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Strategies & Market Trends : Dino's Bar & Grill

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From: Goose94	3/26/2014 6:41:20 PM
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Dejour Energy (DEJ-T) acquires B.C. natural gas assets March 26, '14 - NR Dejour Energy Inc. has closed the purchase of certain natural-gas-producing assets and related processing facilities adjacent to its Woodrush oil field 120 kilometres north of Fort St. John, B.C. The assets acquired include a 54-per-cent working interest in a Halfway formation well, which is producing 800 thousand cubic feet per day (430 thousand cubic feet per day net), or 75 barrels of oil equivalent per day, and a 74-per-cent working interest in two shut-in natural gas wells which will be turned into line within the next 30 days. Production from these wells could deliver up to an additional 360 thousand cubic feet per day net to the company's working interest (60 barrels of oil equivalent per day). The assets also include: 5,500 net acres of leasehold interests (65 per cent developed); A 96.8-per-cent working interest in a sour processing facility capable of 2.0 million cubic feet per day, which includes compression, inlet separation and dehydrator capability; this facility represents a profit centre for the company as the company will assume contracts to process natural gas for other operators in the immediate region; Working interests ranging from 96.8 per cent to 100.0 per cent in approximately nine kilometres of sales pipelines and 15 kilometres of other pipelines. Financing for the purchase was provided by cash on hand and available credit from the company's current credit facility with its Canadian bank. "This is a strategic asset acquisition for our company. The compressor facility and a key sales pipeline in the asset package are across the road from the company's main Woodrush tank battery. We currently pay a pipeline tariff to the vendor which will be eliminated at closing as a result of the acquisition. Certain other operating economies can also be implemented immediately to reduce monthly operating costs and increase the overall profitability of the combined properties at Woodrush going forward," states Robert Hodgkinson, chief executive officer.

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