Gross Production Exceeds 3,850 Barrels during
VANCOUVER, Jan 16, 2015 /PRNewswire/ - Jericho Oil
Corporation ("Jericho" or the "Company") (TSX-V: JCO, OTCQX: JROOF)
today announced that a successful fourth quarter, 2014 drilling
program on its Eastern Kansas
acreage contributed to a record exit production rate averaging
approximately 125 gross barrels of oil per day during December,
2014 with cumulative gross monthly production exceeding 3,850
barrels. Jericho owns a 50% working interest in the acreage.
This represents an increase in production of approximately 150%
since Jericho recommenced trading on the TSX Venture Exchange on
March 25, 2014 and is the third
straight quarter in which the Company has seen an increase in gross
production (See Jericho's production
growth below – Jericho owns a 50% Working Interest).
On Dec. 9, 2014 Jericho announced
that it successfully completed the first stage of its Phase II
Drilling Program in Kansas ahead
of schedule, drilling 56 new, oil producing wells and 21 new,
secondary recovery injection wells into known producing formations
between 400 and 700 vertical feet, with an approximately 90%
success rate. The newly drilled wells were brought online at
various times during December, 2014.
Allen Wilson, CEO of Jericho,
stated, "We are extremely pleased that Jericho's successful
execution on its 2014 drilling and operating initiatives produced
record monthly oil production to close out the year. Even in
the face of lower oil prices, the Company is extremely well
positioned to survive and thrive in this difficult market: we have
growing production, low-cost operations, a strong cash position, no
debt and we intend to take advantage of the current market
conditions to add high quality acreage to our core properties, as
well as opportunistically adding low cost, oil and gas properties
in the mid-continent region."
About Jericho Oil Corporation
Jericho is focused on
growth through consistent, predictable and repeatable high margin
conventional oil production by bringing new and proven technology
to legacy, onshore basins in North
America. The Company has acquired a 50% interest in 29
leases comprised of nearly 3,750 acres. Jericho expects to continue
its extensive development program throughout the next 12 months and
will provide updates as the program progresses. 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.
SOURCE Jericho Oil Corporation