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Jericho Energy Ventures Reports Record Oil and Gas JV Results for FY 2022
Delivers strong 2022 results highlighted by 37% YoY revenue growth within its oil and gas joint v...
About this update from Jericho Energy Ventures Inc
[{"type":"text","content":"Jericho Energy Ventures Reports Record Oil and Gas JV Results for FY 2022Delivers strong 2022 results highlighted by 37% YoY revenue growth within its oil and gas joint venturesCompany intends to increase production and cash flow with start of 2023 drilling programTULSA, OK and VANCOUVER, BC / ACCESSWIRE / May 9, 2023 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC PINK:JROOF)(FRA:JLM) (\"Jericho\", \"JEV\" or the \"Company\") is pleased to report strong year-over-year financial performance at its oil and gas joint ventures (collectively, the \"JV\") in Oklahoma, driven by elevated crude oil and natural gas prices during 2022.Key FY 2022 highlights from Jericho's oil and gas JV¹ (all $ figures in USD):37% YoY growth in product revenues ($11.3mm FY-22 vs. $8.2mm FY-21)Average realized oil price increased 42% YoY; average realized natural gas price increased 48%Average realized oil price differential off West Texas Intermediate, less than $2 / bblBarrel of Oil Equivalent Production was steady, down 1.0% YoY63% YoY growth in total adjusted joint venture income² ($3.6mm FY-22 vs. $2.2mm FY-21)JEV's share of adjusted JV income in FY-22 was $1.7mm vs. $1.1mm in FY-21\"Our oil and gas operations benefitted from higher realized oil and natural gas prices throughout the year, providing strong growth in product revenues that largely fell to our joint ventures' bottom line,\" said Brian Williamson, CEO of JEV. \"Our stable low-decline production provides strong cash flows and underpins our strategy to produce hydrocarbons today and lower carbon forms of energy tomorrow. We intend to increase production, cash flows, reserves, and shareholder value in 2023 through the drill bit as well as potential opportunistic asset acquisitions.\"JEV also announces that it has engaged the services of Toronto based Atrium Research Corporation (\"Atrium\"), a provider of issuer paid research. Atrium will produce a number of research reports based on publicly available information, industry data, and discussions with management to assist the Company in presenting its investment case to potential investors. In exchange for its research services, Atrium will receive cash compensation in the amount of C$4000 per month for a term of 12 months. JEV and Atrium are arm's length parties, and Atrium holds no shares or options to purchase shares in the issued ...