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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (5983)	6/30/2014 5:47:53 PM
From: Goose94	Read Replies (1) \| Respond to of 202902

Dejour Energy (DEJ-T) June 30, '14 has formed a joint venture with a private exploration and production company based in the United States to develop its core Kokopelli leasehold in the Piceance basin region of Colorado. The joint venture will initially focus on developing production from the liquids-rich Williams Fork formation on Dejour's southern leasehold with the expectation of drilling a minimum of eight wells to at least the base of the Williams Fork gas/liquids-bearing zone and obtaining an approved surface utility agreement, currently being developed in consultation with the Bureau of Land Management and the Colorado Parks and Wildlife, for the 1,520-acre north lease. Dejour received about $3.75-million (U.S.) at closing and is carried for 25 per cent for $16-million (U.S.) in drilling, completion and permitting expenditures beginning in August, 2014. It is anticipated this financing will carry Dejour through a minimum of eight new wells and extensive facility development on Kokopelli's southern leasehold, where four natural gas wells drilled in 2013 are currently in production. The company retains a 25-per-cent working interest in the continuing Kokopelli joint venture and will transfer operatorship of the Kokopelli project to the private U.S. JV partner resulting in a 70-per-cent general and administrative expense reduction in Dejour USA. "We are pleased that Dejour has closed the joint venture to fund this important development phase of our flagship Kokopelli project and fully retire the $3.5-million (Canadian) debt associated with the U.S. property, while reducing overhead costs in the U.S. operation. With over 200 drillable locations, 42 drill permits, significant Mancos upside, a well-funded partner, established infrastructure and a strong gas/liquids contracts in place, we anticipate this Kokopelli joint venture to kick-start a long-term revenue stream for Dejour USA, providing flexibility for continuous bankable project development financing," stated Robert L. Hodgkinson, chief executive officer.