TULSA, Okla. and VANCOUVER, British Columbia, Oct. 05, 2017 (GLOBE NEWSWIRE) — Further to its news release dated Aug. 2, 2017, Jericho Oil Corporation (“Jericho”) (TSX-V:JCO) (OTC PINK:JROOF) announces that it has completed the acquisition of an additional 25% working interest (“WI”) in a producing oil and gas asset package in Central Oklahoma from its Private Family Partner (“PFP”) for US$3.5 million.
Jericho purchased an initial 25% WI in the asset package at year-end 2015, with its PFP acquiring 75% WI. Jericho now holds 50% ownership across all assets (excluding its recent STACK acquisition) acquired in 2015 and 2016.
Jericho has also granted 100,000 incentive stock options to a director of the Company. The options are exercisable at a price of C$0.75 per share for a period of 5 years.
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.