Source: Jericho Oil Corporation
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.
Cautionary Note Regarding Forward-Looking Statements: This news release includes certain "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual events and results to differ materially from Jericho's expectations include risks related to the exploration stage of Jericho's project; market fluctuations in prices for securities of exploration stage companies; and uncertainties about the availability of additional financing.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Director, Investor Relations
Director, Corporate Communications