the partners will focus on accelerating planning for a world-class AI data center campus and master plan on land indirectly controlled by Jericho to create value for stakeholders.
Timeline, approvals, and securities notes
- Closing is subject to negotiation of definitive terms and TSX Venture Exchange approval; securities will carry a four-month hold period under Canadian law and Exchange rules.
- No finders' fees or brokers' commissions will be paid for the Financing.
- The JV and related transactions are subject to conditions; there is no assurance they will be completed.
- The securities are not registered under the U.S. Securities Act of 1933 and may not be offered or sold in the U.S. without registration or an applicable exemption.
For teams planning AI infrastructure
- Track Jericho's updates for site control, interconnect status, and initial campus specs (power envelopes, cooling density, and network options). Early clarity can de-risk GPU procurement and deployment schedules.
- If you're building internal capability for data center strategy, energy-aware workloads, and AI platform engineering, browse curated training paths for technical teams at Complete AI Training.
Learn more
- Company information and updates: Jericho Energy Ventures
- Regulatory filings and risk factors: SEDAR+
Contact
Jericho Energy Ventures Inc.
Brian Williamson, CEO, or Adam Rabiner, Investor Relations
T: +1 604-343-4534
E: investorrelations@jerichoenergyventures.com
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