Jericho Oil Announces Reaffirmation of Borrowing Base and Restructuring of Hedging Program
18 December 2018 - 8:01AM
Jericho Oil Corporation (“Jericho”) (TSX-V: JCO; OTC PINK: JROOF)
is pleased to announce that the lender under its USD$30 million
Senior Secured Revolving Credit Facility (the “Facility”), East
West Bancorp, has reaffirmed its borrowing base at $7.5mm following
the Company’s regularly scheduled semi-annual redetermination
process. There were no other material changes to the terms of
the Facility resulting from this borrowing base redetermination.
The Company also reports that it has opportunistically
restructured its commodity hedge positions to eliminate upside caps
on its realized price for crude oil, in addition to raising the
floor which protects the Company’s realized price to the
downside.
Brian Williamson, CEO of Jericho Oil, stated, “We are encouraged
by the outcome of our recent redetermination process, which we
believe to reflect the quality of our Mid-Continent position and
the economics associated with our continued investment,” adding,
“we appreciate the support of our lending bank and their commitment
to partner with us as we continue to add to our proved reserves
base and execute on our growth strategy throughout 2019.”
About Jericho Oil Corporation Jericho Oil
(www.jerichooil.com) is focused on domestic, liquids-rich
unconventional resource plays, located primarily in the Anadarko
basin STACK Play of Oklahoma. Jericho’s primary business
objective is driving long-term shareholder value through the growth
of oil and gas production, cash flow and reserves. Jericho
has assembled an interest in 55,000 net acres across Oklahoma,
including an interest in ~16,000 net acres in the STACK Play.
Jericho owns a 26.5% interest in STACK JV.
Jericho’s current operations are focused on the oil-prone Meramec
and Osage formations in the STACK. The Jericho team applies
advanced engineering analyses and enhanced geological techniques to
under-developed resource areas. Jericho, with operational
headquarters in Tulsa, Oklahoma, trades publicly on the TSX-Venture
Exchange (JCO) and OTC Markets (JROOF). Jericho owns its net acre
position in Oklahoma through, and participates in the STACK JV
through, one or more wholly owned subsidiaries.
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.
CONTACT: Adam Rabiner, Director, Investor
Relations1.800.750.3520investorrelations@jerichooil.com
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