Encounters Both Halfway Oil Pool Extension and Gething Gas Pool
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.
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).
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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