Jericho Oil closes on its initial Oklahoma acquisition
VANCOUVER -- Jericho Oil Corporation has closed on its previously announced acquisition of a 50% working interest in 1,850 acres in northeastern Oklahoma.
This is the first acquisition for Jericho in the state of Oklahoma, and represents the emergence of its second platform. The asset brings Jericho's total acreage position to 5,600 acres.
Jericho will begin to assess and inventory the current infrastructure and then move on to the process of reworking and reactivating existing wellbores.
"Our current situation provides us the ability to act accordingly when these types of opportunities present themselves and it is our intention to continue to do so long as oil prices remain unsettled," said Allen Wilson, Jericho CEO.
