Kansas Land Package Nears 3,600 Acres Following
Acquisition
VANCOUVER, Aug. 20, 2014 /CNW/ - Jericho Oil
Corporation ("Jericho" or the "Company") (TSX-V: JCO, Frankfurt:
JLM) today announced it has added production and an additional 475
development acres in Miami County,
Kansas. The new acreage, located within two miles of
Jericho's existing EKan-3 leases and which runs along the same
prolific oil producing channel, brings Jericho's total Kansas acreage position to nearly 3,600
acres.
The Acquisition has current production of approximately four
barrels of oil per day and has been historically developed and
produced since the 1970s. Development of the Acquisition will be
included as part of Jericho's anticipated Phase II development
efforts later this year.
The Acquisition follows Jericho's recent and successful Phase I
drilling program and contiguous acreage acquisition in the same
prolific oil producing channel on EKan-3. As reported in
Jericho's news release dated August 14,
2014, current production on the initial 160 acres in the
channel is 30 barrels of oil per day from 12 channel producer
wells. Good core data and well logs on EKan-3's original 160 acres
from its Phase I drilling spurred on Jericho's aggressive
acquisition strategy in this play. Over the last four months,
Jericho has acquired close to 900 acres in this trend.
Allen Wilson, CEO of Jericho Oil,
stated, "After positive results on our initial EKan-3 acquisition,
we have been and will continue to diligently pursue and acquire
additional acreage along this prolific
reservoir."
The acquired acreage is in the Paola-Rantoul Oil Field with
development focused on a channel-type sand deposit, or "stringer,"
running through the leases. This particular channel has been
a prolific oil producing reservoir, with over 5 million barrels of
cumulative production, primarily from the Squirrel sandstone,
typically found at depths between 600 and 700 vertical
feet. Jericho will initially look to develop the
channel, interpreted to be one-quarter to one-half mile wide, and
will evaluate the potential for developing the over-bank and splay
deposits, as well.
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
