At a time when many companies are consolidating or eliminating operations, Vancouver-based Jericho Oil Corporation is expanding into Oklahoma with continued plans for immediate growth.
Earlier this month, Jericho relocated its Tulsa regional branch to a larger office in the Kennedy Building, tripling its square footage in the process.
“The focus of this company is Oklahoma,” said Allen Wilson, CEO.
Most recently, the oil and gas company announced it was buying 31,200 acres and 62 operated well bores located in the Noble-Pawnee-Payne county region of central Oklahoma, according to a Tulsa World report. It is Jericho’s fifth Oklahoma purchase in over a year.
According to its website, Jericho is focused on acquiring, developing and producing overlooked and undervalued oil properties in the Mid-Continent region. Opportunities for growth abound while the industry continues to experience an economic downturn.
“No oil company wants a lower price, but you have to adapt and manage your way through these situations. This is an opportunity to buy production we haven’t seen in decades,” said Wilson.
Jericho’s business strategy targets Oklahoma’s Hunton, Mississippi Lime and Woodford distressed and non-core assets that are being jettisoned by restructured oil and gas companies.
In March 2015, Jericho completed its first acquisition of 1,850 acres in Oklahoma. In May 2015, the company purchased 2,500 acres from Chaparral Energy. Since then, Jericho has acquired additional properties fitting into the company’s strategic plan.
The allure of Tulsa’s oil patch roots and highly skilled energy workforce are attractive to Jericho.
“It has a great oil history, great talent, good infrastructure for our business,” said Brian Williamson, Jericho’s managing director of operations and acquisitions.