VANCOUVER, Oct. 29, 2014 /CNW/ - Jericho Oil Corporation
("Jericho" or the "Company") (TSX-V: JCO, Frankfurt: JLM) today
announced it has added 150 additional acres to its core area of
development in Miami County, Kansas. The acquisition brings
Jericho's total lease acreage position to over 3,750 acres.
The acquired acreage is contiguous to 320 acres Jericho
continues to develop. The results of this development are
ongoing with production on this particular acreage up over 300%
since acquisition in Q1 of 2014. The recently completed
$4.23m strategic financing allows
Jericho to continually add scale and scope to its core operations
when opportunistic leases become available.
Allen Wilson, CEO of Jericho Oil,
stated, "We continue to successfully execute our development plan
and add proven, de-risked contiguous acreage to our core properties
while continuing to seek further acquisition opportunities at low
costs to Jericho shareholders."
About Jericho Oil Corporation
Jericho 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% interest in 29 leases comprised of nearly 3,750 acres.
Jericho expects to continue its extensive development program
throughout the next 12 months and will provide 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