Jericho Oil’s Roots
Based in Vancouver, British Columbia, Jericho Oil commenced operations in March, 2014 on the TSX-Venture. Since then, the Company has raised over $20 million of common equity shares, completed right transactions, and drilled over 150 vertical wells in two core areas of operation totaling approximately 75,000 acres and 800 gross BOEPD (65% oil). Jericho holds a weighted average of 35% Working Interest across its asset base.
Vital to Jericho’s success is an anti-herd mentality. The last decade has brought the advent of new and exciting technology aimed at unlocking, once impossible to reach, reservoirs. Accordingly, billions of dollars flowed into light-tight oil shale plays like the Bakken, Permian and Eagle Ford. As capital flowed freely to these basins, Jericho took the contrarian, top-down approach in identifying basins which were then being capital starved but still produced strong risk-adjusted returns. The founders of the Company established that there were many legacy producing basins within the Mid-Continent region which were markedly underserved from a capital and institutional knowledge perspective that were ripe with opportunity – and as such, Jericho began its foray into the Central Oklahoma. Jericho believes the opportunity has only grown greater with the drop in the price of oil. Productive reservoirs, once thought to be very profitable to larger players, have been relatively abandoned by producers and capital providers alike. Jericho thrives in these situations and looks to take advantage of a historical drop in the value of oil and gas assets across the Mid-Continent region.
Jericho Oil trades on the Toronto Venture Stock Exchange under the ticker “JCO” and on the US OTC under the ticker “JROOF.”