VANCOUVER, Oct. 22, 2014 /CNW/ - Jericho Oil Corporation
("Jericho" or the "Company") (TSX-V: JCO, Frankfurt: JLM) today
announced that gross daily production from its Eastern Kansas oil producing acreage averaged
approximately 118 barrels of oil per day in September 2014 with cumulative monthly production
exceeding 3500 barrels.
This represents an increase in production of approximately 130%
since Jericho recommenced trading on the TSX Venture on
March 25, 2014.
Allen Wilson, CEO of Jericho Oil,
stated, "Having drilled less than 10% of our acreage, we look
forward to continuing our development efforts in the region and
building on this early success in the near term. Our recently
announced Phase II Development Program is expected to further
strengthen our production profile and cash flow."
On September 23, 2014, Jericho
announced the launch of its Phase II Development Program. The
first stage calls for 25 vertically producing wells and 25 water
injection wells to be drilled, equipped and completed into known
producing formations during Q4-2014.
In the first quarter of 2014, Jericho acquired a 50% working
interest in two oil lease packages located in Eastern 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 gross production averaging approximately 118
barrels of oil per day in September.
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
