VANCOUVER, Oct. 29, 2014 /CNW/ - Jericho Oil Corporation ("Jericho" or the "Company") (TSX-V: JCO, Frankfurt: JLM) today announced it has added 150 additional acres to its core area of development in Miami County, Kansas. The acquisition brings Jericho's total lease acreage position to over 3,750 acres.
The acquired acreage is contiguous to 320 acres Jericho continues to develop. The results of this development are ongoing with production on this particular acreage up over 300% since acquisition in Q1 of 2014. The recently completed $4.23m strategic financing allows Jericho to continually add scale and scope to its core operations when opportunistic leases become available.
Allen Wilson, CEO of Jericho Oil, stated, "We continue to successfully execute our development plan and add proven, de-risked contiguous acreage to our core properties while continuing to seek further acquisition opportunities at low costs to Jericho shareholders."
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 29 leases comprised of nearly 3,750 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