- Report of Foreign Issuer (6-K)
November 09 2010 - 5:07AM
Edgar (US Regulatory)
UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 AND 15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the
Period: November 8,
2010 File
No.
001-33509
DEJOUR ENTERPRISES
LTD.
(Name of
Registrant)
598-999 Canada Place,
Vancouver, British Columbia, Canada, V6C 3E1
(Address
of principal executive offices)
Indicate
by check mark whether the Registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Indicate
by check mark whether the Registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Woodrush
Waterflood Program Underway
Dejour
2011 Woodrush Production Forecast to Rise by 50%
Vancouver, British Columbia, November
8, 2010
-- Dejour Enterprises Ltd. (NYSE-AMEX: DEJ / TSX:
DEJ) announces that it has submitted to the British Columbia Oil and
Gas Commission ("OGC") an application for improved recovery in the Halfway Oil
Pool at the Woodrush Field, Northeast British Columbia, through the
implementation of a waterflood program. The company has commissioned the
engineering design and procurement effort for the project in anticipation of
commencing water injection prior to the end of January, 2011.
Due to a
naturally increasing gas component, the Woodrush oil production is currently
experiencing a well allowable restriction imposed by the OGC of British
Columbia, to conserve this oil resource during waterflood implementation. This
will be phased out once water injection has commenced. Dejour expects average
daily gross production from Woodrush to be approximately 650 BOE/D for the
remainder of Q4, 2010. This gross production profile is expected to increase to
an estimated 850 BOE/D in early 2011 and continue to increase to a level of 1200
to 1400 BOE/D by the second half of 2011, 65% oil, a gross production level
sustainable for the foreseeable future. Dejour, the operator, holds a 75%
working interest in this project.
The
Company expects, on a temporary basis, to experience lower sequential operating
revenue and cash flow in Q4-2010 as a result of the above. However, proceeds
from disposition of a non-core property will substantially offset this impact.
For fiscal year 2010, the Company expects total revenue of C$8 Million (an 18%
increase over 2009), all from the Woodrush Field. Revenue contribution to Dejour
in 2011 from Woodrush current operations is estimated to increase by 50% to C$12
Million, unrisked, current pricing, as the waterflood takes hold. At this
production rate the project is expected to have a reserve life of at least 6
years.
Dejour
will report its Q3-2010 earnings on November 15, 2010.
“The
waterflood at Woodrush represents a significant milestone in the evolution of
Dejour. The program is expected to double the amount of recoverable oil from
this Halfway pool and provide both a consistent and strong revenue stream to
support profitability once fully operational. With the trend of oil prices
rising into 2011, implementation of this program at Woodrush is particularly
timely," commented Robert L. Hodgkinson, Co-Chairman and CEO.
About
Dejour
Dejour Enterprises Ltd. is an
independent oil and natural gas company operating multiple exploration and
production projects in North America’s Piceance Basin
(109,000 net acres) and Peace River Arch regions
(20,000 net acres). Dejour’s veteran management team has
consistently been among early identifiers of premium energy assets, repeatedly
timing investments and transactions to realize their value
to shareholders' best advantage. Dejour maintains offices in
Denver
,
USA
,
Calgary
and
Vancouver
,
Canada
. The company is publicly traded on the
New York Stock Exchange Amex (NYSE - Amex: DEJ) and Toronto Stock Exchange (TSX:
DEJ).
Non-GAAP Measures
: This news
release contains references to non-GAAP measures. Operating Netback is a
non-GAAP measure defined as revenues less royalties and operating and
transportation expenses. This measure may not be comparable to similar measures
presented by other issuers. These measures have been described and presented in
this document in order to provide shareholders and potential investors with
additional information regarding our liquidity and our ability to generate funds
to finance our operations.
Statements Regarding Forward-Looking
Information:
This news release contains statements about oil and gas
production and operating activities that may constitute "forward-looking
statements" or “forward-looking information” within the meaning of applicable
securities legislation as they involve the implied assessment that the resources
described can be profitably produced in the future, based on certain estimates
and assumptions. Forward-looking statements are based on current expectations,
estimates and projections that involve a number of risks, uncertainties and
other factors that could cause actual results to differ materially from those
anticipated by Dejour and described in the forward-looking statements. These
risks, uncertainties and other factors include, but are not limited to, adverse
general economic conditions, operating hazards, drilling risks, inherent
uncertainties in interpreting engineering and geologic data, competition,
reduced availability of drilling and other well services, fluctuations in oil
and gas prices and prices for drilling and other well services, government
regulation and foreign political risks, fluctuations in the exchange rate
between Canadian and US dollars and other currencies, as well as other risks
commonly associated with the exploration and development of oil and gas
properties. Additional information on these and other factors, which could
affect Dejour’s operations or financial results, are included in Dejour’s
reports on file with Canadian and United States securities regulatory
authorities. We assume no obligation to update forward-looking statements should
circumstances or management's estimates or opinions change unless otherwise
required under securities law.
The
TSX does not accept responsibility for the adequacy or accuracy of this news
release.
Robert L. Hodgkinson,
Co-Chairman & CEO
Investor Relations –
New York
598 – 999 Canada
Place,
Craig
Allison
Vancouver, BC Canada V6C 3E1
Phone: 914.882.0960
Phone:
604.638.5050 Facsimile: 604.638.5051
Email:
callison@dejour.com
Email:
investor@dejour.com
|
Dejour Enterprises
Ltd.
|
|
|
(Registrant)
|
|
|
|
|
|
Dated:
November 8, 2010
|
By:
|
/s/
Mathew Wong
|
|
|
|
Mathew
Wong,
|
|
|
|
Chief
Financial Officer
|
|
DXI Capital (CE) (USOTC:DXIEF)
Historical Stock Chart
From Jun 2024 to Jul 2024
DXI Capital (CE) (USOTC:DXIEF)
Historical Stock Chart
From Jul 2023 to Jul 2024