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Jericho Oil Updates Shareholders on 4th Quarter Activities with Production Exceeding 100 BOPD - Video News Alert on InvestmentPitch.com
Vancouver, British Columbia--(Newsfile Corp. - December 12, 2014) - Jericho Oil (TSXV: JCO) (O...
About this update from Jericho Energy Ventures Inc
[{"type":"text","content":"Jericho Oil Updates Shareholders on 4th Quarter Activities with Production Exceeding 100 BOPD - Video News Alert on InvestmentPitch.comVancouver, British Columbia--(Newsfile Corp. - December 12, 2014) - \nJericho Oil (TSXV: JCO) (OTCQX: JROOF) has updated shareholders on its 4th quarter activities. Jericho focuses on shallow, vertical, low-risk, stripper oil wells that produce 10 barrels \nof oil per day or less within historically producing, mature oil fields which have been neglected or abandoned. \n\nInvestmentPitch.com has produced a \"video news alert\" which provides a brief overview of the company. If this link is not enabled, please visit \nwww.InvestmentPitch.com and enter \"Jericho\" in the search box. \n\n\n\nIf you cannot view the video above, please visit: \nhttp://www.investmentpitch.com/video/0_0wt80nz0/Jericho-Oil-TSXV-JCO-4th-Quarter-Shareholder-Update\n\n\nThe company is currently targeting assets across several counties of eastern Kansas including, which bear consistent geologic attributes and are located in areas of prior and/or ongoing oil production. \n\nThey announced the Phase II Development Program in eastern Kansas is ahead of schedule, with 77 wells drilled to date, 50% more than the originally scheduled drill program for the 4th quarter. The company has now drilled 56 new, oil producing wells \nand 21 new, secondary recovery injection wells into known producing formations. The company reports a success rate of approximately 90% from these wells, which run between 400 and 700 vertical feet.\n\nJericho encountered above average reservoir thickness compared to previous drill results in its targeted zones, with average net pay zones of approximately 15 feet, with good shows of oil saturation. To date, 13 oil producing wells and 10 secondary \nrecovery water injection wells from the recent drilling have been brought on-line. Initial production rates exceeded Jericho's single well economic assumptions for the region, averaging between 3 and 5 barrels of oil per day. \n\nGross oil production for the 4th quarter continues to average above 100 barrels of oil per day, more than doubling production since Jericho re-listed its shares in March 2014, and expects its remaining drill results to produce strong production \ngrowth to finish out the year. \n\nAllen Wilson, CEO, stated: \"Our operations team has once aga...