July 30, 2008
Jericho Energy Company Inc. (OTC: JECI) Announces Estimated Output on Their First 11 Wells to Be Between 6,600 and 9,900 Barrels Per Day
Jericho Energy Company Inc. (PINKSHEETS: JECI) announced today that it has recently engaged the services of Thrust Resources, based in Texas, to perform a spot study with state-of-the-art Radiometric Plus technology on their 11,000 acre leased area located in Rush Valley, Utah. These tests were to find the exact locations for the first 11 wells to be drilled on the property. Although the final report won't be out for about 2 weeks, the initial results of these tests have been even more lucrative than the company first anticipated, with an estimated average output of between 600 and 900 barrels per well per day, according to analysts for Jericho Energy.
Vice President Joseph Abdo stated, "All of us at Jericho Energy are thrilled with the results of these tests. Because Radiometric Plus has a 95% accuracy rate, we are very confident in the 600-900 barrel a day estimate. As soon as the final report is put out, we will start on the initial infrastructure at the well sites, which we are projecting to take about 60 days to complete. Jericho is right on schedule to commence drilling in November of this year."
Jericho Energy Company, Inc. is a domestic petroleum and natural gas exploration and drilling company focused on increasing domestic energy production in the face of growing US and international demand. The company has contracted with strategic partners in the geological and petroleum industries to assist with the planning and strategic exploration, drilling and production of petroleum and natural gas in central Utah. The company also plans to expand by purchasing additional mineral land rights in the region for future drilling or royalty-based joint ventures with third parties.
The company plans to commence drilling on the leased property that has been Radiometric Plus surveyed by November 2008.
This news release contains forward-looking statements made by JERICHO ENERGY COMPANY, INC. in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All such statements included in this press release, other than statements of historical fact, are forward-looking statements. Although Management believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Actual results may differ materially from those indicated by these statements. The following risk factors, among others, could cause actual results to differ materially from those described in any forward-looking statements. These risks and uncertainties include, but are not limited to, economic conditions, changes in the law or regulations, demand for products and services of the company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward looking statements. Forward-looking statements are typically identified by the words: believe, expect, anticipate, intend, estimate, and similar expressions or which by their nature refer to future events.
Company and Investor Relations Contact: Michael J. Goeree Nicole Propp Jericho Energy Company, Inc. MG Financial, LLC Email Contacthttp://www.jerichoenergy.com
SOURCE: Jericho Energy