TULSA, Okla. and VANCOUVER, British Columbia, June 27, 2018 (GLOBE NEWSWIRE) — Jericho Oil Corporation (“Jericho”) (TSX-V:JCO) (OTC PINK:JROOF) is releasing the first part in a planned series of analytical reviews of the North STACK by Shane Matson and Ron Haveman, lead Geologists for Jericho. Oklahoma’s STACK Play in the Anadarko Super Basin, is a massive oil and gas play due to its lateral expanse and vertical extent being centered on the Sooner Trend Giant Oil Field, the “STACK” (Sooner Trend Oil Field Anadarko Basin Canadian and Kingfisher Counties). With five years of growing horizontal drilling and the current lift in oil prices, the play is undergoing a transformation with large-cap E&P’s shifting focus from density pilots to density development and small-cap E&P’s focusing on step-out expansion opportunities to the north and west of the play.
Initially, many focused almost exclusively on the Meramec Shale, a curiosity given historical vertical development of the Sooner Trend largely targeted the Osage to Meramec aged chert and lime deposits. In early 2017 Alta Mesa’s pioneering work on the chert and lime deposits of what is now being referred to as The Lower Osage only furthered the view the STACK is, in fact, “Stacked” and a world class play. This rock type has been the focal point of Jericho’s technical team and, as a result, through its STACK JV, Jericho made an entry into the STACK in September 2017 providing excellent exposure to both the Lower Osage and Meramec Shale.
As part of its entry into the STACK Play, Jericho’s technical team established a methodology to accurately assess where companies were landing their laterals and the targeted rock type. Jericho’s CEO, Brian Williamson, noted, “Both of these data points are critical to the foundation of understanding how wells were drilled, stimulated, and ultimately the impact on results as the company moves into horizontal development. Ron Haveman, Jericho’s VP of Geology, was tasked with gathering and analyzing the data to guide Jericho’s development efforts. Well performance, overlaid with Ron’s amazing data analytics provides a robust dataset allowing a fast and deep dive into one of the most active onshore oil and gas plays in the United States.”
Ron and Shane’s efforts to collect, assimilate and analyze this data has been the key for targeting where and what Jericho wants to acquire in the STACK. As noted in the press release on May 30th, through their STACK JV, Jericho now holds over 16,000 acres in the North STACK Play and are looking to grow that position. Mr. Williamson further stated, “Our geology team has done an outstanding job of digging, digesting and extrapolating data into usable information for us as an organization. We look forward to the selection of future STACK locations. The results of their initial efforts can be found on our website.”
Please click here to view The Northern Stack Play of Oklahoma Presentation on Jericho’s Website.
About Jericho Oil Corporation
Jericho Oil (www.jerichooil.com) is focused on domestic, liquids-rich unconventional resource plays, located primarily in the Anadarko basin STACK play of Oklahoma. Jericho’s primary business objective is driving long-term shareholder value through the growth of oil and gas production, cash flow and reserves. Jericho has assembled a 55,000 net acre position across Oklahoma, including an interest in ~16,000 net acres in the STACK Play.
Jericho’s current operations are focused on the oil-prone Meramec and Osage formations in the STACK. The Jericho team applies advanced engineering analyses and enhanced geological techniques to under-developed resource areas.
Based in Vancouver, British Columbia, with operational headquarters in Tulsa, Oklahoma, Jericho trades publicly on the TSX-Venture (JCO) and OTC (JROOF). Jericho participates in the STACK JV through one or more wholly owned subsidiaries.
Cautionary Note Regarding Forward-Looking Statements: This news release includes certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual events and results to differ materially from Jericho’s expectations include risks related to the exploration stage of Jericho’s project; market fluctuations in prices for securities of exploration stage companies; and uncertainties about the availability of additional financing.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CONTACTS:
Tony Blancato,
Director, Investor Relations
or
Adam Rabiner,
Director, Corporate Communications
1.800.750.3520
investorrelations@jerichooil.com