Jericho Oil Corp. (TSXV: JCO.V) detailed its initial development drilling and capital program for Kansas properties it recently acquired, the company said April 9. The program will be funded through cash flow from current production and cash on hand, the company added.
Jericho Oil is revitalizing producing oil fields, the company said, adding that a recent $6.5 million private placement has left it “well capitalized”.
The properties are in Douglas, Linn and Miami counties, the company noted.
The initial shallow drilling program will have 35 vertical wells and 35 water injection wells in known producing formations on the EKan-1 and EKan-2 properties, the company said. These should be completed by second-quarter 2014, Jericho Oil added.
Each property may have as many as 20 workover wells, the company noted.
All the wells should be drilled in two or three days to 600 or 800 feet total depth, the company said.
CEO Allen Wilson said, "We are extremely excited to begin our initial development drilling program on our recently acquired leases.
The initial drilling program should provide Jericho with increased cash flow from added production, as well as valuable drilling information to help the company further evaluate potential step-out locations."
Vancouver, British Columbia-based Jericho Oil Corp. explores and produces oil in eastern Kansas and provides technology to onshore basins across North America.
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