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Home : Resources : Dejour Joint Ventures Paradox Basin O G Leases with MDU Resources unit Fidelity E P Co
Dejour Joint Ventures Paradox Basin O G Leases with MDU Resources unit Fidelity E P CoDejour Enterprises Ltd., (Amex: DEJ, TSX-V: DEJ) an oil and natural gas exploration and production company, announced today it has signed a joint operating agreement with Fidelity Exploration & Production Company covering 14,000 acres of long term, highly prospective oil and gas leases in the Northern Paradox Basin located in South-eastern Utah. Fidelity, a subsidiary of MDU Resources Group Inc., (NYSE: MDU: 32.66, -0.62, -1.86%), operates over 3400 wells in North America. Its parent company reported annual revenues of over USD $4 billion in 2007 according to its latest annual report.
Industry awareness of the Paradox Basin has been developing since Delta Petroleum announced in December 2007 its Greentown project discovery, resulting in the development of a new pipeline and other infrastructure in this area. "We are extremely pleased with the opportunity this joint venture brings to Dejour. Fidelity is a highly qualified, experienced operator in the Rocky Mountains with a keen interest in this emerging resource play. We expect they will provide Dejour with valuable experience and efficient operating capability in an area where we both believe a significant natural gas discovery has been made but has yet to be fully delineated," states Harrison Blacker, President of Dejour USA. http://www.foxbusiness.com/story/markets/industries/energy/dejour-joint 50 times read
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