Company to Spud Two Wells in December 2014
VANCOUVER, British Columbia–(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, updates current development progress underway at the Woodrush/Hunter Project (“Woodrush”) in NE B.C.
Approval is expected to be forthcoming from the Oil and Gas Commission in the Province of B.C.to drill two wells as per the previously announced 2014 development program. The wells target both the Halfway oil and Gething gas pools known to be productive at Woodrush. The plan is to place both wells on-line as soon as drilling is complete to expand current field production and reserve values of the subject hydrocarbon pools. A third well is planned for H1-2015.
The Company will own a 99% working interest in the two new wells and continue as Operator of Woodrush. 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.
“We recognize the significant production potential associated with the successful development of the multiple hydrocarbon pools located on and adjacent to our leaseholds. Our plan is to follow up with an additional Gething well in H1-2015 as part of our initiative to establish a larger production profile with an expanded reserve base. We are also actively assessing opportunistic acquisitions to further augment the asset base we have established in northern BC. We anticipate that the Woodrush Project will become an important revenue driver in 2015 and form the basis of a larger Ft. St. John production unit leveraging Dejour’s significant infrastructure and pipeline capacity currently in place,” states Robert Hodgkinson, 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 (43,505 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).
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.
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