Jericho Energy, Inc (PINKSHEETS:CNRN)
Shares Outstanding: 30 MIL
Tradable Float est.: 3.8 Mil
May 2nd closing price: .36
52 week high .40
52 week low 0.004
EDS Rating STRONG BUY / ACCUMULATE: Long Term 

 

Tonight's inspirational quote:
“If your going to be thinking, you may as well think big"
-Donald Trump

Dear Readers,

It is with great pleasure to introduce Jericho Energy, Inc as our May Company of the Month. 

The current ticker CNRN will change to reflect the Jericho Energy Inc Name as the result of a reverse merger. This ticker and name change will change within 30 to 60 days after all NASD & PINKSHEETS administration paperwork has been filed and completed   

The Company has put together a 11,000 acre major lease prospect in the Rush Valley region of Utah with room for over 75 wells. The Company believes the property holds more than 750 million barrels recoverable at the conservative end and 1 billion barrels recoverable at the optimistic end.

What makes Jericho Energy, Inc unique:

Robert Dunbar, The Companies Geophysicist famous for his consulting focus and expertise on the Canadian Oil Sands Industry believes Utah 's  Rush Valley region to be the largest exploratory projects in the United States .

U.S. Sen. Kay Bailey Hutchison (R-Texas), Texas' senior senator, today announced new legislation that seeks to lower gas prices and reduce dependence on foreign energy sources by significantly increasing domestic production of oil and natural gas.

"We've been fighting for increased domestic oil and gas production in Congress for years and it has continually been blocked," said Sen. Hutchison.  "This bill will be a step in the right direction to lowering the price of energy for all Americans."

The Domestic Energy Production Act of 2008 would allow oil and gas exploration and production in the Outer Continental Shelf of the Pacific and Atlantic, as well as Alaska.  It is estimated that these areas, along with the Gulf of Mexico Outer Continental Shelf, could contain as much as 115 billion barrels of oil - significantly greater than Venezuela's current reserves of 80 billion barrels - and 565 trillion cubic feet of natural gas, which is greater than the combined natural gas reserves of Iraq, China, Yemen, Oman, Nigeria, and Venezuela. 

 "Now, more than ever, we must seek common sense solutions to provide Americans relief," said Sen. Hutchison.  "The Domestic Energy Production Act would make a significant difference by enabling us to produce more of our own oil and gas for our country, so we're no longer dependent on foreign sources, many of which are hostile towards America."

Additionally, this bill allows oil and gas leasing in the Arctic National Wildlife Refuge which could contain as much as 10.4 billion barrels of oil.  A 2,000 acre area of production in Alaska could contain nearly as much oil as all of Mexico's oil reserves.  The Domestic Energy Production Act of 2008 would grant access to over one trillion barrels of shale oil in the Colorado, Wyoming, and Utah.  These reserves are equivalent to three times the oil Saudi Arabia has on reserve.  The bill will also streamline regulatory requirements for new refinery capacity.

Sen. Hutchison is one of the bill's original co-sponsors, along with Sen. Pete V. Domenici (R-NM), who authored the bill, Sens. Wayne Allard (R-CO), Robert Bennett (R-UT), John Barrasso (R-WY), Kit Bond (R-MO), Jim Bunning (R-KY), Saxby Chambliss (R-GA), Thad Cochran (R-MS), John Cornyn (R-TX), Mike Enzi (R-WY), James Inhofe (R-OK), Johnny Isakson (R-GA), Lisa Murkowski (R-AK), Jeff Sessions (R-AL), Ted Stevens (R-AK), John Thune (R-SD), Roger Wicker (R-MS), and George Voinovich (R-OH).

Remember readers, this is a long term stock to buy and hold. The Company will begin its audit shortly for fully reporting status and may choose to list on the OTCQX

 

 

-------------------------------------------------------
Please view the disclaimer for CNRN here