Dejour Enterprises announced the results of an updated reserve assessment for its Woodrush Project. The reserve evaluation, effective June 30, 2010, was conducted by GLJ Petroleum Consultants (GLJ) 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.
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," said Hal Blacker, Dejour COO.
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