VANCOUVER, Aug. 27, 2014 /CNW/ - Jericho Oil Corporation
("Jericho" or the "Company") (TSX-V: JCO, Frankfurt: JLM) today
announced that following its Phase I Development Program ("Phase
I"), daily production has increased by approximately 100
percent.
Gross production across the Company's oil producing acreage has
averaged just under 100 barrels per day for the month of August
thus far. Cumulative production for the month is expected to
be approximately 3000 barrels as production continues to come on
and the daily average continues to climb.
In addition to the production results contained in this news
release, Jericho plans to provide further Phase I Development
results as it brings the remaining production and injection wells
online. The Company completed its Phase 1 Drilling Program at the
end of June 2014, drilling and
completing 62 new producing wells and 42 water injection
wells.
Allen Wilson, CEO of Jericho,
stated, "We are encouraged that after only six months since our
first major acquisition in East
Kansas, we have seen our production double as a result of
our Phase I recompletion and drilling program in the region. The
positive results from our Phase I program give us the confidence to
continue to aggressively drill, develop, exploit and add to our now
3,600 acre Kansas land
bank."
In the first quarter of 2014, Jericho acquired a 50% working
interest in two oil lease packages located in Kansas, comprising 2,688 acres and production
of 51 barrels of oil per day. The Company's Kansas land bank has since grown to nearly
3,600 acres with production averaging approximately 100 barrels of
oil per day in August.
Jericho anticipates commencing its Phase II Development Program
later this year.
About Jericho Oil Corporation
Jericho is focused on growth through consistent, predictable and
repeatable high margin conventional oil production by bringing new
and proven technology to legacy, onshore basins in North America. Jericho has acquired a
50% interest in 27 leases comprised of nearly 3,600 acres.
Jericho expects to continue its extensive development program
throughout the next 12 months and will provide updates as the
program progresses. 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.
SOURCE Jericho Oil Corporation