Jericho Oil Corporation (OTCQX: JROOF) (TSX-V: JCO) is engaged in the acquisition, exploration, development, and production of oil properties in North America. The company has 50% working interests oil properties located in Douglas, Linn, and Miami Counties in Kansas. As of August 20, 2014, it had 27 leases covering an area of 3,600 acres. The company was formerly known as Dakar Resource Corp. and changed its name to Jericho Oil Corporation in February 2014. Jericho Oil Corporation was founded in 2010 and is based in Vancouver, Canada. SNNLive spoke with Allen Wilson, President and CEO of Jericho Oil Corporation at the LD Micro "Main Event" 2014 in Bel Air, CA.
Mr. Wilson begins with an overview of the company, “We’re in the oil business, however we entered the oil business earlier this year (2014), but our view of being a junior company was focusing on profitability. So we are targeting sort of high-margin oil as opposed to the big high-volume shale plays, so we look to produce oil for $40 or less.”
He continues, “We started in Kansas, very oil-friendly state, been a top 10 oil producer since the turn of the century 1900s and actually in the last couple weeks opportunity seems to be knocking because there’s a few oil producers out there struggling because they make less margins than we do.”
He explains what Jericho has done over the past year, “We’re very new, we started our first drill program in April, we doubled production by August and we’re currently in our second drill program, so we’re going to exit the year with tripling our production in a short 9 months.”
“Listen there’s not a CEO in the world that won’t want to sell their oil for $100 a barrel, but we’ve always modeled around the $80. I know we sit at $68 today, but we can produce it for 40 so the key is making money.” For more information, check out their website: www.JerichoOil.com
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