Jericho Oil Provides STACK Operational Update
September 27 2018 - 2:00PM
Jericho Oil Corporation (“Jericho”) (TSX-V: JCO; OTC PINK: JROOF)
is pleased to provide an update regarding its ongoing participation
in its Oklahoma STACK Joint Venture (“STACK JV”). The
Company’s 2018 development plan within the STACK continues to focus
on the delineation and de-risking of its acreage position for the
Meramec and Osage formations. Currently, the STACK JV now has
an interest in four Osage formation wells and two Meramec formation
wells. An update is provided below:
Producing Operations:
- Wardroom 13-19N-13W #1H (Meramec)
- 47.5% Working Interest
- Producing: 220 Gross BOE per day (40% oil; 227 days since first
oil production)
- Swordspear 15-23N-10W #1H (Osage)
- 47.5% Working Interest
- Producing: 351 Gross BOE per day (50% oil; 128 days since first
oil production)
Drilling Operations:
- Trebuchet 21-23N-10W #1H (Operator:
Armor Energy; Major County – Osage)
- 48.0% Working Interest
- Drilling ahead and building the curve from vertical to lateral
section
- Valkyrie 6-19N-12W #1H (Operator:
Staghorn Petroleum; Blaine County – Meramec)
- 23.5% Working Interest
- Drilling ahead and nearing total measured depth of
approximately 13,500 feet
- Ula 1-31H 6X7 (Operator: ExxonMobil
subsidiary XTO Energy; Major County – Osage)
- Less than 1% Working Interest
- Drilling ahead
- Hilltop 2009 1-19MH (Operator: Alta
Mesa Resources; Major County – Osage)
- Less than 1% Working Interest
- Drilling ahead
The STACK JV’s first two horizontal producing wells have given
the Company great confidence to push ahead with further development
targeting the Meramec and Osage formations across its acreage
position. As previously announced, the STACK JV has begun
drilling operations on a second Meramec formation well (the
Valkyrie) on its western flank and on a second Osage formation well
(the Trebuchet) on its northern most STACK acreage. The STACK
JV holds a significant working interest in each. Moreover,
the Company is also participating in two additional Osage
formations wells with experienced, surrounding marque operators
which will prove immensely valuable information through the
collection of best practices gleaned from drilling, completion and
production data of those nearby wells.
Brian Williamson, CEO of Jericho Oil, stated “The Company
continues to deliver on its two-pronged strategy of delineating and
de-risking our STACK acreage for the Meramec and Osage formations,”
adding, “our first Meramec and Osage formation wells have given our
team the added knowledge and confidence in our world-class acreage
position. We are excited to further develop our assets and
hope our shareholders will realize the tremendous value inherent
throughout the development process. Each well drilled has the
potential to generate significant returns for our Company and with
over 150 gross un-risked drillable locations there is significant
net asset value within our STACK 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 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.
Based in Vancouver, British Columbia, with operational
headquarters in Tulsa, Oklahoma, Jericho trades publicly on the
TSX-Venture (JCO) and OTC (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.
CONTACTS: Adam Rabiner, Director, Investor
Relations1.800.750.3520investorrelations@jerichooil.com
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