Dejour Enterprises (NYSE-Amex: DEJ; TSX: DEJ) releases Q1 2010 results, including the following highlights:
- Successfully drilled, completed and tested two additional wells in the Woodrush area, providing the Company with the expectation of positive operating cash flow generation in the 2nd quarter of 2010. The first well is a productive gas well in the Gething formation and tested at a rate in excess of 900 MCFD (675 MCFD net to Dejour) of natural gas, unstimulated. The second well is productive in the Halfway formation and tested at rates well in excess of 500 BOPD (375 BOPD net to Dejour) of oil. These two wells will be tied into production in the 2nd quarter of 2010 and production rate will increase accordingly.
- Obtained a credit facility of up to $5 million, allowing the Company to refinance its existing bank facility and fund its working capital.
- Raised $1 million in equity under challenging market conditions, allowing the Company to execute its drilling program in the quarter.