Jericho Oil Announces 957 BOE per Day STACK Well Targeting Meramec Formation
14 March 2018 - 6:05PM
Jericho Oil Corporation (“Jericho”) (TSX-V:JCO) (OTC PINK:JROOF),
further to the Company’s news release on January 16, 2018,
announces through its Oklahoma STACK Joint Venture (“STACK JV”),
that it has brought online a high-rate single-mile lateral Meramec
oil well within its contiguous Blaine County acreage position.
The Wardroom 19-13-12 1H well in SEC 12 T19N R13W is located
within Jericho’s approximately 11,600 net acre position of the
normally-pressured oil window of the STACK play. The Wardroom
achieved a peak 24-hour rate of 957 oil-equivalent barrels (“BOE”)
per day (68% oil) at 211 Boepd per 1,000 ft. The projected
30-day normalized rate (IP30) for this 4,518 ft perforated lateral
well is 770 BOE per day (67% oil). Oil productivity from the
Wardroom is amongst the highest of any well to-date targeting the
Meramec formation in the northern STACK on a per 1,000 lateral foot
basis.
Jericho’s STACK JV owns a 47% working interest alongside
Staghorn Petroleum II LLC (Staghorn) in the Wardroom. Current
ultimate recovery projections place the potential rate of return at
greater than 75% (assuming $60bbl / $3mcf).
Well productivity from the Wardroom illustrates the significant
role lateral placement coupled with advances in stimulation
technique has in developing the resource potential of the Meramec
shale deposits of the northern STACK. The Wardroom was
drilled 95% within our defined target section. Shane Matson,
Director of Geology for Jericho Oil, stated, “having performed a
bottoms-up analysis of 20 proximate Meramec formation wells, it
became clear that lateral placement had been a defining variable in
the productivity of this formation in the northern STACK.”
Stack operators of wells targeting the Meramec shale in 2017
proximal to the Wardroom have announced comparable results
confirming the productive potential of the region. Two miles east
of the Wardroom, Staghorn’s well (Crow’s Nest 19-12-08 1H) in SEC 8
T19N R12W, achieved a peak 24-hour rate of 1,180 boepd (76% oil),
at 240 boepd per 1,000 ft. Moreover, three miles north of the
Wardroom, Chesapeake Energy’s well (Bravo 28-20-12 1HC) in SEC28
T20N 12W achieved a peak 24-hour rate of 2,221 boepd (79% oil), at
223 boepd per 1,000 ft.
Brian Williamson, CEO of Jericho Oil, stated: “Our focus in
participating with best in class operators is working and we are
extremely encouraged with the results of the Wardroom and
surrounding Meramec wells, proving the extent, both geographically
and geologically, of the formation. In addition to the
Meramec, we will also work on delineating the resource potential of
the regionally deposited Osage formation. Given the depth of
our teams’ history with this rock-type, we are confident in its
horizontal resource potential. We are currently drilling an
Osage test well within our northern JV located just north of Alta
Mesa’s expansive acreage position and we look forward to updating
our shareholders with encouraging results.”
The Company’s 2018 development program, leveraging its recent
findings and successes, will focus on the continued delineation of
its acreage footprint for both the Meramec and Osage formations and
adding tuck in acquisitions that complement our STACK acreage
footprint.
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 Relations918.986.7616
or
Adam Rabiner, Director, Corporate
Communications1.800.750.3520investorrelations@jerichooil.com
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