- Proved Developed Reserves Increases 32% to $27 Million
- Lazarus #1 vertical well continues to outperform management expectations
TULSA, OK and VANCOUVER, BC / ACCESSWIRE / April 24, 2023 / Jericho Energy Ventures Inc. (TSXV:JEV)(OTC:JROOF)(FRA:JLM) ("Jericho", "JEV" or the "Company") is pleased to announce the results of its December 31, 2022 reserves evaluation for its interests in oil and gas properties in Oklahoma 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 and National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101").
Net Present Value of Reserves discounted at 10% (all figures expressed in USD):
- Total Proved Developed Reserves before tax of $27 million
- An increase of 32% over the December 31, 2021, estimate
- Total Proved Reserves before tax of $43.7 million
- An increase of 26% over the December 31, 2021, estimate
- Proved plus Probable Reserves before tax of $48.3 million
- An increase of 37% over the December 31, 2021, estimate
On January 26, 2023 the Company announced results of the Lazarus #1 vertical well, the first well drilled by Jericho's oil and gas joint venture since 2018. To-date, the well has been on-production for 135 days and has averaged over 68 barrels of oil per day since initial production on December 7, 2022, exceeding management expectations. Jericho looks forward to building on this success and aims to increase the Company's cash flow with the start of its 2023 drilling program, beginning at the end of the second quarter.
Additional reserve information as required under NI 51-101 will be included in JEV's filing of its annual financial information on SEDAR on or before April 30, 2023.
About Jericho Energy Ventures
Jericho Energy Ventures (TSXV:JEV)(OTC:JROOF)(FRA:JLM) (JEV) is an energy company positioned for the current energy transitions; owning, operating and developing both traditional hydrocarbon JV assets and advancing the low-carbon energy transition, with active investments in hydrogen. Our wholly owned subsidiary, Hydrogen Technologies, delivers patented, zero-emission boiler technology to the Commercial & Industrial heat and steam industry. We also hold strategic investments and board positions in H2U Technologies (a novel electrocatalyst and low-cost iridium-free electrolyzer platform) and Supercritical Solutions (developing the world's first, high pressure, ultra-efficient electrolyzer). Jericho also owns and operates long-held producing oil and gas JV assets in Oklahoma which it is currently developing from cash flows in an effort to further increase production into the current commodity price environment.
Website: https://jerichoenergyventures.com/
Twitter: https://twitter.com/JerichoEV
LinkedIn: https://www.linkedin.com/company/jericho-energy-ventures
YouTube: https://www.youtube.com/c/JerichoEnergyVentures
CONTACT:
Allen Wilson, Director, or
Adam Rabiner, Dir. of Investor Relations
Jericho Energy Ventures Inc.
Tel. 604.343.4534
investorrelations@jerichoenergyventures.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of applicable securities laws. Such forward-looking statements are not representative of historical facts or information or current condition, but instead represent only Jericho's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Jericho's control. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may", "will" or "may not" occur. Specifically, this news release contains forward-looking statements relating to, among others, future demand for oil and gas and the company's ability to successfully develop its oil and gas joint venture projects. Forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking statements, which include, but are not limited to: regulatory changes; changes to the definition of, or interpretation of, foreign private issuer status; the impacts of COVID-19 and other infectious diseases; general economic conditions; industry conditions; current and future commodity prices and price volatility; significant and ongoing stock market volatility; currency and interest rate fluctuation; governmental regulation of the energy industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; liabilities and risks inherent in oil and gas exploration, development and production operations; liabilities and risks inherent in early stage hydrogen technology projects, energy storage, carbon capture and new energy systems; changes in government environmental objectives or plans; and the other factors described in Jericho's public filings available at www.sedar.com.
The forward-looking statements contained herein are based on certain key expectations and assumptions of Jericho concerning anticipated financial performance, business prospects, strategies, regulatory regimes, the sufficiency of budgeted capital expenditures in carrying out planned activities, the ability to obtain financing on acceptable terms, expansion of consumer adoption of the Company's (or its subsidiaries') technologies and products, results of DCC feasibility studies and the success of investments, all of which are subject to change based on market conditions, potential timing delays and other risk factors. Although Jericho believes that these assumptions and the expectations are reasonable based on information currently available to management, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Investors should not place undue reliance on forward-looking statements. Readers are cautioned that the foregoing lists are not exhaustive. The forward-looking statements contained in this news release are made as of the date of this news release, and Jericho does not undertake to update any forward-looking statements that are contained or referenced herein, except as required by applicable securities laws.
OIL & GAS ADVISORIES
All reserve references in this press release are to gross reserves as at the effective date of the applicable evaluation. Gross reserves are Jericho's total working interest reserves before the deduction of any royalties and including any royalty interests of Jericho. The recovery and reserve estimates of Jericho's crude oil, natural gas liquids and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, natural gas and natural gas liquids reserves may be greater than or less than the estimates provided herein. All estimates of reserves and future net revenue contained herein were derived from the reserve evaluation, in accordance with the definitions, standards and procedures contained in the Canadian Oil and Gas Evaluation Handbook and Ni 51-101. It should not be assumed that the estimated net present value presented herein represents the fair market value of the reserves. There is no assurance that the forecast prices and costs assumptions will be attained and variances could be material. The recovery and reserve estimates of Jericho's crude oil, natural gas liquids and natural gas reserves provided herein are estimates only and there is no guarantee that the estimated reserves will be recovered. Actual crude oil, natural gas and natural gas liquids reserves may be greater than or less than the estimates provided herein.
"reserves" are estimated remaining quantities of oil and natural gas and related substances anticipated to be recoverable from known accumulations, as of a given date, based on (a) analysis of drilling, geological, geophysical, and engineering data; (b) the use of established technology; and (c) specified economic conditions, which are generally accepted as being reasonable and shall be disclosed. Reserves are classified according to the degree of certainty associated with the estimates being "proved reserves", "probable reserves" and "possible reserves".
In this press release "proved reserves" means those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.
In this press release "proved plus probable reserves" means probable reserves being additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves.
SOURCE: Jericho Energy Ventures Inc.
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