Jericho Oil Corporation has signed a Letter of Intent to acquire a 50% working interest in six horizontally producing wells and drillable leaseholds in Central Oklahoma for a total cash consideration of USD$1.55 million.

The acquisition totals just over 10,000 acres with current gross production of approximately 119 barrels of oil equivalent per day (87% Oil, 13% Gas at an economic equivalent 20mcf:1 BOE) including four saltwater disposal wells. The asset package is in an area complementary to Jericho Oil's existing operations in Oklahoma and represents the Company's third acquisition within Central and Northeast Oklahoma in 2015.

Jericho's primary business strategy during the low-price oil environment is to roll-up undervalued high-quality producing oil assets within the Mid-Con that are or can be operated below $20 per

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