Jericho Oil's First Osage Formation STACK Well Continues to Deliver Strong Results
December 03 2018 - 4:01PM
Best-in-Class Well Productivity and Low
Decline Rate Further Validates Company's Northern STACK
Acreage
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
Swordspear 15-23N-10W #1H, the STACK JV’s first Osage formation
well, has now been on production, since running an electrical
submersible pump (capable of handling high fluid volumes), for 160
days and has produced, on average, 330 BOE per day (50%
oil). The strength and, more importantly, the longevity
of the Swordspear well’s production profile has given the Company
great confidence in its northern STACK acreage position.
Well positioned around significant activity from ExxonMobil and
Alta Mesa Resources, the STACK JV’s northern STACK acreage, has
pushed the boundary for where the Osage formation has been
successfully proven with modern horizontal hydraulic
stimulation. To achieve a strong well, it takes significant
investment in actively drilling new wells in the same oil field,
studying the geology where these wells exist and honing in on a
repeatable completion technique. The Swordspear well, in
addition to our non-operated positions in nearby peer wells, will
provide a continual flow of data which will inform and improve our
deep inventory of future multi-zone developments and the overall
value of our coveted STACK
resource.
The Company’s 2018 development plan within the STACK continues
to focus on defining and proving up its acreage position for the
Meramec and Osage formations through horizontal drilling.
Currently, the STACK JV now has an interest in four Osage formation
wells and two Meramec formation wells.
Brian Williamson, CEO of Jericho Oil, stated, “The Company, as
evidenced by the Swordspear well production, continues to provide
operational excellence by delivering best-in-class well
productivity in this world-class play. Our current well
results, 2019 planned development, coupled with surrounding marque
peer wells planned for Q4-2018 and Q1-2019 will provide a
springboard of net asset value for our STACK JV. While
extremely satisfied with the result of this first Osage formation
well, we will look to improve even further upon our future
development as we continuously integrate real-time drilling,
completion and production data into our geology and engineering
models.”
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.
CONTACT:Adam RabinerDirector, Investor
Relations1.800.750.3520investorrelations@jerichooil.com
Jericho Oil (TSXV:JCO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Jericho Oil (TSXV:JCO)
Historical Stock Chart
From Jul 2023 to Jul 2024