Jericho Oil Corporation has entered into an agreement to acquire an interest in 9,400 net surface acres in the oil window of the Anadarko Basin STACK play in Oklahoma. This transaction provides Jericho the option to invest up to USD 9 million in acquisition and development capital to acquire just under one-third of the joint venture that will own the assets. The transaction is subject to customary closing conditions and is expected to close in third quarter 2017. The 9,400 net surface acres (approximately 85% Operated) being acquired in the STACK play are a highly contiguous block located in Blaine County, Oklahoma. Situated in the normally pressured oil-window of the play, these properties include development targets in up to 6 intervals, including multiple landing zones in the Chester, Meramec, Osage and Woodford formations. The acreage is currently 100% held- by-production from legacy producing wellbores.

The Board of Directors of the company has appointed Brian Williamson as Chief Executive Officer of Jericho Oil Corporation. Brian is currently the President of Jericho Oil (Oklahoma) Corp. and over-sees operations for Jericho's Oklahoma asset base. Brian has been President of Jericho's Oklahoma operations since 2016. The company has also added Jennifer McQueen, as VP of Engineering. Prior to joining Jericho, Ms. McQueen held various positions of increasing responsibility within large independent companies focusing on horizontal development in shale oil plays across the United States including Samson Resources, SM Energy and Ceja Corporation in addition to multiple private-equity backed ventures.