VANCOUVER, March 6, 2015 /CNW/ - Jericho Oil Corporation ("Jericho" or the "Company") (TSX-V: JCO, OTCQX: JROOF), a growth-oriented oil company engaged in the acquisition, exploration, development and production of overlooked and undervalued oil properties in the U.S., has closed on its previously announced acquisition of a 50% working interest in 1,850 acres in northeastern Oklahoma. This is the first acquisition for Jericho in the state of Oklahoma and represents the emergence of its second platform. The asset brings Jericho's total acreage position to 5,600 acres. Jericho will begin to assess and inventory the current infrastructure and then move on to the process of reworking and reactivating existing wellbores.
Allen Wilson, CEO of Jericho, said, "We believe our 'patiently aggressive' approach has begun to payoff. The market's turbulent conditions have provided us with the opportunity to acquire assets with positive, long-term potential at discounted prices. Our current situation provides us the ability to act accordingly when these types of opportunities present themselves and it is our intention to continue to do so long as oil prices remain unsettled."
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 the U.S. Jericho has acquired a 50% interest in approximately 5,600 acres. Jericho will provide updates as their 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