This is a re-post of the earlier news. I failed to copy the entire press release and left out some important numbers.
News for 'DEJ' - (Dejour Drills 3rd Successful Well at Woodrush)
CALGARY, Alberta, Oct 14, 2010 (BUSINESS WIRE) -- Dejour Enterprises Ltd.
(NYSE-Amex: DEJ / TSX: DEJ) reports that it has logged and is now casing its
third oil well at this 6000 acre property, located 85km north of Ft. St. John in
Northeastern British Columbia. The well was drilled to the seismically defined
southeast edge of the Halfway reservoir in anticipation of a waterflood
commencing as early as the first quarter of next year. It encountered slightly
more than two meters of high quality oil sand and will be completed initially as
an oil producer.
This well is expected to be placed on production prior to the end of October, at
an initial rate of 300-400 barrels of oil per day (BOPD), bringing the field oil
production to more than 700 BOPD and total field production to between 1100 and
1200 barrels of oil equivalent (BOE) per day. Dejour is the project operator and
a 75% WI owner.
"This is the first well of a two well program to be carried out during the fall
drilling season. The program is designed to increase daily production and
confirm our seismic interpretation of sufficient oil in place for the
implementation of a waterflood in the Halfway Sand. We are pleased with the
results of the first well, proving the extension of the reservoir to the south
and east of discovery well D-91-H. The second well, if successful, will extend
the proven reservoir to the north of well A-1-I and trigger the waterflood
implementation, potentially increasing recoverable reserves from this pool by
more than 100%," commented Harrison F. Blacker, M.Sc. M.Eng., President and COO
of Dejour, and the qualified person for this release.
About Dejour
Dejour Enterprises Ltd. is an independent oil and natural gas company operating
multiple exploration and production projects in North America's Piceance Basin
(109,000 net acres) and Peace River Arch regions (20,000 net acres). Dejour's
veteran 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 Amex (NYSE - Amex: DEJ) and Toronto Stock Exchange (TSX: DEJ).
BOEs may be misleading, particularly if used in isolation. A conversion ratio of
6 thousand cubic feet of gas to 1 BOE is used in this news release and is based
on an energy equivalency conversion method primarily applicable at the burner
tip and does not represent a value equivalency at the wellhead.
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.
SOURCE: Dejour Enterprises Ltd.
CONTACT:
Dejour Enterprises Ltd.
Robert L. Hodgkinson, 604-638-5050
Co-Chairman & CEO
Facsimile: 604-638-5051
investor@dejour.com
or
Investor Relations -- New York
Craig Allison, 914-882-0960
callison@dejour.com
Copyright Business Wire 2010
Let's make one thing perfectly clear. I've made nearly 453 mistakes in my life. It's entirely possible that this post is 454.
AI
