Jericho Oil Announces STACK JV Drilling and Acquisition Update
May 30 2018 - 7:00AM
Jericho Oil Corporation (“Jericho”) (TSX-V:JCO) (OTC PINK:JROOF) is
pleased to provide an update regarding its ongoing participation in
its joint venture in the Anadarko Basin of Oklahoma (“STACK JV”).
Jericho, through participation in the STACK JV, strategically
participated in the drilling & completion of the two primary
stacked formations present in the Anadarko STACK Play: the Meramec
Shale and Lower Osage. The Wardroom Well (Meramec), on the STACK
JV’s western flank, has had positive results and continues to
perform in line with its proposed type curve, with the most recent
60-day average production at 405 BOEPD. The Swordspear Well
(Lower Osage), on the STACK JV’s northeastern flank, was drilled to
12,528 total measured depth and was successfully fracture
stimulated. The well is currently in flow-back with less than 10%
of the fluids re-captured. Lower Osage wells, as noted by
Alta Mesa at the April 2018 IPAA Oil & Gas Symposium
(Pg11AltaMesa) commonly takes 60-100 days from the start of
flow-back to reach peak initial production.
With the success, so far, of its initial two well STACK program,
the STACK JV has continued to aggressively acquire acreage in the
Northern STACK contiguous to its core positions. Thus far, in
2018, the STACK JV has acquired 7,366 additional net acres bringing
Jericho’s total STACK JV position to ~16,000 net acres.
Jericho’s entry cost and subsequent leasing efforts continue to be
extremely attractive compared to recent public market acquisitions
and valuations.
Brian Williamson, CEO of Jericho Oil, stated, “We are very
pleased with our development efforts and continued acreage
acquisitions so far in 2018. With a successful test of the
Meramec and encouraging results thus far on our Osage test in the
STACK, the delineation of our nearly 16,000 acres in the play
continues to be our focus in 2018. We look forward to
updating our shareholders on our Swordspear well in addition to
fostering a continued collaboration in the northern STACK with
public and private offset operators to shine a light on the
prolific 400-foot-thick Osage formation prevalent throughout our
Major County acreage position.”
About Jericho Oil Corporation Jericho Oil
(www.jerichooil.com) is focused on domestic, liquids-rich
unconventional resource plays, located primarily in the Anadarko
basin STACK play of Oklahoma. Jericho’s primary business
objective is driving long-term shareholder value through the growth
of oil and gas production, cash flow and reserves. Jericho
has assembled a 55,000 net acre position across Oklahoma, including
an interest in ~16,000 net acres in the STACK play. Jericho’s
current operations are focused on the oil-prone Meramec and Osage
formations in the STACK. The Jericho team applies advanced
engineering analyses and enhanced geological techniques to
under-developed resource areas. Based in Vancouver, British
Columbia, with operational headquarters in Tulsa, Oklahoma, Jericho
trades publicly on the TSX-Venture (JCO) and OTC (JROOF). Jericho
participates in the STACK JV through one or more wholly owned
subsidiaries. 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 Relations
or
Adam Rabiner, Director, Corporate
Communications1.800.750.3520investorrelations@jerichooil.com
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