VANCOUVER, Oct. 22, 2014 /CNW/ - Jericho Oil Corporation ("Jericho" or the "Company") (TSX-V: JCO, Frankfurt: JLM) today announced that gross daily production from its Eastern Kansas oil producing acreage averaged approximately 118 barrels of oil per day in September 2014 with cumulative monthly production exceeding 3500 barrels.
This represents an increase in production of approximately 130% since Jericho recommenced trading on the TSX Venture on March 25, 2014.
Allen Wilson, CEO of Jericho Oil, stated, "Having drilled less than 10% of our acreage, we look forward to continuing our development efforts in the region and building on this early success in the near term. Our recently announced Phase II Development Program is expected to further strengthen our production profile and cash flow."
On September 23, 2014, Jericho announced the launch of its Phase II Development Program. The first stage calls for 25 vertically producing wells and 25 water injection wells to be drilled, equipped and completed into known producing formations during Q4-2014.
In the first quarter of 2014, Jericho acquired a 50% working interest in two oil lease packages located in Eastern Kansas, comprising 2,688 acres and production of 51 barrels of oil per day. The Company's Kansas land bank has since grown to nearly 3,600 acres with gross production averaging approximately 118 barrels of oil per day in September.
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 North America. Jericho has acquired a 50% interest in 27 leases comprised of nearly 3,600 acres. Jericho expects to continue its extensive development program throughout the next 12 months and will provide updates as the 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