Jericho Oil Corporation has signed a letter of intent to acquire a 50% working interest in 2,050 acres in northeastern Oklahoma. Upon closing, Jericho will begin the build-out of its second platform, focused on developing and optimizing legacy productive basins. The acquisition will bring Jericho's total acreage position to over 5,800 acres.
Allen Wilson, CEO of Jericho Oil, stated, "The market's recent turbulence has provided us an opportunity to focus our efforts on acquiring assets with good, long-term development potential at favorable pricing. We are excited about starting our second platform and look forward to diligencing more opportunities in Oklahoma. With a strong cash position and no company debt, it is our intention to continue down this path to patiently evaluate leases as they present themselves."