Business
Jericho Oil Corporation Adds 160 Acres to its Recently Acquired Kansas Properties
VANCOUVER , April 23, 2014 /CNW/ - Jericho Oil Corporation ("Jericho" or the "Company") (...
About this update from Jericho Energy Ventures Inc
[{"type":"text","content":"\n\nVANCOUVER, April 23, 2014 /CNW/ - Jericho Oil Corporation (\"Jericho\" or the \"Company\") (TSX-V: JCO), a growth-oriented oil & gas company engaged in the acquisition, exploration, development and production of overlooked and undervalued oil properties in North America, today announced it has contracted a 50% interest for 160 additional development Acres in Miami County, Kansas.  This acquisition, named EKan-3, brings Jericho's total Kansas acreage position to over 2,800 acres.   \n\nThe EKan-3 acreage will be included as part of Jericho's initial development program and will follow Jericho's 3-phase systematic asset development plan.  Completed wells will follow Jericho's value creation strategy using 2.5 acre down spacing and a 5-spot waterflood patterns.  \n\nThe recently acquired acreage is in the Paola-Rantoul Oil Field with development focused on a channel or \"Shoestring\" running through the lease.  This particular Shoestring is a prolific oil producing field with over 5 million barrels of cumulative production primarily from the Squirrel sandstone of the Cherokee Basin formation typically found at depths between 600 and 700 vertical feet.   Jericho will look to develop the \"shoestring\" which is comprised of an oil channel, one-quarter to one-half mile wide, and will evaluate the potential for developing the over-bank and splay deposits.   \n\nThis acquisition, located within 5 miles of Jericho's EKan-2 asset, is a continuation of Jericho's opportunistic strategy to revitalize legacy producing oil fields through the implementation of proven, modern drilling completion and recovery techniques. \n\nAllen Wilson, CEO of Jericho Oil, stated, \"We are extremely excited to add this additional acreage package to our development program.   Jericho will add five additional wells to its previously announced initial development program for the newly acquired acreage.  We look forward to evaluating additional step-out locations based on the results of these wells.\"  \n\nJericho will continue to opportunistically add contiguous or proximate acreage opportunities in line with its existing low-risk, shallow oil development program. \n\nAbout Jericho Oil Corporation\n\nJericho (TSX-V: JCO) is focused on growth through consistent, predictable and repeatable...