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Jericho Energy Ventures Announces Plans to Drill First Well Since 2018 Following Strong Cash Flow Generation to Date in 2022 From Oil and Gas JV Portfolio
Jericho will continue its cash flow-funded development with goal of further increasing produ...
About this update from Jericho Energy Ventures Inc
[{"type":"text","content":"Jericho Energy Ventures Announces Plans to Drill First Well Since 2018 Following Strong Cash Flow Generation to Date in 2022 From Oil and Gas JV PortfolioJericho will continue its cash flow-funded development with goal of further increasing production into highly elevated commodity price environmentNEWTOWN, PA, and VANCOUVER, BC / ACCESSWIRE / May 19, 2022 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC PINK:JROOF)(Frankfurt:JLM0) (\"Jericho\" or \"JEV\" or the \"Company\") today announced that it has commenced permitting for the drilling of the Lazarus-1 well (the \"Lazarus\"), located in Pawnee County, Oklahoma.The Lazarus is a highly valued, oil-bearing Red Fork formation prospect that has been defined through licensed 3D seismic, extensively characterized by our geology team. Jericho's JV, Eagle Road, LLC, owns approximately 16,000 net acres and production infrastructure central to the Lazarus well.Brian Williamson, CEO of JEV, stated, \"As mentioned in our operations update last month, we will continue to leverage the increase in commodity prices to grow our cash flow profile and deliver compelling drilling returns for investors. The Lazarus will be the first well we have drilled since 2018 and reflects the confidence we have in our underlying assets, forward prices, and financial strength as we head further into 2022.\"The Lazarus well will be drilled with cash flow from operations as Jericho's oil and gas joint venture assets continue to reap strong profits from record commodity prices not seen since 2014.About Jericho Energy VenturesJericho Energy Ventures (JEV) is an energy company positioned for the current energy transitions; owning, operating and developing both traditional hydrocarbon JV assets and advancing the low-carbon energy transition, with active investments in hydrogen, energy storage, carbon capture and new energy systems. Our wholly owned subsidiary, Hydrogen Technologies, delivers breakthrough, patented, zero-emission boiler technology to the approximately $30 Billion Commercial & Industrial heat and steam industry.* We also hold strategic investments and board positions in H2U Technologies (a breakthrough electrocatalyst and low-cost electrolyzer platform) and Supercritical Solutions (developing the world's first, high pressure, ultra-efficient electrolyzer). Jericho also owns and operates long-held pr...