Jericho Oil Corporation ("Jericho") (TSX VENTURE: JCO) (OTC PINK: JROOF), announces the results of its 2016 year-end reserves evaluation of its Kansas and Oklahoma properties as prepared by Cawley, Gillespie & Associates, Inc. ("CGA"), the Company's independent reserves evaluator. The evaluation was prepared in accordance with the standards contained in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101").
Highlights of the Reserve Report (all dollar amounts in $USD):
Jericho for the year ending December 31, 2016 achieved significant reserve value growth (all dollar amounts are the Present Value of future cash flows discounted at 10% before tax derived from YE2016 Independent Reserve Report using forecast pricing, $USD):
Allen Wilson, CEO of Jericho Oil, stated, "We continued to execute on Jericho's growth strategy throughout the prolonged oil price downturn resulting in increased production and reserves, the main drivers of our Company's intrinsic value. We increased Total Proved reserves NPV-10 by over 75%. Our current asset base is producing strong field-level cash margins at current oil prices and have significant development optionality."
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.
SOURCE: Jericho Oil Corporation
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.