Jericho plans to deploy four active rigs for initial shallow drilling program, which will include around 35 vertically producing wells and 35 water injection wells, located in Douglas Linn and Miami counties.
The wells will be completed into known producing formations during 2Q-2014 on its EKan-1 and EKan-2 properties, according to the company.
The wells are planning to be drilled to depths between 600 and 800 vertical ft in two to three days, noted Jericho.
Jericho Oil CEO Allen Wilson said the company is excited to begin initial development drilling program on recently acquired leases.
"The initial drilling program should provide Jericho with increased cash-flow from added production, as well as valuable drilling information to help the Company further evaluate potential step-out locations," Wilson added.
The company is well capitalized following its recent $6.547m private placement and this initial development drilling program is fully funded by existing cash on hand and cash-flow from existing production.
