Dejour is in the final stages of completion of its most rewarding drilling program to date in Canada's Peace River Arch, targeting greater than 10,000,000 cubic feet natural gas equivalent per day production from current operations in this area, as North American natural gas prices rise to new cycle highs. In total, eleven (11) wells are being prepared for production.
Dejour has successfully drilled and cased the #6 well at Drake. Production testing at this location indicates this well to be a significant producer analogous to the #5 well which tested 1,600,000 cubic feet of natural gas equivalent per day, without stimulation. Permanent facilities are now being established to have all six of the Drake location wells on line before the end of March. Dejour owns between a 92% and 100% interest in all six wells and the adjacent lands. The Company plans greater exposure to hydrocarbon productivity in this area.
Dejour has also cased, perforated and is currently flow testing over 500,000 cubic feet of natural gas per day without stimulation from its latest 95% owned exploration test at Cecil, Alberta. A second zone in this well is now being tested.
Additionally, a 40% owned third party operated exploration test at Manning, Alberta has reached total depth and has been cased for production testing. This completes the exploration program in the Peace River Arch for this drilling season, with at least 4 discoveries on six separate prospects. Cumulative results of this very successful exploration program are close to being established.
At Dejour's third party operated 30% owned Saddle Hills discovery, now being placed on production (two zones tested > 1,600,000 cubic feet of natural gas), a first offset well is currently drilling, target depth expected to be reached this week. Concurrently, Dejour is preparing to record a seismic program over the 5700 acres of land covering this discovery to pinpoint the prime locations for future development.
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