Drill Rigs Move Into Dejour’s Kokopelli Project
28 August 2014 - 8:25AM
Business Wire
Eight Well 2014 Program Includes
Mancos Test
Dejour Energy Inc. (NYSE MKT: DEJ / TSX: DEJ)
(“Dejour” or the “Company”), an independent
oil and natural gas exploration and production company operating in
North America's Piceance Basin and Peace River Arch regions,
announces that 2014 development operations are underway at the
Kokopelli Project (“Kokopelli’).
The new drill pad 21B has been completed including gas
connection (please refer to our website for media) and drill pad
21A has been augmented to accommodate the drilling, equipping and
utility of a water disposal well that will prove a significant
economy to existing water disposal arrangements.
A Peter Martin ’conductor’ rig is engaged to complete the ’rat
holes’ with 20” casing for eight new production wells and one water
disposal well prior to the Frontier-28 rig moving in for sequential
total depth drilling operations in mid-September.
The 2014 drill program is focused on developing significant new
production from the liquids-rich Williams Fork formation (based at
8400’) and testing for production from the Mancos reservoir, in
particular, the commerciality of deep Niobrara strata (estimated to
base at 12,750’).
As previously reported, Dejour is fully carried for 25% of the
first US$16 million in expenditures to maintain its 25% working
interest in the Kokopelli Project. The final project budget
(authorities for expenditure) should be completed shortly.
“We are pleased with this drill program profile at Kokopelli, as
we anticipate the advent of large volumes of new gas, condensate
and NGL production moving into well contracted sales lines during
the peak seasonal commodity pricing regime. This production ramp,
combined with the opportunity to test and produce the high
pressure, rich Niobrara strata of the Mancos this season, makes
this drill program by far the most important for Dejour to date. A
successful campaign is expected to contribute significantly to the
expansion of Dejour’s PDP reserve value and production base,
further de-risk the engineering profile and improve project
economics. Dejour is now poised to see Kokopelli become a
significant liquids-rich multi zonal producing field,” states
Robert L. Hodgkinson, Chairman and CEO.
About Dejour Energy Inc.
Dejour Energy Inc. is an independent oil and natural gas
exploration and production company operating projects in North
America’s Piceance Basin (45,425 net acres) and Peace River Arch
regions (17,000 net acres). Dejour maintains offices in Denver,
USA, Calgary and Vancouver, Canada. The company is publicly traded
on the New York Stock Exchange (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.
Forward-looking information in this news release includes, but
is not limited to, statements about the nature and content of the
Kokopelli Project, the estimated timing and amounts of future
expenditures of the 2014 development program, the successful
implementation of the new drill pads and the estimated timing for
the final project budget.
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 & CEOinvestor@dejour.comorCraig Allison,
914-882-0960Investor Relations- New Yorkcallison@dejour.com