Dejour Energy Inc. closed a CA$2.5 million bridge that will support completions for eight Kokopelli wells in Colorado’s Piceance Basin, the company said June 23.
The board of directors approved the loan agreement, while the principal and director did not vote, the company added. The loan was given by companies associated with a principal and director.
Dejour owns a 25% working interest in the Kokopelli project. The loan represents the contribution Dejour pays to keep its full share in the development phase, and includes project infrastructure costs.
If gas is established in the high-pressure Mancos Shale, the value of the total hydrocarbon resource at Kokopelli could be altered, changing the project’s production profile.
Robert L. Hodgkinson, chairman and CEO, said that when this area is completed, it will be “a strong catalyst to secure a commercial long-term banking relationship” for its continued development.
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