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.
Allen Wilson, CEO of Jericho, said, 'We believe our 'patiently aggressive' approach has begun to payoff. The market's turbulent conditions have provided us with the opportunity to acquire assets with positive, long-term potential at discounted prices. 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.'