VANCOUVER, Aug. 14, 2014 /CNW/ - Jericho Oil Corporation
("Jericho" or the "Company") (TSX-V: JCO) today provides the first
in a series of rolling updates on its Phase 1 Drilling Program
results.
In June 2014, Jericho announced it
had completed its Phase 1 Drilling Program, drilling and completing
62 new producing wells and 42 water injection wells. In
addition to the production results contained in this news release,
the Company plans to provide further development and production
results as it brings leases online over the coming weeks.
Jericho's first set of newly drilled and completed production
wells on its Cartwright lease (160
acres in EKan-2) have produced well above expectations since being
turned on approximately a month ago. The three (Phase 1
Drilling Program) producers, drilled and completed, continue to
produce in excess of 8 barrels of oil a day without the use of
secondary recovery techniques. Two additional producers are
in the process of being brought online. Jericho believes this
trend will continue through approximately 200 acres of its lease
package, as illustrated below. In seeking the boundaries or
edge of the formation, Jericho drilled and plugged two wells that
were outside the heart of the formation at a cost of less than
$10,000 per location.
On EKan-3, the Phase I Drilling Program focused on the
development of a channel sand body which traverses its
initial 160 acre lease. Twenty wells were drilled in the
channel and completed (12 producers, 7 injectors and a water supply
well). All twelve of the producers are now online, with the
last three coming on last week. Current production, which is
a blend of these three new wells on Initial Production (IP) along
with the existing producers is currently making 30 BOPD.
Prior to bringing the final three producers online, the lease
produced 17 BOPD at a steady state. The core analysis on the
channel sand showed a significant pay zone, good oil saturation,
porosity and permeability.
Core Statistics:
Sandstone Thickness: 16 feet
Depth: 664-680 feet
Porosity: >20%
Permeability: >30mD
Oil Saturation: >32%
Allen Wilson, CEO of Jericho Oil,
commented, "We are pleased with the early results in both
locations. The EKan-2 acreage showed good drive and
energy in the formation which leads me to believe we will see a
continuation of positive results from the additional producers we
are bringing online and the wells we will drill on this trend in
the future." With respect to the EKan-3 acreage, Wilson
commented, "When we saw the quality of the core in our EKan-3
acreage from our original lease, we moved quickly to acquire the
two contiguous leases. We look forward to following the channel and
possibly more productive, blanket splay sand over the next 260
acres of drilling. We will continue our efforts to
aggressively acquire additional acreage in this region."
Jericho will continue to provide Phase I development results as
it brings wells online over the coming weeks. Following are
illustrative maps of the two regions reported on above.
EKan-2Map
URL:
http://www.jerichooil.com/wp-content/uploads/2014/08/8-11-2014-Cartwright-Focus-Press-Release.jpg
EKan-3Map
URL:
http://www.jerichooil.com/wp-content/uploads/2014/08/8-11-2014-Pressonville-Focus-Press-Release.jpg
About Jericho Oil Corporation
Jericho (TSX-V: JCO) is focused on growth through consistent,
predictable and repeatable high margin conventional oil production
by bringing new and proven technology to legacy, onshore basins in
North America .
Jericho has acquired a 50% working interest in three lease
packages comprising over 3,100 acres. Jericho expects to
continue its extensive development program throughout the next 12
months and will provide quarterly updates as the program
progresses. For more information, please visit
www.jerichooil.com.
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.
SOURCE Jericho Oil Corporation