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Jericho Oil Adds Contiguous Acreage Package to its Recently Acquired EKan-3 Property
New Acreage Part of Prolific Oil Producing Channel With Over 5 Million Barrels of Cumulat...
About this update from Jericho Energy Ventures Inc
[{"type":"text","content":"\n\nNew Acreage Part of Prolific Oil Producing Channel With Over 5 Million Barrels of Cumulative Production\n\n\n\nVANCOUVER, June 24, 2014 /CNW/ - Jericho Oil Corporation (\"Jericho\" or the \"Company\") (TSX-V: JCO), today announced it has added production and an additional 254 acres of oil & gas leases in Miami County, Kansas (the \"Acquisition\"). The new acreage, which runs contiguous to Jericho's EKan-3 asset, is in a particular channel that has been a prolific oil producing reservoir, with over 5 million barrels of cumulative production. \n\nThe Acquisition has current production of 8 barrels of oil per day, and brings Jericho's total Kansas lease acreage position to over 3,100 acres, of which Jericho owns 50% interest. \n\nThe Acquisition follows on the heels of Jericho's recently completed Phase I drilling program.  Preliminary drill results, core analysis, and well logs on 160 acres adjacent to the Acquisition, which were developed as part of that Phase I drilling program, provided Jericho with the visibility and data necessary to develop a subsurface map of the local geology and structural trends, indicating the commercial viability and attractiveness of the Acquisition.\n\nAllen Wilson, CEO of Jericho Oil, stated, \"After positive initial drill results on our EKan-3 asset, we are extremely excited to add contiguous acreage to our future development program.  This acquisition follows Jericho's strategy to opportunistically add contiguous and proximate acreage opportunities in line with our existing low-risk, shallow oil development program, while increasing our high-quality drilling inventory.\"\n\nDevelopment of the Acquisition will be included as part of Jericho's Phase II development efforts later this year. Completed wells will follow Jericho's value creation strategy using 2.5 acre down spacing and 5-spot waterflood patterns.  The development plan for the Acquisition represents a continuation of Jericho's strategy to revitalize legacy producing oil fields through the implementation of proven, modern drilling completion and recovery techniques.\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 ...