Dejour Announces July 2010 Woodrush Production
posted on
Aug 14, 2010 08:08PM
140,000 net acres of petroleum leases in premier N.A. production regions
Dejour Announces July 2010 Woodrush Production Q2-2010 Earnings to be released August 16, 2010 Calgary, Alberta, August 10, 2010 -- Dejour Enterprises Ltd. (NYSE-AMEX: DEJ / TSX: DEJ)
(“Dejour”), an independent oil and natural gas company operating multiple exploration and production projects in Northeastern British Columbia and Western Colorado, today announces high volume crude oil and natural gas output in July from the Company's Woodrush Project located in the Peace River Arch in British Columbia, Canada. Gross project oil and gas production for the month of July was 28,271 barrels of oil equivalent (BOE), 91% of the production recorded in June. This represents a 198% improvement over the benchmark average gross monthly production of 9,500 BOE recorded during Q1-2010. Daily Production July 2010 June 2010 By Product: Natural Gas 2,610 mcf/d 2,672 mcf/d Oil 477 bbl/d 554 bbl/d Woodrush Total 912 boe/d 999 boe/d Dejour 75% WI 684 boe/d 749 boe/d
Harrison Blacker, Dejour President and COO states, “Woodrush production remained strong in July despite the D-91 oil well being shut in for the majority of the month to meet OGC production allowable quotas. For the balance of Q3, we expect gross production from the field to average approximately 750 BOE/D as a result of the implementation of a production allowable quota on the recently drilled well A-1-I, lowering its daily output by 250 BOPD. These strong production results provide us with ever increasing confidence to drill additional development locations beginning at the end of September and finalize a waterflood production program which should more than double the proven reserves of this robust Halfway oil pool, effectively eliminating the production allowable quotas now in place." The Company will release its June 30, 2010 financial results prior to the opening of trading on August 16, 2010. About Dejour Dejour Enterprises Ltd. is an independent oil and natural gas company operating multiple exploration and production projects in North America’s Piceance / Uinta 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). BOE Presentation : Barrel of oil equivalent amounts have been calculated using a conversion
rate of six thousand cubic feet of gas to one barrel of oil. The term “BOE” may be misleading if used in isolation. A BOE conversion ratio of one barrel of oil to six mcf of gas is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the well head. Total BOEs are calculated by multiplying the daily production by the number of days in the period. 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, 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, 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. DEJOUR ENTERPRISES LTD. Robert L. Hodgkinson, Co-Chairman & CEO 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 Email: investor@dejour.com