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Green Energy Co. Sells Some of Its Okla. Oil Property

Source: Streetwise Reports

 

November 17, 2022 (Investorideas.com Newswire) Jericho Energy Ventures Inc., which is making the move to green energy, is selling some of its undeveloped acreage in the STACK oil region of Oklahoma.


Jericho Energy Ventures Inc. (JEV:TSX.V; JROOF:OTC PINK: JLM:FRA) and a joint venture partner have agreed to sell some of their undeveloped acreage in the STACK oil region of Oklahoma.

Jericho holds a 26.5% interest in the JV, which was paid US$1.37 million for the land.


Source: CliveMaund.com

The stock has been showing signs of basing in recent months, wrote technical analyst Clive Maund on his CliveMaund.com on Tuesday. The STACK sale "should of course bring money into the company," he said.

"The pattern from late 2017 looks like a lopsided cup and handle base with a deep droopy handle forming due to the vertical runup early in 2021 being so extreme," Maund wrote. "If so, we may be at a very good entry point here with the price having dropped back to a zone of strong support to complete the handle of the pattern."

STACK stands for "Sooner Trend (oil field), Anadarko (basin), Canadian and Kingfisher (counties)." Northwest of Oklahoma City, the play targets multiple stacked formations for oil and gas production.

"The conclusion is that Jericho is a speculative Buy here for all timeframes, and the news out this morning could get it moving," Maund wrote.

The Catalyst

Jericho officials said they believe that years of underinvestment and geopolitical events have buoyed oil and gas prices, bringing higher land acquisition and drilling activity back to the STACK play.

"With this divestiture to a top-tier operator, we increase the likelihood that new offset drilling activity will become nearly contiguous to JEV's entire STACK position," Jericho Chief Executive Officer Brian Williamson said.

Pivoting Toward Green Energy

Once an oil and gas business, Jericho has been transitioning to green energy since June 2020. It still has oil and gas interests, such as in the STACK play, but is using the money from rising prices to help fund its push toward hydrogen.

Recently, an independent third-party firm rated the company's zero-emissions hydrogen boiler technology as nearly 100% fuel efficient.

Earlier this month, Jericho announced that the Dynamic Combustion Chamber™, or DCC, boiler is being considered for deployment at major facilities around the world. Feasibility studies are being conducted or considered at 34 locations across seven industries and five continents, the company said.

"DCC clean steam generation offers a novel, immediate, cost-effective solution to reducing their operational emissions," Williamson said. "We anticipate seeing some of our current feasibility study clients move to secure the DCC for deployment at their facilities in the coming months."

As companies shift toward greener energy sources and look to lower their carbon footprint, Jericho hopes its boiler technology will be there for commercial heating, hot water, and industrial steam boilers.

Hydrogen Technologies, a fully owned subsidiary of Jericho, has patented its method for burning hydrogen and oxygen in a vacuum chamber to create high-temperature water and steam with no greenhouse gases or other pollutants. The only by-product is water, which is recycled. It's meant to replace existing boilers that burn coal, natural gas, diesel, or fuel oil.

The U.S. Department of Energy said the hydrogen market "is in its infancy" but that it has the "potential for near-zero greenhouse gas emissions."

The element is the most abundant element in the universe. It's stored in water, hydrocarbons (such as methane), and other organic matter.

As Maund once wrote for Streetwise Reports, hydrogen "is a fuel of the future."

Ownership, Coverage, and Share Structure

Top shareholders in Jericho include Michael L. Graves Inter Vivos Trust with 16.43% or 37.13 million shares, McKenna & Associates LLC with 10.78% or 24.36 million shares, the CEO Williamson with 1.26% or 2.85 million shares, company Director Allen Wilson with 0.87% or 1.97 million shares, and Nicholas W. Baxter with 0.5% or 1.14 million shares.

The company is covered by newsletter writers Clive Maund of Clivemaund.com, Bob Moriarty of 321gold.com, and Chris Temple of The National Investor. Click "See More Live Data" in the data box above to see more of what they are saying about Jericho Energy.

Jericho has a market cap of CA$75.65 million with 226 million shares outstanding, 158.3 million of them free-floating. It trades in a 52-week range of CA$0.84 and CA$0.31.

Disclosures:

1) Steve Sobek wrote this article for Streetwise Reports LLC. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.

2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Jericho Energy Ventures. Click here for important disclosures about sponsor fees. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.

3) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.

4) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the decision to publish an article until three business days after the publication of the article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Jericho Energy Ventures, a company mentioned in this article.

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