Dejour announced that a joint venture agreement has been signed with Laramie Energy II LLC, a privately funded Exploration and Production Company with corporate offices in Denver Colorado. The joint venture involves approximately 22,000 gross acres (15,700 net to Dejour) in an area at the northwest edge of the Piceance Basin. Under the terms of the agreement Laramie will begin a continuous drilling program on the Dejour leases in the second half of 2009 and will have the right to earn up to 55% of the acreage covered under the agreement by completing at least four commercially productive wells.
This agreement will enable Dejour to fast track the exploration and development of this important lease holding under the guidance of an exceptional E&P company with a demonstrated history of success in the Rocky Mountains, while at the same time allowing Dejour to focus internal resources on preparations for the drilling next year of multiple wells to the Williams Fork formation at Gibson Gulch and Roan Creek, and to continue to work on other potential joint ventures with operators in the area.
"The agreement with Laramie Energy II LLC is a result of the business strategy that was implemented earlier this year to divide our acreage position into focus, or business areas, and to move forward on multiple fronts over the next several years. We continue to vigorously pursue this strategy and have discussions underway with a number of other operators in the area, that we hope will lead to the announcement of additional joint activities on our leases in the near future," said Hal Blacker, Dejour's President and COO.
This is the second joint venture agreement signed by Dejour Energy USA this year. "We are particularly pleased to be able to make this announcement today as it demonstrates, in a time of uncertain markets, an independent confirmation of the value of Dejour's acreage position in Utah and Colorado," stated Dejour Enterprises Chairman Bob Hodgkinson.
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