Jericho Oil Announces 725 BOE per Day STACK Well Targeting Meramec Formation
December 10 2018 - 3:01PM
Jericho Oil Corporation (“Jericho”) (TSX-V: JCO; OTC PINK: JROOF)
announces through its Oklahoma STACK Joint Venture (“STACK JV”),
that it has brought online a second high-rate single-mile lateral
Meramec oil well within its contiguous Blaine County acreage
position.
The Valkyrie 19-12-06 1H well is located within the STACK JV’s
approximately 16,000 net acre position of the normally-pressured
oil window of the STACK play. The Valkyrie achieved a peak
24-hour rate of 725 oil-equivalent barrels (“BOE”) per day (55%
oil). The 30-day normalized rate (IP30) for this ~4,500 ft
perforated lateral well was 625 BOE per day (52% oil).
Initial rates of productivity from the Valkyrie continue to
strongly support the Company’s confidence in its multi-zone
developments and the overall value of our coveted STACK acreage
position. The Valkyrie, in addition to the STACK JV’s
previously announced Wardroom Meramec well, located 2 miles to the
southeast, show consistent performance of the STACK resource,
crucial to our Company’s long-term net asset value.
Jericho’s STACK JV owns a 24% working interest alongside
Staghorn Petroleum II LLC (Staghorn) in the Valkyrie.
As a reminder, the Meramec and Osage formations, the principal
targets of the STACK play, represent a combined oil-rich thick
column of approximately 700 feet. Our experience throughout
2018, by way of drilling and participating in both target-zone
formation wells, has provided our STACK JV the proper catalysts of
data to leverage into the Company’s 2019 development
program.
Brian Williamson, CEO of Jericho Oil, stated, “Our focus in
participating with best in class operators is working and we are
extremely encouraged with the results of the Valkyrie and
surrounding Meramec wells, proving the extent, both geographically
and geologically, of the formation. In addition to the
Meramec, we continue to execute on successfully proving-up the
large resource potential of the regionally deposited Osage
formation. Ultimately, 2018 has been an extremely productive
year which has allowed our Company to have ever-increasing
confidence in repeatable, multi-zone development of our STACK
resource which, over time, should benefit our strong shareholder
base.”
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 an interest in 55,000 net acres across Oklahoma,
including an interest in ~16,000 net acres in the STACK Play.
Jericho owns a 26.5% interest in STACK JV.
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. Jericho, with operational
headquarters in Tulsa, Oklahoma, trades publicly on the TSX Venture
Exchange (JCO) and OTC Markets (JROOF). Jericho owns its net acre
position in Oklahoma through, and 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.
CONTACT: Adam Rabiner, Director, Investor
Relations1.800.750.3520investorrelations@jerichooil.com
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