Jericho Oil STACK JV Acquires Additional Acreage
03 November 2017 - 1:50AM
Jericho Oil Corporation (“Jericho”) (TSX-V:JCO) (OTC PINK:JROOF)
announces that its STACK Joint Venture (“STACK JV”) has closed the
acquisition of an additional 76 acres (100% held-by-production) in
the oil window of the Anadarko Basin STACK play in Oklahoma
contiguous to its current position.
Jericho owns approximately 11% interest in the STACK JV, with
its Joint Venture Partner (“JVP”) owning the remainder. Jericho has
the option to acquire up to 31% interest in the STACK JV upon fully
exercising its option for US$6 Million.
Jericho continues to diligence additional opportunistic STACK
acquisitions and is finalizing its 2018 drilling plans for both its
STACK JV and its South-Central Oklahoma assets.
Jericho also announces that it has voluntarily elected to
decrease the borrowing base under its joint Senior Secured
Revolving Credit Facility (the "Facility") from US$12 million to
$10 million to reduce unnecessary fees associated with unused
borrowing commitments. The borrowing based was reaffirmed at $12
million following the Company’s regularly scheduled semi-annual
redetermination process by its lender.
About Jericho Oil Corporation Jericho is a
growth-oriented oil and gas company engaged in the acquisition,
exploration, development and production of overlooked and
undervalued oil properties in the Mid-Continent. 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.
CONTACTS:
Tony Blancato, Director, Investor RelationsP: 918.986.7616
or
Adam Rabiner, Director, Corporate CommunicationsP:
1.800.750.3520investorrelations@jerichooil.com
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