Woodrush 100% Proved plus Probable Reserves valued at Before Tax Net
PV-10 of CAD$23 Million (net of capital, operating costs and local taxes)
Dejour Enterprises Ltd. (NYSE-AMEX: DEJ / TSX: DEJ), an independent oil
and natural gas company operating multiple exploration and production
projects in North America's Piceance / Uinta Basin and Peace River Arch
regions announces the results of an updated reserve assessment for its
Woodrush Project. The reserve evaluation, effective June 30, 2010, was
conducted by independent, global consultants GLJ Petroleum Consultants
('GLJ?), of Calgary, Alberta, a qualified reserve evaluator, and was
prepared in accordance with Canada′s National Instrument 51-101
Standards of Disclosure for Oil and Gas Activities and the COGE
Handbook. The forecast prices are based on July 2010 Nymex futures
strips prices prepared by GLJ and adjusted for the appropriate
transportation differentials.
Summary of Dejour′s Woodrush June 30, 2010 PV-10 Net Reserves (75%
Working Interest)
| Reserves Category |
| Light Oil and Liquids (Thousands of Barrels) |
| Natural Gas (Millions of Cubic Feet) |
| Barrel of Oil Equivalent (Thousands of Barrels) |
| Net Present Value of
Before Tax Cash
Flow Discounted at
10% (CAD) |
Total Proved Producing
|
|
201
|
|
911
|
|
354
|
|
$10,558,000
|
Proved plus Probable Producing
|
|
312
|
|
1,324
|
|
543
|
|
$15,724,000
|
| Total Proved Plus Probable |
| 346 |
| 1,539 |
| 604 |
| $17,071,000 |
Proved and Probable Reserves, at this time, are attributed solely to the
Notekewin, Gething and Halfway Formation underlying the company′s 6000
acre leasehold at Woodrush.
'In the first half of 2010 Dejour was able to more than double reserves
at Woodrush, after deducting 2010 production to date, for a net
investment of $3 million in seismic acquisition and drilling. More
importantly, the company increased the net present value of Proved and
Probable Producing reserves of this project by 150% to almost $16
million by significantly increasing our oil reserves. After full
analysis of our 3D seismic program and the drilling results to date, the
company has identified at least two additional development locations in
the Halfway oil pool. In the third quarter of this year Dejour plans to
drill additional wells to augment both reserve and revenue growth and,
if successful, will then implement a secondary recovery project in the
Halfway sand that would more than double, again, the value of this
property.? says Hal Blacker, Dejour COO.
About Dejour
Dejour Enterprises Ltd. is a high growth crude 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).
Disclosures Regarding Reserve Estimates: The reserve estimates
assume available funding for development of the properties. Disclosed
values do not necessarily represent fair market value. A conversion
ratio of 6 thousand cubic feet to 1 bbl is used in the above tables and
is based on an energy equivalency conversion method primarily applicable
at the burner tip and does not represent a value equivalency at the
wellhead. Barrel of oil equivalents may be misleading, particularly if
used in isolation.
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, the, risks related to
estimated reserves being inaccurate or incomplete or based upon errors
in assumptions, 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, and 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 TSXdoes not accept responsibility for the adequacy or
accuracy of this news release.
