21.06.2007 16:57:00
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Dejour Primed for Piceance-Uinta Drilling Program
Dejour Enterprises Ltd. ("Dejour”)
(AMEX:DEJ)(TSX VENTURE:DEJ)(FWB:D5R) Robert L. Hodgkinson, Chairman
& CEO is pleased to provide an update on the Company’s
exploration & production operations in the Piceance and Uinta Basins of
Colorado and Utah:
North Barcus Creek - Rio Blanco
Project Area
Dejour has been informed by its operating partner, Retamco Operating,
Inc. ("Retamco”),
that all appropriate permits have been secured from the Colorado Bureau
of Land Management (BLM) and the Colorado Oil and Gas Conservation Board
to drill the first 2 wells at North Barcus Creek.(#1-12N and #2-12N),
except for the final approval of the pit liner leak detection system
which is expected within the next two weeks. Drill site preparation
should be concluded by August 15/07 at which point drilling operations
will commence.
The 1,600 acre North Barcus Creek lease block lies directly between a
large Exxon lease block directly to the east and a large lease block
owned by EnCana to the west. The Exxon lands host four recent natural
gas resource discoveries drilled by Williams Cos. immediately offsetting
the Company’s North Barcus Creek leases. The
EnCana lands are part of a $400 million USD earn-in joint venture
($40,000 USD per acre) by ConocoPhillips where two rigs are continuously
drilling. Production from this new development area comes from wells
within 5 miles of the aforementioned drill sites.
Target depth for the two initial wells is 11,500 feet, sufficient to
test over 2,000 feet of the Williams Fork (Mesa Verde) and the Upper
Isles formations. Results will guide the pace and scope of future
development of natural gas on this lease block. To enhance operating and
cost efficiency, the Company will utilize reverse circulation rigs to
the set point of surface casing, at which point a triple rig will drill
each well to target depth. The operator is currently in the process of
contracting drill rigs, at which point AFE’s
(Authorities for Expenditure) will be finalized. New pipeline capacity
has recently been installed two miles to the east of this operation to
handle production.
Successful completion of these two wells will lead to the drilling of
the North Barcus Creek #3-12 and #4-12 wells at two additional surface
location sites within the project area. Each drill site will be able to
ultimately host multiple wells. Initial costs (AFE’s)
are estimated to be $3.8 million USD per well. Dejour retains a 25%
interest in these lands and drilling program.
Maps, photos and further details can be found http://www.dejour.com/projects-north-barcus-creek.htm Roan Creek - West Grand Valley Project
Area
This project area, offsetting lands owned by Williams Cos. and
Occidental Petroleum, is 2 to 3 miles south of new Occidental-operated
gas production with easy access and ample pipeline facility. A ‘Notice
of Staking’ for 4 initial wells to a depth of
6,500 feet each has been submitted to the BLM with approvals expected by
15 September 2007.
Upon analysis of the production profiles of these wells, this 1,600 acre
lease block could ultimately host between 20 and 80 wells (40-10 acre
spacing units). AFE’s through completion
should approximate $2 million USD per well. Dejour also retains a 25%
interest in these lands and drill program.
Maps, photos and further details can be found at http://www.dejour.com/projects-roan-creek.htm Tri-County Project Area
To capitalize on past exploratory activity in the Tri-County area,
preparations are underway to re-enter between 1 and 4 wells drilled and
cased to 5,000 feet by earlier operators and currently maintained in
operable condition. Rigs will now drill to 9,500 feet to intercept the
prospective conventional Dakota, Entrada and Wingate sands believed to
be present at these locations. These are the same zones that comprise
the existing source of production and proven reserves in the San Arroyo
field 5 miles to the south.
AFE’s for the deepening and testing of these
wells is expected to be $500k-1mm USD per well. Dejour retains a 25%
interest in these leases and drill programs.
Maps and further details can be found at http://www.dejour.com/projects-tri-county.htm Plateau Project Area
Dejour and its partners currently maintain a 50/50 joint venture with
EnCana USA in this 1,300 acre lease block which offsets Dakota
production that initially flowed over 4 million cubic feet per day from
a single well. The partnership intends to notify EnCana of its plan to
drill one Dakota well to a depth of 7,500 feet.
Successful Dakota production in this area should facilitate further
development with 160 acre spacing units. AFE’s
should approximate $2 million USD per well. Dejour retains a 12.5%
interest in this lease block and drill program by virtue of the EnCana
involvement.
Maps and further details can be found at http://www.dejour.com/projects-plateau.htm CBM Project Potential
Trending throughout numerous of the 21 project areas comprised of the
290,000 gross acres of leases held in part by Dejour (25%) are
substantial deposits of Cameo coals hosting the potential for
economically viable CBM projects. Dejour and partners have retained Dr.
Chris Cornelius, a specialist in CBM resource development, to complete a
study on the CBM potential of Company leases. Dr. Cornelius, who has
headed several projects for Evergreen Resources (now Pioneer NG), a
leader in development of CBM in the Piceance Basin, has targeted an
initial assessment report by the end of August 2007.
R. Marc Bustin, Ph.D., P. Geol., FRSC, is the qualified person for Dejour’s
oil and gas projects.
About Dejour
Dejour Enterprises Ltd. is a micro cap Canadian company focused on oil &
gas exploration with a significant indirect investment in uranium
discovery. The company acquires high-impact energy assets and
strategically monetizes them through partnerships and co-ventures to
limit exposure and enhance returns.
Dejour has significant holdings in three of the world's premiere energy
resource regions. This includes 290,000 gross (60,000 net) acres in the
Piceance and Uinta Basins, a vast natural gas play in North America; and
a major interest in Titan Uranium, Inc. (TSX-V: TUE), with 1.44 million
acres in the Athabasca and Thelon Basins, the world's most recognized
areas for uranium exploration. Finally, the company is pursuing high
impact natural gas opportunities in Canada's Western Sedimentary Basin,
known as the Peace River Arch Projects, comprised of 39,000 gross acres.
The Company is listed on the TSX Venture Exchange (DEJ), AMEX (DEJ), and
Frankfurt (D5R). Refer to www.dejour.com
for company details or contact the Office of Investor Relations at investor@dejour.com
Statements in this release that are forward-looking statements are
subject to various risks and uncertainties concerning the specific
factors disclosed under the heading "Risk
Factors” and elsewhere in the Corporations’
periodic filings with Canadian securities regulators. Such information
contained herein represents management’s best
judgment as of the date hereof based on information currently available.
The corporation does not assume the obligation to update any
forward-looking statement.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
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