Phase 1 Drilling Program of 70 Wells is Ahead of
Schedule
VANCOUVER, May 14, 2014 /CNW/ - Jericho Oil Corporation
("Jericho" or the "Company") (TSX-V: JCO) today announced its Phase
1 drilling program of 70 wells (increased in April to include
Jericho's recent EKan-3 acquisition) is ahead of schedule.
The Company has now drilled over three-quarters of the
planned wells on its recently acquired Eastern Kansas
Properties.
In addition, Jericho is pleased to report its first set of
production wells will be brought online this week. The
Company intends to continue to turn on additional wells as it
finishes up its Phase 1 development program later this
quarter.
As announced on April 9, 2014,
Jericho's Phase 1 initial drilling program called for 35 producing
wells and 35 water injection wells to be drilled, equipped and
completed into known producing formations during 2Q 2014 on its
Eastern Kansas properties.
To date, wells have been drilled on over half of the acquired
leases. On average, wells were drilled to depths between 600
and 800 vertical feet, targeting a variety of Pennsylvanian aged
sands including the Bartlesville, Cattlemen, Peru and Squirrel formations.
Jericho's properties are being developed using a
3-phase systematic asset development plan (See pg. 11 of Jericho's
Investor Presentation), with newly drilled wells following
Jericho's value creation strategy of 2.5 acre spacing and 5-spot
pattern waterflooding.
Allen Wilson, CEO of Jericho Oil, stated, "We are pleased with
the progress of our Phase 1 development efforts and we look forward
to completing our Phase 1 development later this quarter.
Turning on our first new wells is an exciting milestone for
Jericho, and to do so ahead of schedule allows us to accelerate
Jericho's progression into Phase 2's full-field development
program."
Jericho's low-risk shallow re-development and drilling program
is a part of its opportunistic strategy to revitalize legacy
producing oil fields through the implementation of proven, modern
drilling completion and recovery techniques.
Jericho remains well-capitalized following its recent
$6.547 million private placement and
this initial development program is fully funded by existing cash
on hand and cash-flow from production.
ON BEHALF OF THE BOARD
Allen Wilson, President, CEO and Director
About Jericho Oil Corporation
Jericho (TSX-V: JCO) 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% working interest in three lease packages comprising
over 2,800 acres. Jericho expects to continue its extensive
development program throughout the next 12 months and will provide
quarterly 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
