Dejour Energy Reports YE 2014 Reserve Volumes and Values
February 11 2015 - 4:05PM
Business Wire
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, is pleased to announce that today it has
received the Year End 2014 Reserve Evaluations in accordance with
Canada’s National Instrument 51-101* Standards of Disclosure. The
current and forecast prices are based on YE 2014 spot and NYMEX
futures strips prices adjusted for appropriate transportation
differentials, realizable natural gas liquids (NGL’s) value
contribution and regional processing costs.
Summary of 2014 Year-End Reserves and Values
to the Company’s Working Interests
Reserves Category
NI 51-101* Case
Canada / US
Light Oil/NGL/
Condensate
(Barrels)
Natural Gas
(Millions of Cubic Feet)
Net Present Value of BeforeTax
Cash Flow Discountedat 10% ($C =$US 0.8620)
Proved - PDP/PUD Canada 178,500 1556 $3.826 mm US 2,456,500
39,971.7 $36.997 mm Total 2,635,000 41,527.7
$40.823 mm
Probable Canada 37,300 856 $1.872 mm US 1,354,700 22,044.5
$18.209 mm Total 1,392,000 22,900.5
$20.081
mm
Total
Proved Plus Probable
4,027,000
64,428.2
$60.904 mm
Forecast Pricing
SEC Case
Canada/US
Light Oil/NGL/
Condensate
(Barrels)
Natural Gas
(Millions of Cubic Feet)
Net Present Value of BeforeTax
Cash Flow Discountedat 10% ($C=$US.8620)
Proved
Canada 178,600 1587
$7.303 mm US 1,965,400 30,322.8
$60.792 mm Total 2,144,000 31,909.8
$68.095 mm
Flat Pricing
*Reserves are defined as the Company’s working interest share of
gross reserves before royalty interest reserves.
In Canada, all Proved and Probable Reserves, provided by
Calgary, Alberta based GLJ Petroleum Consultants (GLJ) are
attributed to the Company’s Woodrush NE BC leasehold interests.
In the US, all Proved and Probable Reserves provided by Boulder,
Colorado based Gustavson Associates are attributed solely to the
Williams Fork (WF) Formation underlying the Company’s revised 25%
working interest following the disposition of 46.43% of its 71.43%
working interest at Kokopelli in mid-2014. In this area, the WF is
a 3500 ft. thick section of tight gas sands, where economic
ultimate recovery approximates 1.25 Billion Cubic Feet (BCFE)
equivalent of wet gas per well. Gustavson has identified 143 PDP
and PUD locations and 77 Probable Undeveloped locations for the WF
in the NI 51-101 case and 143 PDP/PUD locations, only, for the SEC
case. The NI 51-101 case provides a broader view of the recovery of
hydrocarbons from the Kokopelli leasehold.
"We are pleased to report the significant value retention at YE
2014 of the reserves at our core projects over YE 2013, following a
strategic sale in Q2 2014. We look forward to updating reports in
2015 to include our current development progress. With the
completion and tie in of the eight new wells at Kokopelli
anticipated for mid-year 2015 we are comfortable with our target
production forecast of 1200+ BOEPD on a Company-wide basis and
prepare for the next opportunity to expand our production base and
enterprise value during these volatile times,” states Robert L.
Hodgkinson, Chairman & CEO.
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 (43,500 net acres) and Peace River Arch
regions (16,222 net acres). Dejour maintains offices in Denver,
USA, Calgary and Vancouver.
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.
Follow Dejour Energy’s latest developments on Facebook
http://facebook.com/dejourenergy and Twitter @dejourenergy
Dejour Energy Inc.Robert L. HodgkinsonChairman &
CEOorDavid Matheson, 604-638-5050CFOinvestor@dejour.comorCraig
Allison, 914-882-0960Investor Relations - New
Yorkcallison@dejour.com
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