Jadela Oil Corp. (Jadela) is a Calgary-based junior oil and gas exploration company operating in Western Canada. Jadela also operates in Texas through a wholly owned subsidiary, Jadela Oil (US) Operating LLC (Jadela (US)). Jadela US has acquired rights to exploit oil and gas mineral rights equalling 8,307 gross acres (1,200 net acres) in Maverick County, Texas. Jadela US has drilled one Eagle Ford formation well (El Indio #1H). The land is located 20 miles south of Eagle Pass and directly west of El Indio Texas. The primary Texas target zone is the Eagle Ford formation.
The management team believes their experience in Canadian resource plays will be invaluable and transferable in the development of the resource plays because it can apply completion methods not in commonly used in Texas. In particular, the use of vertical and horizontal “open hole propane fracs” as opposed to “plug and perf slickwater fracs”. Jadela is optimistic the current market environment provides an excellent opportunity to Jadela as an emerging technological leader in the up-dip oil part of the Eagle Ford play.
As of December 31, 2013, there were 28,443,341 issued and outstanding common shares. There were 2,400,500 options entitling holder to purchase 2,400,500 common shares. Average exercise price $0.25 per share. There were 1,800,00 warrants entitling holders to purchase 1,800,00 common shares. The exercise price for the warrants is $0.10 per common share expiring in November 2015. Fully diluted there would be 32,643,541 common shares. The trading symbol on TSXV is “JOC”.