Dejour Announces Strong June 2010 Production Results
Credit Facility Expansion Augments Q3 Drilling Capital Calgary, Alberta, July 8, 2010 -- Dejour Enterprises Ltd. (NYSE-AMEX: DEJ / TSX: DEJ) ("Dejour"), a high growth 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 June 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 June was 29,967 barrels of oil equivalent (BOE), 95% of the production recorded in May. This represents a 315% improvement over the benchmark average gross monthly production of 9,500 BOE recorded during Q1-2010.
Daily Production May 2010 June 2010
By Product: Natural Gas 2,208 mcf/d 2,672 mcf/d
Oil 680 bbl/d 554 bbl/d
Gross Total 1,018 boe/d 999 boe/d
Dejour Net 75% WI 764 boe/d 749 boe/d
Gross daily production average during June was 999 barrels of oil equivalent despite the A-1-I oil well at Woodrush being temporarily shut in for 5 days for unexpected pipeline maintenance. Harrison Blacker, Dejour President and COO states, "June production continues to provide the Company with confidence that there is opportunity for further 'Halfway' light oil reserve expansion and long-term potential for recoverable reserve increase through water flood. This project is meeting our expectation and defining itself as an important long term contributor to the Dejour value equation." Dejour plans to accelerate field development with additional wells in Q3-2010. A further $1.5mm (now $3.5mm total) of the Company's existing $5mm credit facility has been approved to fund Dejour's 75% share of its Woodrush Halfway oil development program.
About Dejour
Dejour Enterprises Ltd. is a high growth 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.
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
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