Jericho Oil to Raise $5 Million CAD in Equity Financing for Future Acquisitions

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TULSA, Okla. and VANCOUVER, British Columbia, April 23, 2020 (GLOBE NEWSWIRE) — Jericho Oil Corporation (“Jericho”) (TSX-V: JCO) announces that it intends to raise approximately $5 Million CAD through a non-brokered private placement (the “Offering”) of approximately 50,000,000 units (“Units”) at a price of C$0.10 per Unit, with each such Unit consisting of one common share of the Corporation (each, a “Common Share”) and one Common Share purchase warrant (each, a “Warrant”), with each Warrant being exercisable for one additional Common Share at an exercise price of $0.13 CAD for a period of 36 months from the date of issuance.

Net proceeds from the Offering, which is being led by existing shareholders, will be used primarily for the acquisition of assets during the current market downturn. Jericho will continue to be opportunistic in the present environment and look to acquire what it perceives to be high-quality assets in dislocated situations. While Jericho does not currently have any binding agreement to enter into any such transaction, having cash on hand will allow it to be nimble as market opportunities arise.

No finders’ fees or commissions are being paid in connection with the Offering. Closing of the Offering is subject to TSX Venture Exchange approval. All securities issued pursuant to the Offering will be subject to a four month and one day hold period from the date of issuance.

About Jericho Oil Corporation

Jericho Oil (www.jerichooil.com) is focused on domestic, liquids-rich unconventional resource plays, located primarily in the Anadarko basin STACK play of Oklahoma. Jericho’s primary business objective is driving long-term shareholder value through the growth of oil and gas production, cash flow and reserves. Jericho has assembled a 55,000 net acre position across Oklahoma.

The forward-looking information and 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 information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws.

Neither 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.