TULSA, Okla. and VANCOUVER, B.C., Nov. 02, 2017 (GLOBE NEWSWIRE) — Jericho Oil Corporation (“Jericho”) (TSX-V:JCO) (OTC PINK:JROOF) announces that its STACK Joint Venture (“STACK JV”) has closed the acquisition of an additional 76 acres (100% held-by-production) in the oil window of the Anadarko Basin STACK play in Oklahoma contiguous to its current position.
Jericho owns approximately 11% interest in the STACK JV, with its Joint Venture Partner (“JVP”) owning the remainder. Jericho has the option to acquire up to 31% interest in the STACK JV upon fully exercising its option for US$6 Million.
Jericho continues to diligence additional opportunistic STACK acquisitions and is finalizing its 2018 drilling plans for both its STACK JV and its South-Central Oklahoma assets.
Jericho also announces that it has voluntarily elected to decrease the borrowing base under its joint Senior Secured Revolving Credit Facility (the “Facility”) from US$12 million to $10 million to reduce unnecessary fees associated with unused borrowing commitments. The borrowing based was reaffirmed at $12 million following the Company’s regularly scheduled semi-annual redetermination process by its lender.
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.