Company Continues STACK Drilling Program
TULSA, Okla. and VANCOUVER, British Columbia, Nov. 12, 2018 (GLOBE NEWSWIRE) -- Jericho Oil Corporation (“Jericho”) (TSX-V: JCO; OTC PINK: JROOF) is pleased to provide an update regarding its ongoing participation in its Oklahoma STACK Joint Venture (“STACK JV”). The Company’s 2018 development plan within the STACK continues to focus on the delineation and de-risking of its acreage position for the Meramec and Osage formations. Currently, the STACK JV now has an interest in four Osage formation wells and two Meramec formation wells. An update is provided below on the drilling, completion and flowback of our most recent Osage and Meramec wells:
Drilling Operations:
- Trebuchet 21-23N-10W #1H (Operator: Armor Energy; Major County – Osage)
-- 48.0% Working Interest
-- Drilling ahead in the lateral section – ~90% of the planned total measured depth
-- To-date, we have seen tremendous strides in the rate-of-penetration (“ROP”) on the Trebuchet relative to our first Osage formation well (the Swordpear 15-23N-10W #1H) attributable primarily to an improved drilling-bit set-up and specific lateral geo-steering.
-- The ROP in the lateral on the Trebuchet is approximately 1.6x-1.8x the Swordspear at the same measured depth putting downward pressure on total rig days for the well
-- The fracture stimulation of the well is expected to begin in late-November / early December
Flowback Operations:
- Valkyrie 6-19N-12W #1H (Operator: Staghorn Petroleum; Blaine County – Meramec)
-- 23.5% Working Interest
-- 35 fracture stimulation stages successfully performed and currently in flowback
-- After only a few days on flowback, we are extremely pleased with the resulting downhole pressures and total fluid flowback
The STACK JV’s operations on its second Meramec formation well (the Valkyrie) on its western flank and a second Osage formation well (the Trebuchet) on its northern most STACK acreage is a continuation of the Company’s delineation plan for the STACK.
Brian Williamson, CEO of Jericho Oil, stated, “The Company continues to deliver on its two-pronged strategy of delineating and de-risking our STACK acreage for the Meramec and Osage formations,” adding, “our second Meramec and Osage formation wells have given our team the added knowledge and confidence in our world-class acreage position. We continue to learn from each well and have put forth best practices on our Trebuchet well to decrease drilling costs in the lateral section. We are excited to provide further updates on the production of these wells by year-end.”
Jericho also reports that it has retained Equity Guru Media Inc. for a 6-month editorial marketing contract. Chris Parry owns www.equity.guru and is a two-time Webster Award winning journalist who has been featured in the pages of The Vancouver Sun, The Province, National Post, Spin, Hollywood Reporter, FHM, Stuff, and Stockhouse. He was the first business journalist to identify and focus on the move to marijuana as an investment opportunity, and started Equity.Guru as a venue for honest, no punches pulled coverage of the North American public markets. The terms of the contract are for C$8,333.33 per month for 6 months of coverage commencing November 1, 2018.
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.
Based in Vancouver, British Columbia, with operational headquarters in Tulsa, Oklahoma, Jericho trades publicly on the TSX-Venture (JCO) and OTC (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.
CONTACTS:
Adam Rabiner,
Director, Investor Relations
1.800.750.3520
investorrelations@jerichooil.com