Dejour Energy Readies for Initial Kokopelli Production
Haliburton Contracted for Completion
DENVER--(BUSINESS WIRE)-- Dejour Energy Inc. (NYSE MKT: DEJ / TSX: DEJ), an independent oil and natural gas exploration and production company operating in North America's Piceance Basin and Peace River Arch regions, is pleased to announce that it has now reached total depth of 8130 feet in the Federal 6-7-15-21, the fourth and final well in the current Kokopelli drill program targeting production from multiple horizons of the NGL-rich Williams Fork in this Q2-2013 drilling operation. Again, ample gas shows, as expected, were observed. The hole has now been cased and cemented.
Following demobilization of the drilling rig and completion of the gas sales line tie in to our facilities, Haliburton (NYSE: HAL) will begin turnkey operations to stimulate and complete all four wells for production. Initial production (IP) is scheduled to commence prior to the end of Q2-2013.
Dejour operates this Kokopelli project and enjoys a 72% WI in the initial well drilled in Q4-2012 and a 100% WI in the three wells currently being drilled, all subject to a previously announced agreement with a Denver based drilling fund.
With the realization of firmer gas prices to date in 2013, Dejour is now modeling Kokopelli for the next wave of development targeted for Q4 2013. The Company estimates the potential to drill at least 27 deeper Mancos/Niobrara wells and more than an additional 200 Williams Fork wells on its two leases that comprise a total of 2200 gross acres.
The Company will report its Q1-2013 financial results after the market close on May 15, 2013.
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Dejour Energy Inc. is an independent oil and natural gas exploration and production company operating projects in North Americas Piceance Basin and environs (approximately 117,500 net acres) and Peace River Arch regions (approximately 7,500 net acres). Dejours 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 (TSX: DEJ).
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 Dejours operations or financial results, are included in Dejours 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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Dejour Energy Inc.
Robert L. Hodgkinson, Co-Chairman & CEO
Investor Relations New York
Source: Dejour Energy Inc.Copyright Business Wire 2013