TULSA, OK and VANCOUVER, BC, April 25, 2017 – Jericho Oil Corporation (“Jericho”) (TSX-V: JCO; OTC PINK: JROOF), today announced that the borrowing base under its joint Senior Secured Revolving Credit Facility (the “Facility”) was increased to USD$12 million following East West Bancorp, Inc.’s (“East West”) regularly scheduled semi-annual redetermination process. There were no other material changes to the terms of the credit facility resulting from this borrowing base redetermination.
Jericho, in conjunction with its private family partner, entered into a $30 million credit facility with East West in July 2016. The Facility bears interest at a rate of WSJ Prime plus 75 basis points and is payable monthly.
Allen Wilson, CEO, commented, “We are encouraged by the outcome of our recent redetermination process which we believe to reflect the quality of our Mid-Continent position and the economics associated with our continued investment. We appreciate the support of our lending bank and their commitment to partner with us as we continue to add to our proved reserve base and execute on our growth strategy throughout 2017.”
About Jericho Oil Corporation
Jericho is a growth-oriented oil and gas company engaged in the acquisition, exploration, development and production of overlooked and undervalued oil properties in the Mid-Continent. For more information, please visit www.jerichooil.com.
Cautionary Note Regarding Forward-Looking Statements: This news release includes certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual events and results to differ materially from Jericho’s expectations include risks related to the exploration stage of Jericho’s project; market fluctuations in prices for securities of exploration stage companies; and uncertainties about the availability of additional financing.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Director, Investor Relations
Director, Corporate Communications