Jericho Oil Provides STACK Drilling and Completion Update
November 12 2018 - 8:00AM
Company Continues STACK Drilling
Program
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 on the drilling,
completion and flowback of our most recent Osage and Meramec wells:
Drilling Operations:
- Trebuchet 21-23N-10W #1H (Operator: Armor
Energy; Major County – Osage)-- 48.0% Working Interest-- Drilling
ahead in the lateral section – ~90% of the planned total measured
depth-- To-date, we have seen tremendous strides in the
rate-of-penetration (“ROP”) on the Trebuchet relative to our first
Osage formation well (the Swordpear 15-23N-10W #1H) attributable
primarily to an improved drilling-bit set-up and specific lateral
geo-steering.-- The ROP in the lateral on the Trebuchet is
approximately 1.6x-1.8x the Swordspear at the same measured depth
putting downward pressure on total rig days for the well-- The
fracture stimulation of the well is expected to begin in
late-November / early December
Flowback Operations:
- Valkyrie 6-19N-12W #1H (Operator: Staghorn
Petroleum; Blaine County – Meramec)-- 23.5% Working Interest-- 35
fracture stimulation stages successfully performed and currently in
flowback-- After only a few days on flowback, we are extremely
pleased with the resulting downhole pressures and total fluid
flowback
The STACK JV’s operations on its second Meramec formation well
(the Valkyrie) on its western flank and a second Osage formation
well (the Trebuchet) on its northern most STACK acreage is a
continuation of the Company’s delineation plan for the
STACK.
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 second Meramec and Osage formation wells have given
our team the added knowledge and confidence in our world-class
acreage position. We continue to learn from each well and
have put forth best practices on our Trebuchet well to decrease
drilling costs in the lateral section. We are excited to
provide further updates on the production of these wells by
year-end.” Jericho also reports that it has retained Equity Guru
Media Inc. for a 6-month editorial marketing contract. Chris Parry
owns www.equity.guru and is a two-time Webster Award winning
journalist who has been featured in the pages of The Vancouver Sun,
The Province, National Post, Spin, Hollywood Reporter, FHM, Stuff,
and Stockhouse. He was the first business journalist to identify
and focus on the move to marijuana as an investment opportunity,
and started Equity.Guru as a venue for honest, no punches pulled
coverage of the North American public markets. The terms of the
contract are for C$8,333.33 per month for 6 months of coverage
commencing November 1, 2018. 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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