UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
REPORT
OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 AND 15d-16
UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the
Period: March 22,
2010 File
No.
001-33496
DEJOUR ENTERPRISES
LTD.
(Name of
Registrant)
598-999 Canada Place,
Vancouver, British Columbia, Canada, V6C 3E1
(Address
of principal executive offices)
Indicate
by check mark whether the Registrant files or will file annual reports under
cover of Form 20-F or Form 40-F.
Indicate
by check mark whether the Registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Dejour Oil
Discovery
Tests Over 500 Barrels of Oil per Day
Company
Anticipates Positive Operating Cash Flow from Woodrush
Calgary Alberta,
March 22, 2010
--
Dejour Enterprises Ltd.
(
NYSE-AMEX: DEJ / TSX: DEJ)
today releases the results of a 24 hour
production test of the new oil discovery at its 75% owned Woodrush project in
the Peace River Arch, NE British Columbia that was announced last
week.
Production casing was set on Well
A-1-I/94-H-02 after it encountered a Halfway oil pool and other productive
horizons (See Dejour news release of March 17, 2010). This well was drilled to a
newly defined seismic feature north of the original Woodrush oil discovery made
in Dejour’s D-91-H well, in 2008. The A-1-I well was subsequently completed in
the Halfway sand and flow tested in excess of 500 Barrels of Oil per day
(BO/day) of light sour oil during a 24 hour test. Pipelines are now being laid
to Dejour's central production facility. Production is to commence prior to the
end of March at initial rates between 300 and 400 BO/day.
This addition boosts the Woodrush gross
production to over 1000 BOE/d, approximately 50% oil. Dejour is operator with a
75% WI.
“We anticipate that the two new wells
drilled and completed at Woodrush this March will more than double the operating
netback to the Company from this field. For the foreseeable future,
management anticipates Woodrush will provide Dejour with a positive operating
cash flow, a critically important milestone in our plan to exploit the much
larger Gibson Gulch Project in the Piceance Basin, Colorado,” stated Harrison
Blacker, President and COO.
A third well planned for drilling in
March was deferred in anticipation of an early end to the winter drilling season
caused by unseasonably warm weather. Dejour is currently updating the
seismic interpretation of the Woodrush field with the new well information.
Management anticipates additional drilling at Woodrush over the near
term.
Harrison Blacker M.Sc. M. Eng. is the
qualified person for this release.
About
Dejour
Dejour Enterprises Ltd. is a high growth
crude oil and natural gas company operating multiple exploration and
production projects in North America’s Piceance / Uinta Basin
(97,000 net acres) and Peace River Arch regions
(18,000 net acres). Dejour’s veteran management team has
consistently been among early identifiers of premium energy assets, repeatedly
timing investments and transactions to realize their value
to shareholders' best advantage.
Dejour, maintains offices in Denver,
USA, Calgary and Vancouver, Canada. The company is publicly traded on the New
York Stock Exchange Amex (NYSE- Amex: DEJ) and Toronto Stock Exchange (TSX:
DEJ).
Non-GAAP
Measures:
Operating netback and operating cash
flow are financial terms that are not considered measures under Canadian
generally accepted accounting principles (“GAAP”). Operating netback
is calculated as revenue less royalties and operating
expenses. Operating cash flow represents net cash provided by
operating activities before changes in assets and liabilities. Both
measures are widely used to assess an oil & gas company’s ability to
generate cash which is used to internally fund exploration and development
activities and to service debt. Operating netback and operating cash
flow should not be considered as an alternative to net income, cash flows from
operating, investing or financing activities as an indicator of cash flows, or
as a measure of liquidity. Dejour’s method of calculating these
measures may differ from other companies and, accordingly, they may not be
comparable to measures used by other companies.
BOEs may be misleading, particularly if
used in isolation.
A conversion ratio of 6 thousand cubic feet of gas to
1 BOE is used in this news release and is based on an energy equivalency
conversion method primarily applicable at the burner tip and does not represent
a value equivalency at the wellhead.
Statements Regarding
Forward-Looking Information:
This news release contains
statements about oil and gas production and operating activities that may
constitute "forward-looking statements" or “forward-looking information” within
the meaning of applicable securities legislation as they involve the implied
assessment that the resources described can be profitably produced in the
future, based on certain estimates and assumptions. Forward-looking statements
are based on current expectations, estimates and projections that involve a
number of risks, uncertainties and other factors that could cause actual results
to differ materially from those anticipated by Dejour and described in the
forward-looking statements. These risks, uncertainties and other factors
include, but are not limited to, adverse general economic conditions, operating
hazards, drilling risks, inherent uncertainties in interpreting engineering and
geologic data, competition, reduced availability of drilling and other well
services, fluctuations in oil and gas prices and prices for drilling and other
well services, government regulation and foreign political risks, fluctuations
in the exchange rate between Canadian and US dollars and other currencies, as
well as other risks commonly associated with the exploration and development of
oil and gas properties. Additional information on these and other factors, which
could affect Dejour’s operations or financial results, are included in Dejour’s
reports on file with Canadian and United States securities regulatory
authorities. We assume no obligation to update forward-looking statements should
circumstances or management's estimates or opinions change unless otherwise
required under securities law.
The TSX does not accept responsibility
for the adequacy or accuracy of this news release.
Robert L. Hodgkinson, Chairman &
CEO
DEJOUR ENTERPRISES
LTD.
598 – 999 Canada
Place,
Vancouver, BC Canada V6C
3E1
Phone:
604.638.5050 Facsimile: 604.638.5051
Email:
investor@dejour.com
Investor Relations - New
York
Craig Allison
Phone: 914-882-0960
Email:
Callison@dejour.com
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Dejour Enterprises
Ltd.
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(Registrant)
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Dated:
March 17, 2010
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By:
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/s/
Mathew Wong
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Mathew
Wong,
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Chief
Financial Officer
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