Jericho Oil Exercises Option to Increase STACK Joint Venture Ownership
January 03 2018 - 3:05PM
Jericho Oil Corporation (“Jericho”) (TSX-V:JCO) (OTC PINK:JROOF)
announces that it has fully exercised its option to increase its
ownership in its Oklahoma STACK Joint Venture (“STACK JV”) to 31%
for US$6 million.
In September 2017, Jericho and its private Joint Venture Partner
(“JVP”) closed the acquisition of approximately 9,400 net surface
acres in the oil window of the Anadarko Basin STACK play in
Oklahoma. At that time, Jericho exercised $3 million of its option
for an initial 11% ownership, with its JVP owning the remainder.
For additional details about Jericho’s STACK acquisition, please
see the Company’s STACK Presentation.
The Oklahoma STACK Play has become one of the top oil and gas
plays in North America. Prominent operators in the STACK include
Devon, Newfield, Marathon, Continental and Alta Mesa, with Jericho
among the only publicly-traded Junior E&P companies to
establish a meaningful presence in the play.
Additionally, the Company announces that it has sold a non-core
asset in Osage County, Oklahoma and applied the proceeds to pay
down $800,000 of its bank line under its joint Senior Secured
Revolving Credit Facility. The Company’s borrowing base
remains unchanged at $10 million.
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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