UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 AND 15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the
Period: March 16,
2010 File
No.
001-33494
DEJOUR ENTERPRISES
LTD.
(Name of
Registrant)
598-999 Canada Place,
Vancouver, British Columbia, Canada, V6C 3E1
(Address
of principal executive offices)
Indicate
by check mark whether the Registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Indicate
by check mark whether the Registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Dejour Proved and Probable Reserves
Increase by 215 Billion Cubic Feet
Gas Equivalent in 2009
Key
Piceance Basin Project’s Proved Undeveloped and Probable Reserves valued at
Before Tax
Net
PV-10 of US$297 Million (net of capital, operating costs and local
taxes)
Denver, Colorado, March 16, 2010
—
Dejour Enterprises Ltd. (NYSE-AMEX: DEJ / TSX: DEJ), a high growth oil and
natural gas company operating multiple exploration and production projects in
North America's Piceance / Uinta Basin and Peace River Arch regions announced
the results of its year end reserve assessment for its wholly-owned subsidiary
Dejour Energy (USA) Corp. The reserve evaluation was conducted by
independent, global consultants Gustavson Associates LLC (“Gustavson”), of
Boulder Colorado, a qualified resource evaluator, and was prepared in accordance
with Canada’s National Instrument 51-101 Standards of Disclosure for Oil and Gas
Activities and the COGE Handbook. The forecast prices are based on December 31,
2009 NYMEX futures strips prices prepared by Gustavson and adjusted for the
appropriate transportation differentials.
Summary
of Dejour’s Gibson Gulch 2009 Year-End Net Reserves
Reserves
Category
|
|
Light
and Medium Oil
(Millions
of Barrels)
|
|
|
Natural
Gas
(Billions
of Cubic Feet)
|
|
|
Natural
Gas Equivalent
(Billions
of Cubic Feet Equivalent)
|
|
Net
Present Value of Before Tax
Cash
Flow Discounted at 10% (USD)
|
Proved
Undeveloped
|
|
|
0.6
|
|
|
|
87
|
|
|
|
91
|
|
$149
Million
|
Probable
|
|
|
0.8
|
|
|
|
120
|
|
|
|
124
|
|
$148
Million
|
Total
Proved Plus
Probable
|
|
|
1.4
|
|
|
|
207
|
|
|
|
215
|
|
$297
Million
|
All
Proved and Probable Reserves are attributed to the Mesaverde (Williams Fork)
Formation underlying the Company’s leasehold at Gibson Gulch. In this area, the
Mesaverde Formation is a 2500 ft. thick section of tight gas sands, with an
anticipated ultimate recovery per well of 1.65 Billion Cubic Feet of gas.
Utilization of enhanced fracture stimulation technology over the past few years
has enabled production rate increases of 50-100% in this formation. Antero,
Barrett (NYSE: BBG) and Williams Co. (NYSE:WMB) have operations bordering
Dejour’s Gibson Gulch holdings. Williams entered the area via purchase of
bordering acreage in 2009. Of note, Dejour’s Gibson Gulch leases make up less
than 2% of Dejour’s leasehold in Colorado and Utah.
The
year-end reserve report also assesses the Gross Prospective Resource for
Dejour’s entire leasehold position in Colorado and Utah. This assessment yielded
a statistically derived Prospective Resource Best Estimate, net to Dejour, in
excess of 124 million barrels of oil and 1.4 trillion cubic feet of gas from
formations under Dejour’s leasehold, other than Gibson Gulch.
“Dejour
is fully engaged in developing its exploitation plan for Gibson Gulch, where we
are already looking beyond the Mesaverde to the deeper Mancos Shale as a
target”, said Harrison Blacker, President & COO. “We are actively permitting
drilling locations on other leases in the Piceance to advance our exploration
program in 2010. The significant increase in our Proved Reserves during a year
of reduced industry drilling activity demonstrates the value of Dejour’s
strategy to focus on key Piceance Basin properties”.
Dejour
will provide detailed information on its reserves when it files its Annual
Information Form at the end of March 2010. Harrison F. Blacker, M.Sc. is the
qualified person for Dejour’s oil and gas projects.
About
Dejour
Dejour Enterprises Ltd. is a high
growth crude oil and natural gas company operating multiple exploration and
production projects in North America's Piceance / Uinta Basin (97,000 net acres)
and Peace River Arch regions (18,000 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).
Disclosures Regarding Reserve
Estimates:
The reserve estimates assume available funding for
development of the properties. Disclosed values do not necessarily represent
fair market value. A conversion ratio for Cubic Feet Equivalent
of gas of 6 thousand cubic feet to 1 bbl is used in the above tables 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. Prospective Resources are defined as “those quantities of
petroleum estimated, as of a given date, to be potentially recoverable from
undiscovered accumulations by application of future development projects.
Prospective resources have both an associated chance of discovery and a chance
of development. Prospective Resources are further subdivided in accordance with
the level of certainty associated with recoverable estimates assuming their
discovery and development and may be sub-classified based on project maturity”.
There is no certainty that any portion of the resources will be discovered. If
discovered, there is no certainty that it will be commercially viable to produce
any portion of the resources. These estimates represent the likely size of the
resource, if present, and have not been adjusted for risk of
failure.
Statements Regarding Forward-Looking
Information
: This news release contains statements that may constitute
"forward-looking statements" or "forward-looking information" within the meaning
of applicable securities legislation as they involve the assessment that the
reserves and resources described can be profitably produced in the future, based
on certain estimates and assumptions, these forward-looking statements include
but are not limited to, the availability of funding for future projects,
anticipated recovery per well for Gibson Gulch, the, risks related prospective
resource best estimate being inaccurate or incomplete or based upon errors in
assumptions, adverse general economic conditions, operating hazards, drilling
risks, inherent uncertainties in interpreting engineering and geologic data,
fluctuations in oil and gas prices and prices for drilling and other well
services, government regulation and foreign political risks, 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.
Robert L. Hodgkinson, Co-Chairman
&
CEO
DEJOUR ENTERPRISES
LTD.
Investor
Relations - New York
598 - 999
Canada Place,
Craig
Allison
Vancouver,
BC Canada V6C 3E1
Phone:
914-882-0960
Phone:
604.638.5050 Facsimile: 604.638.5051
Email:
callison@dejour.com
|
Dejour Enterprises
Ltd.
|
|
|
(Registrant)
|
|
|
|
|
|
Dated:
March 16, 2010
|
By:
|
/s/ Mathew
Wong
|
|
|
|
Mathew
Wong,
|
|
|
|
Chief
Financial Officer
|
|
|
|
|
|
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