/C O R R E C T I O N from Source -- Lux Energy Corp./
November 18 2009 - 5:33PM
PR Newswire (US)
In TO780, "Lux Energy Corp Announces Major Property Negotiations",
transmitted at 16:01e today, the full release is being retracted.
Full corrected copy follows: CALGARY, Nov. 18 /PRNewswire/ -- Lux
Energy Corp. (OTC BB: LUXE), an oil and gas production and
exploration company, today reported that it has signed a Letter of
Intent with Dejour Alberta Energy Ltd. "DEAL", a subsidiary of
Dejour Enterprises (TSX, NYSE: DEJ), for a 1.5% working interest in
DEAL's producing Woodrush and Drake properties in Northern British
Columbia. Woodrush and Drake are key producing properties in
northern British Columbia, 60 miles due north of Ft. St John. The
properties comprise five separate leases totaling 4,000 acres, on
which three separate reservoirs are produced through six wells. In
addition to the wells, DEAL owns and operates the production
gathering system and a state-of-the-art sour oil and gas production
facility sized to handle more than 1000 BOPD and 3 MMCFD. Shane
Broesky President and CEO of Lux Energy commented, "We are very
pleased to enter into a working partnership on such a promising
project as Woodrush and Drake, with successful operators like
Dejour. Management believes that this acquisition will increase the
Company's value and strengthen future revenues. This is another
step in Lux's ongoing strategy of building a robust Company through
the acquisition of profitable, producing oil and gas properties."
Investment in the production facility at start up was in excess of
CAD$ 6.5 MM and it is sized to handle the full development of the
gas and oil pools located under the umbrella of DEAL properties.
Production facility at Woodrush began in April of 2008 and is
currently yielding restricted flows of net 400 BOE/d. A new oil
well will be spudded early in December, 2009, slated for production
by January, 2010 and a state of the art 3D seismic program is
currently being conducted by Dejour prior to the drilling of up to
2 additional wells in March 2010, targeting April 2010 production
close to 800BOE/d. Three future gas and 3 addition oil wells are
planned for the 2010-11-12 drilling season. Dejour is targeting
$20MM in gross revenues from this project in 2010. With a
successful three well drilling program in 2009/10 NPV-10 values are
expected to double to $40MM by the end of the current drill season.
Lux Energy Corp. is an oil and gas production and exploration
company focusing on developing oil and gas resources in North
America. Further information and news releases are available at
http://www.luxenergycorp.com/. Except for the historical
information contained herein, the matters discussed in this press
release are forward-looking statements. Actual results may differ
materially from those described in forward-looking statements and
are subject to risks and uncertainties. See Lux Energy's filings
with the Securities and Exchange Commission which identify specific
factors that may cause actual results or events to differ
materially from those described in the forward-looking statements.
DATASOURCE: LUX Energy Corporation CONTACT: Charles (Chuck) Tait,
Lux Energy Corp., Phone: (604) 514-6559, Email:
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