Jericho Oil Corporation announced that a successful fourth quarter 2014 drilling program on its Eastern Kansas acreage contributed to a record exit production rate averaging approximately 125 gross boe/d during December 2014, with cumulative gross monthly production exceeding 3850 bbls. Jericho owns a 50% working interest in the acreage.
This represents an increase in production of approximately 150% since Jericho recommenced trading on the TSX Venture Exchange on 25 March 2014 and is the third straight quarter in which the company has seen an increase in gross production.
On 9 December 2014 Jericho announced that it successfully completed the first stage of its Phase II Drilling Program in Kansas ahead of schedule, drilling 56 new, oil producing wells and 21 new, secondary recovery injection wells into known producing formations between 400 and 700 vertical ft, with an approximately 90% success rate. The newly drilled wells were brought online at various times during December 2014.
Allen Wilson, CEO of Jericho, stated, "We are extremely pleased that Jericho's successful execution on its 2014 drilling and operating initiatives produced record monthly oil production to close out the year. Even in the face of lower oil prices, the company is extremely well positioned to survive and thrive in this difficult market: we have growing production, low-cost operations, a strong cash position, no debt and we intend to take advantage of the current market conditions to add high quality acreage to our core properties, as well as opportunistically adding low cost, oil and gas properties in the mid-continent region."
Adapted from press release by Joe Green