Dejour Isses NE BC Operational Update
Dejour Energy Inc. (NYSE MKT: DEJ / TSX: DEJ) (“Dejour” or the “Company”), an independent oil and gas exploration and production company operating in North America’s Piceance Basin and Peace River Arch regions, today announced an operational update for its project in NW Alberta.
As previously reported, Dejour tied into production the B-100 Halfway oil step out well and the A-100 Gething gas well from the recently completed 2014 drill program. Due to the successful implementation of enhancements to the waterflood operation and well work-overs completed in Q1 2015, the Woodrush oil pool is experiencing significantly improved oil production (most recently at 350 BO/d) performance. Logs and production graphs showing this performance will be provided to the Company’s independent reservoir engineer’s consideration in the YE 2015 evaluation of the Company’s P&NG reserves. The Woodrush project currently includes 4 oil wells and 9 natural gas wells with significant processing facilities and in place pipeline to support further expansion.
Sales gas production at Woodrush through the Spectra line is currently averaging over 350 BOE/d and will be temporarily curtailed due to scheduled maintenance at the McMahon gas plant for most of the month of June. At the conclusion of maintenance, Dejour expects gas production to return to current levels.
The Company owns a 99% working interest in these wells and is the project operator.
“Our Woodrush project is delivering increased oil production as a result of executing on our mandate for excellence in reservoir management. With an expanded internally funded credit facility to support the achievement of our production objectives for 2015, Dejour is confident in its forecast for an aggregate resource portfolio of 26 Company wide gross wells producing an estimated 1200+BOE/d into the sales pipe by the end of Q3 2015, with commensurate cash flows to drive key project development,” stated Robert L. Hodgkinson, Chairman & CEO.