Dejour Sees 60% Increase in Net Production at Woodrush
April 15 2014 - 4:30PM
Business Wire
Further Production Enhancements Planned for
2014
Dejour Energy Inc.: (NYSE MKT: DEJ / TSX: DEJ), an
independent oil and gas natural gas exploration and production
company operating in North America’s Piceance Basin and Peace River
Arch regions, announced today that gross daily production at its
Woodrush project in NE British Columbia is currently 540 boepd (380
net), an increase of 60% over average gross daily production during
Q4 2013 of 316 boepd (237 net).
As previously reported on March 26, 2014 (effective date of
acquisition February 1, 2014), the Company closed the purchase of
certain natural gas producing assets and related processing
facilities adjacent to its Woodrush oilfield 120 km. north of Ft.
St. John, B.C. The assets acquired include a 54% working interest
in a currently producing Halfway formation well and a 74% working
interest in 3 shut-in Halfway natural gas wells. One of those wells
has now been reactivated and is producing an additional ~1mmcf/d
into the Company’s sales line at Woodrush. The Company is analyzing
the best procedure for reactivating the remaining wells. Proven
Developed Producing reserve additions are now being calculated.
“We are very pleased to report this development at Woodrush,”
states Chairman/CEO Robert L. Hodgkinson, “and plan to continue to
develop natural gas production at Woodrush throughout the remainder
of 2014. Our $2.4mm CAPEX budget includes opening up the prolific
Gething sweet gas zone that drapes over the Halfway at this
project. We expect strong gas prices to prevail in B.C. Our
delivery system to the Spectra line has capacity up to 6mmcf/d in
its current configuration, 10mmcf/d with additional
compression.”
In accordance with NYSE Regulation reporting requirements, the
Company announces that the “Independent Auditor’s Report” on the
Company’s Consolidated Financial Statements for the Year Ended
December 31, 2013 contains, without qualifying the Auditor’s audit
opinion, standard comments as to the Company’s ability to continue
as a “going concern.”
Please join us for our Dejour Investor Update Conference
Call:
April 17, 2014 11:00 ESTUS/Canada Toll Free
1-866-321-6651International Toll Free 1-416-642-5212Conference ID:
8363391
About Dejour
Dejour Energy Inc. is an independent oil and natural gas
exploration and production company operating projects in North
America’s Piceance Basin (approximately 71,500 net acres) and Peace
River Arch regions (approximately 17,000 net acres). Dejour’s
seasoned management team has consistently been among early
identifiers of premium energy assets, repeatedly timing investments
and transactions to realize their value to shareholders' best
advantage. Dejour maintains offices in Denver, USA, Calgary and
Vancouver, Canada. The company is publicly traded on the New York
Stock Exchange MKT (NYSE MKT: DEJ) and Toronto Stock Exchange
(DEJ.TO).
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. Hodgkinson,
604-638-5050Chairman & CEOF:
604-638-5051investor@dejour.comorCraig Allison,
914-882-0960Investor Relations – New Yorkcallison@dejour.com
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