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Jericho Energy Ventures Progresses Oil & Gas Revitalization; Taps Natural Gas for AI Data Center Power Initiative
TULSA, OK / ACCESS Newswire / May 28, 2025 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC:J...
About this update from Jericho Energy Ventures Inc
[{"type":"text","content":"Jericho Energy Ventures Progresses Oil & Gas Revitalization; Taps Natural Gas for AI Data Center Power InitiativeTULSA, OK / ACCESS Newswire / May 28, 2025 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC:JROOF)(FRA:JLM) (\"Jericho\", \"JEV\" or the \"Company\") is pleased to report encouraging initial results from its oil and gas asset revitalization program at its Oklahoma joint venture properties, led by newly appointed Director of Operations, Jake Royster.The first asset targeted in the program was the Oaktree wells in Central Oklahoma, where 30-day average production as of April 15, 2025, increased by approximately 25% compared to the prior annual daily average, rising to 50.38 BOPD from 40.32 BOPD.Building on this success, JEV will continue to expand its return-to-production and development strategy, methodically evaluating each asset group. The Company is now entering the next phase of its program, focusing on behind-pipe production potential and its inventory of drilled but uncompleted (DUC) wells -- all within its existing asset base and fully integrated infrastructure.As part of this process, JEV is also inventorying significant behind-pipe natural gas resources in preparation for powering its infield AI data centers.The revitalization initiative is also delivering substantial cost efficiencies, with field operating expenses down 20% in Q1 2025 compared to Q4 2024. Management expects this positive trend to continue through the remainder of the year as additional production optimizations and cost-reduction measures are implemented.As part of its broader revitalization strategy, JEV has applied for the Oklahoma tax rebate program for secondary recovery projects, which provides rebates on production taxes paid on secondary recovery projects.Brian Williamson, CEO of Jericho Energy Ventures, said, \"We're very encouraged by the early results of our revitalization program, which reflect both increased production and meaningful cost reductions. With a strong foundation in place, we're now moving aggressively into the next phase of the program, including unlocking behind-pipe potential and leveraging our natural gas assets to power infield data centers -- further aligning our energy strategy with future infrastructure demands.\"Jericho's oil and gas JV portfolio is located in the prolific Hunton, Mississippi Lime, Woodford Shale ...