Dejour Discovery Nets 38’ Combined Pay at Woodrush
December 16 2014 - 4:05PM
Business Wire
Encounters Both Halfway Oil Pool Extension
and Gething Gas Pool
Dejour Energy Inc. (NYSE MKT: DEJ / TSX: DEJ) (“Dejour” or the
“Company”), an independent oil and natural gas exploration and
production company operating in North America's Piceance Basin and
Peace River Arch regions, updates current development progress
underway at the Woodrush/Hunter Project (“Woodrush”) in NE
B.C.
As per the previously announced 2014 development program, Dejour
has now drilled, logged and cased the first new well of the
campaign. The logs indicate a net combined 38’ of productive
hydrocarbon pay in the Halfway oil and Gething gas pools with
quantities anticipated to be commercially productive. The drill rig
is being skidded over today to the second well, targeting the
Gething exclusively, expected to spud tomorrow.
This new oil well (B-100) will now be completed and tied into
production in December. The Gething gas pool will remain behind
pipe in this well but produced in the second well, assuming
drilling success. Production rates and initial reserve quantity and
value additions will be released as available.
The Company owns a 99% working interest in this well and is the
Operator. The Project encompasses 23,000 gross (17,000 net) acres
with 3 oil wells and 6 natural gas wells currently operating at
Woodrush and 2 additional gas wells operating in the adjacent
Hunter Project in Northern B.C.
"These are important discoveries to Dejour. Production from the
new Halfway well will expand the geographical area of the known
pool and commensurately, the associated reserve base. The addition
of a fourth well into the oil pool also adds to the control
integrity of waterflood management. The Gething discovery
substantiates our technical team’s mapping of the gas pool over
much of the leasehold. It too is expected to significantly add to
the reserve base, increase the throughput of our facilities and
serve to reduce per BOE of operating costs with better utilization
of existing infrastructure and pipeline capacity currently in
place. We are hopeful this work, combined with the results of the
second well now being drilled, will lead to additional development.
Finding and development costs are very attractive. Logs and
production rates will be provided on a timely basis to GLJ, our
reservoir engineers for inclusion in the YE 2014 numbers," states
Robert Hodgkinson, CEO.
Dejour would also like to notify the market that it is still not
in full compliance with the continued listing standards of the NYSE
MKT, however the Company has made reasonable demonstration of its
ability to regain compliance with Section 1003(a)(iv) of the
Company Guide and the listing is being continued pursuant to an
extension targeting May 22, 2015, as the completion date.
About Dejour Energy Inc.
Dejour Energy Inc. is an independent oil and natural gas
exploration and production company operating projects in North
America’s Piceance Basin (43,505 net acres) and Peace River Arch
regions (17,000 net acres). Dejour maintains offices in Denver,
USA, Calgary and Vancouver, Canada. The company is publicly traded
on the New York Stock Exchange (NYSE MKT: DEJ) and Toronto Stock
Exchange (DEJ.TO).
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.
Forward-looking information in this news release includes, but
is not limited to, statements about the nature and content of the
Kokopelli Project, the estimated timing and amounts of future
expenditures of the 2014 development program, the successful
implementation of the new drill pads and the estimated timing for
the final project budget.
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.
Follow Dejour Energy’s latest developments on:Facebook
http://facebook.com/dejourenergy and Twitter @dejourenergy
Dejour Energy Inc.Robert L. Hodgkinson,
604-638-5050Chairman & CEOinvestor@dejour.comorCraig Allison,
914-882-0960Investor Relations - New Yorkcallison@dejour.com
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