Dejour Energy Inc.
(NYSE MKT: DEJ / TSX: DEJ) (the “Company” or
“Dejour”), an independent oil and natural gas exploration and production
company operating in North America's Piceance Basin and Peace...
Dejour Energy Inc. (NYSE MKT: DEJ / TSX: DEJ) (the “Company” or “Dejour”), an independent oil and natural gas exploration and production company operating in North America's Piceance Basin and Peace River Arch regions, announces that it has closed a fixed term, interest only, C$3.5 million debt facility due December 2014, with Calgary, Canada based Invico Performance Yield Fund Limited Partnership. The interest rate is 14% per annum and the principal is repayable at any time following 6 months from today without penalty. The loan facility has been structured as two advances of C$2.5 million and C$1 million, respectively. As previously reported, the Company is preparing for initial production at its Kokopelli project and enjoys a 72% WI in the entire acreage, with an average 93% gross WI in the initial four wells, subject to a previously announced production sharing agreement with a Denver based drilling fund. With the realization of firmer gas prices to date in 2013 and increased deeper drilling activity in the Basin, most notably by WPX Energy (NYSE:WPX), Dejour is now modeling Kokopelli for the next wave of development. The Company estimates the potential to drill 27 deeper Mancos/Niobrara wells and more than 200 additional Williams Fork wells on its two leases that comprise a total of 2200 gross acres at Kokopelli. Plans are being implemented to drill a high potential Mancos production test at Kokopelli in Q4 2013. The first advance was delivered to the Company today and will be partially applied towards full repayment and cancellation of the C$1.45 million “Tranche B” credit facility and the retirement of an additional C$200,000 against the Company’s conventional “Tranche A” loan outstanding with its Canadian Bank. This remains a conventional, reserve-based C$3.5mm facility bearing interest monthly at Prime + 1%. The balance of the first advance and the second advance of C$1.0 million to be received in July 2013 is earmarked for working capital including the final costs related to the initiation of NGL rich gas production from 4 wells at the Company’s Kokopelli project currently underway in Colorado.