VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 14, 2015) – Dejour Energy Inc. (NYSE MKT:DEJ)(TSX:DEJ) (“Dejour” or the “Company”), an independent oil and gas exploration and production company operating in North America’s Piceance Basin and Peace River Arch regions, today announced an operational update for its project in NW Alberta.
As previously reported, Dejour tied into production the B-100 Halfway oil step out well and the A-100 Gething gas well from the 2014 drill program in Q1 2015. Due to the successful implementation of enhancements to the waterflood operation and well completions in Q1 2015, the Woodrush oil pool continues to experience significantly improved oil production performance (July to date average of 397 BO/d). Logs, production graphs and waterflood data showing this improved performance will be provided to the Company’s independent reservoir engineers for consideration in the YE 2015 evaluation of the Company’s P&NG reserves. The Woodrush project currently includes 4 oil wells and 9 natural gas wells with significant processing facilities and in place pipeline to support further expansion.
The scheduled maintenance at the McMahon gas plant that curtailed production has now been completed. Gas production at Woodrush shipped through the Spectra line is ramping up, currently averaging 1.8mmcf/d (300 BOE/d based on a ‘1:6’ ratio). The Company owns a 99% working interest in these wells and is the project operator.
“Our Woodrush project continues to deliver increased oil production as a result of executing on our mandate for excellence in reservoir management. We are pleased to resume our production profile and continue to achieve our targeted production objectives for 2015. In addition, we remain confident in our forecast for an aggregate resource portfolio of 26 Company wide gross wells producing an estimated 1200+BOE/d into the sales pipe by the end of Q3 2015, with commensurate cash flows available to continue to drive new development,” stated Robert L. Hodgkinson, Chairman & CEO.
Dejour Energy Inc. is an independent oil and natural gas exploration and production company operating projects in North America’s Piceance Basin (39,998 net acres) and Peace River Arch regions (14,444 net acres). Dejour maintains offices in Calgary and Vancouver, Canada. The company is publicly traded on the New York Stock Exchange Amex (NYSE MKT:DEJ) and Toronto Stock Exchange (TSX:DEJ).
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Dejour Energy Inc.
Robert L. Hodgkinson
Chairman & CEO
Dejour Energy Inc.
Investor Relations – New York