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Jericho Energy Ventures Enters into Agreement to Sell Portion of its Undeveloped Oklahoma STACK Acreage
Company continues to capitalize on the sustained surge in oil and gas prices TULSA, OK a...
About this update from Jericho Energy Ventures Inc
[{"type":"text","content":"Jericho Energy Ventures Enters into Agreement to Sell Portion of its Undeveloped Oklahoma STACK AcreageCompany continues to capitalize on the sustained surge in oil and gas pricesTULSA, OK and VANCOUVER, BC / ACCESSWIRE / November 15, 2022 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC:JROOF)(FRA:JLM) (\"Jericho\" or \"JEV\" or the \"Company\") announces that its joint venture partner in the STACK JV has agreed to divest a portion of its undeveloped acreage in the prolific STACK oil region of Oklahoma to an offset operator for total net proceeds of USD$1.37 million. JEV holds a 26.5% interest in its STACK JV.Brian Williamson, CEO of JEV, stated, \"Despite a protracted low oil price environment since our initial entrance into the STACK JV, we are now beginning to see the cascading effects of chronic underinvestment in our industry with sustained higher oil and gas prices. This has reinvigorated offset operator activity around our STACK position, providing potential increased value to our remaining acreage position. With this divestiture to a top-tier operator, we increase the likelihood that new offset drilling activity will become nearly contiguous to JEV's entire STACK position.\"Since Jericho entered the STACK play in September 2017, oil prices have averaged approximately $56 per barrel, bringing drilling activity to new lows across the U.S. shale basins. Despite the prolonged challenging price environment JEV continued with its held-by-production STACK acreage position, providing investors the chance to realize better returns when higher oil prices arrived. Jericho believes that years of underinvestment by industry at large, coupled with geopolitical events have buoyed oil and gas prices to levels not seen in over a decade. Today's elevated price signal has brought higher oil and gas land acquisition and drilling activity back to U.S. shale basins including the STACK Play of Oklahoma.JEV remains invested across the entire energy transition - delivering molecules required for today and tomorrow.Our steady oil and gas assets provide strong cash flows that feed both strategic initiatives of hydrocarbons today and lower carbon forms of energy tomorrow. This balanced strategic approach allows our team to leverage its incumbent experience in traditional energy to new energy technologies and markets required for the energy transition...