Jericho Oil Completes Acquisition of Anadarko Basin STACK Play Acreage, Closes Oversubscribed $10.6 Million Private Placement...
September 06 2017 - 12:49PM
Jericho Oil Corporation (“Jericho”) (TSX-V:JCO) (OTC PINK:JROOF)
announces, with its Private Family Partner, that it has closed the
acquisition of approximately 9,400 net surface acres in the oil
window of the Anadarko Basin STACK play in Oklahoma.
Concurrently, the Company announces that it has closed an
oversubscribed non-brokered private placement of C$10,576,107 (the
"Offering") consisting of 22,033,567 units ("Units") at a price of
C$0.48 per Unit. Each Unit is comprised of one common share (a
"Share") and one-half warrant (a "Warrant") with each full Warrant
being exercisable into one additional Share at a price of C$0.60
per Share for a period of 36 months from closing.
Jericho has exercised US$3 Million of its option in the STACK
Joint Venture (“STACK JV”) with its Private Family Partner, and the
Company will own approximately 31% interest in the STACK JV upon
fully exercising its option for an additional US$6 Million. For
additional details about Jericho’s STACK acquisition, please see
the Company’s STACK Entry Presentation.
Brian Williamson, CEO of Jericho, stated, “We are extremely
pleased to have completed this transformative transaction, which
affords our Company the option to invest in one of the top resource
plays in North America. Jericho’s operated, beach-head
position in Blaine County came at a noteworthy per acre discount to
recently completed proximate STACK transactions as well as publicly
traded pure-play STACK players. Our team’s extensive
background working on the Mississippian-aged Meramec and Osage
formations gives me great confidence in our ability to execute on
our strategic growth initiatives moving forward.”
No finders’ fees or commissions were paid in connection with the
Offering. Final TSX Venture Exchange approval has been received for
the Offering. All securities issued pursuant to the Offering are
subject to a four month and one day hold period from the date of
issuance.
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 Relations
P: 918.986.7616
or
Adam Rabiner,
Director, Corporate Communications
P: 1.800.750.3520
investorrelations@jerichooil.com
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