Mr. Allen Wilson reports

JERICHO OIL TO LAUNCH ITS PHASE II DEVELOPMENT DRILLING PROGRAM; JERICHO CONTINUES DRILLING KANSAS LAND PACKAGE FOLLOWING SUCCESSFUL PHASE I RESULTS

Jericho Oil Corp. will commence the first stage of its phase II development drilling program for its Kansas land package. Employing two active rigs, the first stage of Jericho's phase II shallow drilling program calls for 25 vertically producing wells and 25 water injection wells to be drilled, equipped and completed into known producing formations during the fourth quarter of 2014. In addition, there are approximately 10 to 15 potential workover well candidates.

Following on the heels of its successful phase I drilling program, Jericho added 729 acres of contiguous and proximate acreage along a historically prolific oil-producing channel which the company is targeting to drill as part of its phase II development program.

Allen Wilson, chief executive officer of Jericho Oil, stated: "We are excited to build on our phase I success, where we saw our production nearly double and the company begin to achieve steady cash flow from a strong production base. Our operating team is looking forward to putting all the subsurface knowledge gained over the last five months to work in the continued build of our production base."

The acreage has been significantly derisked by the company's phase I drilling efforts which saw Jericho drill and complete 105 producers and water injection wells. The company gained valuable geological and geophysical data allowing for a more defined reservoir control and understanding of the targeted sand body. As a result of Jericho's phase I drilling program, production has approximately doubled since the company recommenced trading on the TSX Venture Exchange in March, 2014.

The phase II drilling program will be developed using Jericho's three-phase systematic asset development plan (see p. 12 of Jericho's investor presentation). Newly drilled wells will follow Jericho's value creation strategy through 2.5-acre downspacing and five-spot waterflood patterns.

The announced low-risk shallow redevelopment and drilling program is a part of Jericho's strategy to revitalize legacy producing oil fields through the implementation of proven, modern drilling completion and recovery techniques. Wells, on average, will be drilled in two to three days to depths between 650 and 750 vertical feet.

We seek Safe Harbor.