TULSA, OK and VANCOUVER, BC –(Marketwired – April 25, 2017) – Jericho Oil Corporation (“Jericho”) (TSX VENTURE: JCO) (OTC PINK: JROOF), today announced that the borrowing base under its joint Senior Secured Revolving Credit Facility (the “Facility”) was increased to USD$12 million following East West Bancorp, Inc.’s (“East West”) regularly scheduled semi-annual redetermination process. There were no other material changes to the terms of the credit facility resulting from this borrowing base redetermination.
Jericho, in conjunction with its private family partner, entered into a $30 million credit facility with East West in July 2016. The Facility bears interest at a rate of WSJ Prime plus 75 basis points and is payable monthly.
Allen Wilson, CEO, commented, “We are encouraged by the outcome of our recent redetermination process which we believe to reflect the quality of our Mid-Continent position and the economics associated with our continued investment. We appreciate the support of our lending bank and their commitment to partner with us as we continue to add to our proved reserve base and execute on our growth strategy throughout 2017.”
About Jericho Oil Corporation
Jericho is a growth-oriented oil and gas company engaged in the acquisition, exploration, development and production of overlooked and undervalued oil properties in the Mid-Continent. For more information, please visit www.jerichooil.com.