VANCOUVER, March 6, 2015 /CNW/ - Jericho Oil Corporation
("Jericho" or the "Company") (TSX-V: JCO, OTCQX: JROOF), a
growth-oriented oil company engaged in the acquisition,
exploration, development and production of overlooked and
undervalued oil properties in the U.S., has closed on its
previously announced acquisition of a 50% working interest in 1,850
acres in northeastern Oklahoma. This is the first acquisition
for Jericho in the state of Oklahoma and represents the emergence of its
second platform. The asset brings Jericho's total acreage
position to 5,600 acres. Jericho will begin to assess and
inventory the current infrastructure and then move on to the
process of reworking and reactivating existing
wellbores.
Allen Wilson, CEO of Jericho,
said, "We believe our 'patiently aggressive' approach has begun to
payoff. The market's turbulent conditions have provided us
with the opportunity to acquire assets with positive, long-term
potential at discounted prices. Our current situation
provides us the ability to act accordingly when these types of
opportunities present themselves and it is our intention to
continue to do so long as oil prices remain unsettled."
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 the U.S. Jericho
has acquired a 50% interest in approximately 5,600 acres. Jericho
will provide updates as their 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
