North American Oil Industry Expecting Impressive Growth as 2018 Production Forecast Nears 11 Billion Barrels Per Day

PALM BEACH, Florida, January 16, 2018 /PRNewswire/ --

The oil industry has enjoyed a considerable upswing since the new administration took office in the United States in 2017. In the past year, exports of crude oil have increased exponentially and the global oil economy has taken notice of the impressive revenue and production levels emerging from America. New horizontal drilling technologies are tapping into vast reserves of oil and gas trapped in shale field as companies are expecting exciting results heading into the new year. The surge in U.S. production is being driven by output from shale fields, where drillers use advanced methods like hydraulic fracturing to squeeze oil and gas from tight rock formations. With favorable policies in place, the American industry is only expected to continue its growth , with experts pinning the latest forecast of production near 11 billion barrels per day in just two years. Notable companies in the industry this week include: Jericho Oil Corporation (TSX-V: JCO) (OTC: JROOF), Marathon Oil Corporation (NYSE: MRO), Cabot Oil & Gas Corporation (NYSE: COG), Chesapeake Energy Corporation (NYSE: CHK), Transocean Ltd. (NYSE: RIG).

Jericho Oil Corporation (TSX-V: JCO) (OTC: JROOF), announces that it has entered into an agreement, through its Oklahoma STACK Joint Venture ("STACK JV"), to swap a portion of its undeveloped acreage in Blaine and Major County with Staghorn STACK, LLC ("Staghorn"). The acreage swap will allow the Company to (i) strategically grow its acreage position in areas in or proximate to current horizontal well development; (ii)participate in the drilling of multiple strategic horizontal wells targeting the Meramec and Osage formations within the Company's acreage footprint; (iii) continue to aggregate critical drilling, completion and lateral placement data from a proven, best-inclass STACK operator; (iv) secure tag-along rights for a portion of its Blaine County STACK JV acreage; and (v) cost effectively grow production and potentially reserves. Read this and more news for Jericho at http://www.marketnewsupdates.com/news/jco.html

Accordingly, Jericho has elected to participate in the drilling of the Wardroom well (Section 12-19N13W; 46.87% WI / 37.5% NRI to STACK JV) with Staghorn as the Operator and pay its proportionate working interest share of costs related to drilling and completion. The Wardroom well has been spud and is currently being drilled. It is approximately a 4,500-foot lateral targeting the Meramec formation in the normally-pressured oil window.