Jericho Oil Corp. (JCO:TSX.V; JROOF:OTC) announced in a news release it hit an all-time yearly partnership production record in 2018, having increased the rate 33% over that of 2017.
Full-year 2018 production was about 297,000 barrels of oil equivalent (297 Mboe), up from 222 Mboe the previous year. The company also lowered its operating costs in 2018 by 30% to $16 per barrel of oil equivalent.
"A combination of lower absolute expenses and efficient production growth from our STACK asset produced outstanding per unit results for Jericho shareholders, further demonstrating the dedication of our team and the quality of our world-class STACK asset," the release noted.
For 2019, Jericho intends to strategically allocate capital, prioritize its STACK asset and pursue potential acquisition opportunities. Should oil prices continue to improve throughout Q1/19, the company will shift to development and speed up restarting production from its shut-in wells.
In other Jericho news, CEO Brian Williamson will assume the role of president, and chief financial officer Ben Holman will also become secretary, both as of March 1, 2019. The two will replace Allen Wilson who previously held both positions.
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