Dejour Energy Commences Drilling 4th Kokopelli Well
April Daily Oil Production Up 25% over Q1-2013 Average
DENVER--(BUSINESS WIRE)-- Dejour Energy Inc. (NYSE MKT: DEJ / TSX: DEJ), an independent oil and natural gas exploration and production company operating in North America's Piceance Basin and Peace River Arch regions, is pleased to announce that its third well, Federal 6-7-14-21, has reached a total depth of 8400 feet at Kokopelli. Again, ample gas shows, as expected, were observed throughout the Williams Fork formation. The hole has now been cased and cemented, awaiting completion later this month.
The Patterson-Uta rig is now drilling the fourth and final well of this current Q2-2013 drilling operation, the Federal 6-7-15-21, targeting production in multiple horizons of the NGL-rich Williams Fork.
Dejour operates this Kokopelli project, enjoys a 72% WI in the initial well drilled in Q4 2012 and a 100% WI in the three wells currently being drilled, all subject to a previously announced agreement with a Denver based drilling fund.
At the Company's Woodrush oil and gas project in NE British Columbia, April 2013 production averaged over 600 BOEs per day including over 400 Barrels of Oil per day. This is a 25% boost from the Q1-2013 daily average. Dejour holds a 75% WI in this project.
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Dejour Energy Inc. is an independent oil and natural gas exploration and production company operating projects in North America's Piceance Basin and environs (approximately 117,500 net acres) and Peace River Arch regions (approximately 7,500 net acres). Dejour's seasoned 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 MKT (NYSE MKT: DEJ) and Toronto Stock Exchange (TSX: DEJ).
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.
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.
The TSX does not accept responsibility for the adequacy or accuracy of this news release.
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Dejour Energy Inc.
Robert L. Hodgkinson, Co-Chairman & CEO
Investor Relations - New York
KEYWORDS: United States North America Canada Colorado
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