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Jericho Oil Acquires Additional Productive Acreage in Prolific Oil Producing Channel
Kansas Land Package Nears 3,600 Acres Following Acquisition VANCOUVER , Aug. 20, 2014...
About this update from Jericho Energy Ventures Inc
[{"type":"text","content":"\n\nKansas Land Package Nears 3,600 Acres Following Acquisition\n\n\n\nVANCOUVER, Aug. 20, 2014 /CNW/ - Jericho Oil Corporation (\"Jericho\" or the \"Company\") (TSX-V: JCO, Frankfurt: JLM) today announced it has added production and an additional 475 development acres in Miami County, Kansas. The new acreage, located within two miles of Jericho's existing EKan-3 leases and which runs along the same prolific oil producing channel, brings Jericho's total Kansas acreage position to nearly 3,600 acres.   \n\nThe Acquisition has current production of approximately four barrels of oil per day and has been historically developed and produced since the 1970s. Development of the Acquisition will be included as part of Jericho's anticipated Phase II development efforts later this year. \n\nThe Acquisition follows Jericho's recent and successful Phase I drilling program and contiguous acreage acquisition in the same prolific oil producing channel on EKan-3.  As reported in Jericho's news release dated August 14, 2014, current production on the initial 160 acres in the channel is 30 barrels of oil per day from 12 channel producer wells. Good core data and well logs on EKan-3's original 160 acres from its Phase I drilling spurred on Jericho's aggressive acquisition strategy in this play. Over the last four months, Jericho has acquired close to 900 acres in this trend. \n\nAllen Wilson, CEO of Jericho Oil, stated, \"After positive results on our initial EKan-3 acquisition, we have been and will continue to diligently pursue and acquire additional acreage along this prolific reservoir.\"   \n\nThe acquired acreage is in the Paola-Rantoul Oil Field with development focused on a channel-type sand deposit, or \"stringer,\" running through the leases.  This particular channel has been a prolific oil producing reservoir, with over 5 million barrels of cumulative production, primarily from the Squirrel sandstone, typically found at depths between 600 and 700 vertical feet.  Jericho will initially look to develop the channel, interpreted to be one-quarter to one-half mile wide, and will evaluate the potential for developing the over-bank and splay deposits, as well.\n\nAbout Jericho Oil Corporation\n\nJericho is focused on growth through consistent, predictable and repeatable high margin conventional...