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Jericho Oil Corporation Announces Phase 1 Development Wells To Be Brought Online This Week
Phase 1 Drilling Program of 70 Wells is Ahead of Schedule VANCOUVER , May 14, 2014 ...
About this update from Jericho Energy Ventures Inc
[{"type":"text","content":"\n\nPhase 1 Drilling Program of 70 Wells is Ahead of Schedule\n\n\n\nVANCOUVER, May 14, 2014 /CNW/ - Jericho Oil Corporation (\"Jericho\" or the \"Company\") (TSX-V: JCO) today announced its Phase 1 drilling program of 70 wells (increased in April to include Jericho's recent EKan-3 acquisition) is ahead of schedule.  The Company has now drilled over three-quarters of the planned wells on its recently acquired Eastern Kansas Properties. \n\nIn addition, Jericho is pleased to report its first set of production wells will be brought online this week.  The Company intends to continue to turn on additional wells as it finishes up its Phase 1 development program later this quarter.  \n\nAs announced on April 9, 2014, Jericho's Phase 1 initial drilling program called for 35 producing wells and 35 water injection wells to be drilled, equipped and completed into known producing formations during 2Q 2014 on its Eastern Kansas properties.  To date, wells have been drilled on over half of the acquired leases.  On average, wells were drilled to depths between 600 and 800 vertical feet, targeting a variety of Pennsylvanian aged sands including the Bartlesville, Cattlemen, Peru and Squirrel formations.   Jericho's properties are being developed using a 3-phase systematic asset development plan (See pg. 11 of Jericho's Investor Presentation), with newly drilled wells following Jericho's value creation strategy of 2.5 acre spacing and 5-spot pattern waterflooding.\n\nAllen Wilson, CEO of Jericho Oil, stated, \"We are pleased with the progress of our Phase 1 development efforts and we look forward to completing our Phase 1 development later this quarter.  Turning on our first new wells is an exciting milestone for Jericho, and to do so ahead of schedule allows us to accelerate Jericho's progression into Phase 2's full-field development program.\"\n\nJericho's low-risk shallow re-development and drilling program is a part of its opportunistic strategy to revitalize legacy producing oil fields through the implementation of proven, modern drilling completion and recovery techniques.\n\nJericho remains well-capitalized following its recent $6.547 million private placement and this initial development program is fully funded by existing cash on hand and cash-flow from  production.ON BEHALF OF THE BOARDAllen...