Jericho Oil Announces Acreage Swap and Operational Update
January 16 2018 - 8:00AM
Jericho Oil Corporation (“Jericho”) (TSX-V:JCO) (OTC PINK:JROOF)
announces that it has entered into an agreement, through its
Oklahoma STACK Joint Venture (“STACK JV”), to swap a portion of its
undeveloped acreage in Blaine and Major County with Staghorn STACK,
LLC (“Staghorn”).
The acreage swap will allow the Company to (i) strategically
grow its acreage position in areas in or proximate to current
horizontal well development; (ii) participate in the drilling of
multiple strategic horizontal wells targeting the Meramec and Osage
formations within the Company’s acreage footprint; (iii) continue
to aggregate critical drilling, completion and lateral placement
data from a proven, best-in-class STACK operator; (iv) secure
tag-along rights for a portion of its Blaine County STACK JV
acreage; and (v) cost effectively grow production and potentially
reserves.
Accordingly, Jericho has elected to participate in the drilling
of the Wardroom well (Section 12-19N-13W; 46.87% WI / 37.5% NRI to
STACK JV) with Staghorn as the Operator and pay its proportionate
working interest share of costs related to drilling and
completion. The Wardroom well has been spud and is currently
being drilled. It is approximately a 4,500-foot lateral
targeting the Meramec formation in the normally-pressured oil
window.
Brian Williamson, CEO of Jericho Oil, stated, “With a New Year
and oil prices at our back, we are excited about our growing STACK
position and to be participating in our first horizontal STACK well
targeting the prolific Meramec formation. Our acreage swap
agreement ensures Jericho receives critical data for future
operated drilling activities, and participation in the drilling of
proximate horizontal wells to our footprint, with a proven
best-in-class STACK operator. We look forward to updating our
shareholders on future growth opportunities as 2018 unfolds.”
The acreage swap is subject to customary due diligence and is
expected to close by the end of January.
About Jericho Oil Corporation Jericho is a
growth-oriented oil and gas company engaged in the acquisition,
exploration, development and production of overlooked and
undervalued oil properties in the Mid-Continent. For more
information, please visit www.jerichooil.com.
Cautionary Note Regarding Forward-Looking Statements: This news
release includes certain "forward-looking statements" within the
meaning of the United States Private Securities Litigation Reform
Act of 1995 and Canadian securities laws. There can be no assurance
that such statements will prove to be accurate and actual results
and future events could differ materially from those anticipated in
such statements. Important factors that could cause actual events
and results to differ materially from Jericho's expectations
include risks related to the exploration stage of Jericho's
project; market fluctuations in prices for securities of
exploration stage companies; and uncertainties about the
availability of additional financing.
Neither the 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.
CONTACTS:
Tony Blancato, Director, Investor Relations918.986.7616
or
Adam Rabiner, Director, Corporate
Communications1.800.750.3520investorrelations@jerichooil.com
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