Mississauga, ON -- (SBWIRE) -- 12/10/2014 -- AllPennyStocks.com Media, Inc. (http://www.AllPennyStocks.com), a leading penny stock / small-cap information site, released its latest spotlight company Jericho Oil Corp. (TSX-Venture:JCO) (OTCQX:JROOF).
Jericho is focused on growth through consistent, predictable and repeatable high margin conventional oil production by bringing new and proven technology to legacy, onshore basins in North America. The Company has acquired a 50% interest in 29 leases comprised of nearly 3,750 acres.
Jericho Oil Corp. targets shallow, long-life conventional oil stripper wells for revitalization, workovers and stimulation. The producer wells can produce oil for 15-20 years at an all-in cost to Jericho of less than $40 per barrel, with an IRR (internal rate of return) in the 50%+ range.
Jericho's current portfolio consists of a 50% interest in 29 leases comprised of more than 3,750 acres in eastern Kansas with Jericho's working interest equaling 58,715 proved developed reserves. More than 85% of the property has yet to be drilled by Jericho.
Since acquiring the property in March, production has climbed from 50 BOPD to 118 BOPD in September. An ongoing Phase 2 drill program is anticipated to raise production to 150 BOPD or more early in 2015, equating to at least 4,500 barrels of oil per month.
Jericho is generating revenue from its existing production and has strengthened its balance sheet through a private placement of $6.55 in February and another of $4.23 million in October. The second raise exclusively involved existing shareholders and didn't require Jericho paying any finder's fees or commissions. With the private placements, Jericho still only has 45.52 million shares outstanding and no debt.
A complete JCO profile can be viewed at: http://www.allpennystocks.com/aps_ca/company_spotlights/archives/jco.asp
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Note: AllPennyStocks.com has been compensated five thousand five hundred dollars by the Company for its efforts in presenting the JCO profile on its web site and distributing it to its database of subscribers as well as other services. A full disclaimer on JCO can be found at: http://www.allpennystocks.com/aps_ca/company_spotlights/archives/jco.asp.