Jericho Oil has acquired a 50% working interest in 1,850 acres in northeastern Oklahoma, US.
The acquisition brings Jericho’s total acreage position to 5,600 acres. The company will start to evaluate and inventory the existing infrastructure to rework and reactivate existing wellbores.
Jericho Oil CEO Allen Wilson said: "We believe our ‘patiently aggressive’ approach has begun to payoff. The market’s turbulent conditions have provided us with the opportunity to acquire assets with positive, long-term potential at discounted prices.
"Our current situation provides us the ability to act accordingly when these types of opportunities present themselves and it is our intention to continue to do so long as oil prices remain unsettled."
Jericho Oil focuses on acquisition, exploration, development and production of oil properties, particularly in the US.
The company brings new and proven technology to legacy, onshore basins in the US. It has acquired a 50% stake in about 5,600 acres.
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By GlobalDataJericho Oil said Oklahoma is part of its strategy to acquire shallow, vertical, long-lived, stripper oil wells within historically producing, mature oil and gas fields which have been either neglected or abandoned.
The Cherokee basin, a 15-county region where the leases are located, runs from southeast Kansas down through northeast Oklahoma and bears the same shallow geological formations as Jericho currently operates within Kansas.
The company said Oklahoma ranks fifth in crude oil production and fourth in natural gas production.
