Dejour Executes Sale and Farmout Agreement with Multi-Billion Dollar U.S. Based E&P
Terms include a Cash Payment for a portion of the acreage and a commitment to a Multi-Well Drilling Program to earn 80% Interest in 5,100+ acres
Press Release: Dejour Energy Inc. – Thu, Dec 6, 2012 4:30 PM EST
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DEJ.TO 0.18 -0.01
Dejour Energy Inc. (NYSE MKT: DEJ / TSX: DEJ), an independent oil and natural gas exploration and production company operating in North America's Piceance Basin and Peace River Arch regions, today announced that it has executed a sale and farmout agreement covering a total of ~7,450 acres of 100% owned western Piceance Basin lands to a large NYSE listed E&P with significant operations in the Piceance and other portions of the U.S., for an undisclosed cash consideration and a commitment to carry Dejour through the drilling and completion of three earning wells, with certain performance provisions. Dejour will retain a 20% WI in over 5,100 acres in this project.
“For Dejour, this deal secures an excellent operating partner, with one of the largest producers in the Rockies, while ensuring that these high potential resource lands are adequately tested during the term of leases with Dejour retaining an ongoing participation. We look forward to the results of this mutually beneficial and highly economic collaboration,” says Hal Blacker, Dejour COO.