Jericho Oil Corp. (JCO:TSX.V; JROOF:OTC), a 26.5% owner in the Oklahoma STACK joint venture (JV), continues delineating and derisking its acreage in the Meramec and Osage Formations. "Each well drilled has the potential to generate significant returns for our company, and with over 150 gross un-risked drillable locations, there is significant net asset value within our STACK position," CEO Brian Williamson stated in a news release. Today, the JV holds interests in four Osage and two Meramec wells.
As far as the producing operations, they are the Wardroom 13-19N-13W #1H well, which is putting out 220 gross barrels of oil equivalent per day (220 gross boe/d) in the Meramec, and the Swordspear 15-23N-10W #1H well, which is producing 351 gross boe/d.
Drilling is underway at the Valkyrie 6-19N-12W #1H well in the Meramec and the Trebuchet 21-23N-10W #1H well in the Osage.
Additionally, Jericho Oil is participating in two more Osage foundational wells, at which drilling is planned. They are the Ula 1-31H 6X7, operated by ExxonMobil's subsidiary XTO Energy, and the Hilltop 2009 1-19MH, operated by Alta Mesa Resources.
Williamson added, "We are excited to further develop our assets and hope our shareholders will realize the tremendous value inherent throughout the development process."
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