BKV Corporation Successfully Closes Acquisition of Control Position in BKV-BPP Power Joint Venture

DENVER--(BUSINESS WIRE)--Jan 30, 2026--

BKV Corporation (“BKV” or the “Company”) (NYSE: BKV) today announced the successful completion of its acquisition of one-half of Banpu Power US Corporation’s (“BPPUS”) interest in BKV-BPP Power, LLC (“BKV-BPP Power” or the “Power JV”) for approximately $115.1 million in cash and 5,315,390 shares of newly issued BKV common stock, increasing BKV’s ownership stake of the Power JV to 75% from 50%. The increased ownership stake by BKV in the Power JV reflects a streamlined structure and enhanced strategic focus of BKV’s power operations.

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The transaction, originally announced on October 29, 2025, marks a significant milestone in advancing BKV’s closed loop energy strategy by providing the Company with majority ownership and control of the Power JV. The Power JV encompasses the Temple I and II plants strategically positioning the company to take advantage of significant power demand growth in the ERCOT market, driven by advancements in artificial intelligence and data center technology and the related demand for reliable power.

“The successful closing of this transaction represents a critical step forward for BKV’s power business,” said Chris Kalnin, Chief Executive Officer of BKV. “BKV’s majority stake in the Power JV enhances our strategic flexibility and strengthens our ability to capture and fully capitalize on the exceptional growth opportunities we see in the Texas power market. This consolidated platform will serve as our foundation for expanding our power asset portfolio while maintaining our strong partnership with BPPUS.”

The increased ownership position allows BKV to consolidate the Power JV’s financial results with BKV’s consolidated financial results, providing enhanced visibility into the business’s cash flow generation and enabling investors to better recognize the value of the power business within BKV’s portfolio. The updated governance structure strengthens BKV’s ability to align power operations with its long-term growth strategy while supporting continued reliability of the Temple facilities.

About BKV Corporation

BKV Corporation (NYSE: BKV) is a forward-thinking, growth-driven energy company focused on the sustainable development and delivery of low-carbon energy solutions and baseload power. As the largest natural gas producer by gross operated volume in the Barnett Shale, BKV is strategically expanding an end-to-end value chain that leverages its assets in upstream production, midstream infrastructure, natural gas-fired power generation and carbon capture, utilization and storage (CCUS). Through this innovative, closed-loop approach, BKV solves customers’ toughest energy challenges, meeting growing power demand and enabling sustainable growth for the future. Headquartered in Denver, Colorado, BKV is committed to driving long-term, risk adjusted shareholder value by optimizing and scaling our closed-loop energy platform for a carbon neutral future. For more information, visit the BKV website at www.bkv.com.

About the BKV-BPP Power Joint Venture

BKV-BPP Power, a joint venture between BKV and BPPUS, owns the Temple I and Temple II plants, modern combined cycle gas and steam turbine power plants located in the Electric Reliability Council of Texas (“ERCOT”) North Zone in Temple, Texas. Temple I and Temple II have annual average power generation capacities of 752 MW and 747 MW, respectively, and each power plant delivers power to customers on the ERCOT power network in Texas. Temple I and Temple II have baseload design heat rates of approximately 6,904 Btu/kWh and 6,950 Btu/kWh, respectively.

Forward-Looking Statements

The information in this press release includes “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements, which are not historical facts, include statements regarding BKV’s strategy, future operations, prospects, plans and objectives of management, and often contain words such as “expect,” “project,” “estimate,” “believe,” “anticipate,” “intend,” “budget,” “plan,” “seek,” “envision,” “forecast,” “target,” “predict,” “may,” “should,” “would,” “could,” “will,” the negative of these terms and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements contained in this press release include, but are not limited to, statements regarding the expected benefits of the potential transaction to BKV and the timing thereof. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict, including BKV’s ability to achieve the benefits of the proposed transaction. Other factors that could cause actual results to differ from those in forward-looking statements include the demand for power and the commercial success of BKV-BPP Power. As a result, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements discussed in BKV’s filings with the SEC, including the risks and uncertainties addressed under the heading “Risk Factors” in BKV’s most recent Annual Report on Form 10-K filed and any subsequent Quarterly Reports on Form 10-Q. BKV undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

BKV Corporation Successfully Closes Acquisition of Control Position in BKV-BPP Power Joint Venture

WASHINGTON (AP) — Journalist Don Lemon was arrested in connection with an anti-immigration protest that disrupted a service at a Minnesota church and increased tensions between residents and the Trump administration, his lawyer said Friday.

Lemon was arrested by federal agents in Los Angeles, where he had been covering the Grammy Awards, his attorney Abbe Lowell said.

It is unclear what charge or charges Lemon is facing in the Jan. 18 protest. The arrest came after a magistrate judge last week rejected prosecutors’ initial bid to charge the journalist.

Lemon, who was fired from CNN in 2023, has said he has no affiliation to the organization that went into the church and that he was there as a journalist chronicling protesters.

“Don has been a journalist for 30 years, and his constitutionally protected work in Minneapolis was no different than what he has always done,” Lowell said in a statement. “The First Amendment exists to protect journalists whose role it is to shine light on the truth and hold those in power accountable.”

Lowell added that “Don will fight these charges vigorously and thoroughly in court.”

A prominent civil rights attorney and two other people involved in the protest were arrested last week. Prosecutors have accused them of civil rights violations for disrupting a service at the Cities Church in St. Paul, where a local official with U.S. Immigration and Customs Enforcement serves as a pastor.

The Justice Department launched a civil rights investigation after the group interrupted services by chanting “ICE out” and “Justice for Renee Good,” referring to the 37-year-old mother of three who was fatally shot by an ICE officer in Minneapolis.

“Listen loud and clear: WE DO NOT TOLERATE ATTACKS ON PLACES OF WORSHIP,” Attorney General Pam Bondi wrote in social media post last week.

Cities Church belongs to the Southern Baptist Convention and lists one of its pastors as David Easterwood, who leads an ICE field office. Many Baptist churches have pastors who also work other jobs.

The Justice Department’s swift investigation into the church disruption stands in contrast to its decision not to open a civil rights investigation into Good’s killing by an ICE officer. The department has not said whether it will open a civil rights probe into the killing of 37-year-old Alex Pretti by federal officers.

“Instead of investigating the federal agents who killed two peaceful Minnesota protesters, the Trump Justice Department is devoting its time, attention and resources to this arrest, and that is the real indictment of wrongdoing in this case,” Lowell said.

FILE - Don Lemon attends the 15th annual CNN Heroes All-Star Tribute at the American Museum of Natural History, Sunday, Dec. 12, 2021, in New York. (Photo by Evan Agostini/Invision/AP, File)