VANCOUVER, BRITISH COLUMBIA, October 26 /CNW/ - Dejour Enterprises Ltd.
(AMEX: DEJ)(TSX VENTURE:DEJ)(FWB:D5R) reports further updates on its Piceance
Basin and Peace River Arch E&P Projects.
Piceance Basin, Colorado
North Barcus Creek #1-12
Flow-testing and completion operations for the N. Barcus Creek #1-12
discovery well located in Rio Blanco County are continuing. All frac fluids
have now been recovered. Operator is assessing additional work to ensure the
optimum completion method for production from these significant reservoirs.
The time spent establishing the completion methodology at the #1-12 well will
assist in the completion program for the N. Barcus Creek #2-12 well and all
future wells bearing similar geology on this lease block. Flow rates have
continued to meet the operator's expectations.
Dejour and its partners at the N. Barcus Creek Prospect have received
permits to allow the drilling of 2 additional wells on this 1590 acre lease
block, where Dejour and its partners have drilled, cased, logged and currently
testing for production two wells, each yielding in excess of 250 feet of net
indicated gas pay.
Dejour holds a 25% unpromoted interest in these lands and all exploration
expenditures. Current spacing unit approvals from the BLM allow for the
drilling of an estimated 38 wells based on 40 acre spacing. In the future,
further down-spacing to 10 acre units is likely.
This N. Barcus Creek lease block lies directly between a large Exxon
lease block directly to the east and a large lease block owned by EnCana to
the west. The Exxon lands host four recent natural gas resource discoveries
drilled by Williams Cos. immediately offsetting the Company's leases. Exxon
previously announced its intention to drill 1000 wells on its leases in that
area. Recently, Conoco-Philips announced its intention to commence drilling
the first of 800 wells on the EnCana lands, which are now subject to a
Conoco-Philips joint venture, early in 2008.
N. Barcus Creek is one of three lease blocks totalling approximately 5010
acres within the 'Rio Blanco Deep' project area.
Peace River Arch, Alberta/BC
In the Peace Arch Project in NW Alberta and NE British Columbia, Dejour
has planned an extremely active winter drilling, completion and tie-in program
for its gas and oil projects.
Evaluation of the 30% non-operated working interest Saddle Hills
discovery by the Operator is nearly complete with tie-in and further
development planned this season. Initial delivery is expected to be at least
1.5 million cubic feet per day from two zones in this well.
The Company is pleased to report that applications are in place to drill
four exploration wells by year end. Two of these wells target oil and two
target natural gas. In addition three seismic programs are underway to
evaluate three further potential exploratory well locations. The company has
also purchased and interpreted 3D seismic in its initial 100% pre payout
ownership of this Drake area discovery to guide winter drilling of between
three and seven development wells to follow up on last winter's discoveries.
Additionally, success at recent land sales has added 5230 acres of 100%
working interest land, increasing Dejour's gross ownership to over 44000 acres
in this active E&P area, with an average net working interest of 44%.
R. Marc Bustin, Ph.D., P.Geol. FRSC is the qualified person for the
Piceance/Uinta Basin projects and Charles Dove B.Sc.P.Geoph. is the qualified
person for the Peace River Arch projects discussed in this news release.
Dejour Enterprises Ltd. is a micro cap Canadian company focused on oil &
gas exploration and production with a significant investment in uranium
discovery. The company acquires high-impact energy assets and strategically
monetizes them to enhance shareholder returns.
Currently, Dejour holds interest in over 60 separate exploration project
areas (average interest over 25%) in its search for and exposure to
significant energy discovery in the hydrocarbon bearing basins of
Piceance/Uinta in Colorado/Utah, the Peace River Arch of NE British
Columbia/NW Alberta Canada, and the uranium bearing Athabasca/Thelon Basins of
Northern Canada through its holdings of Titan Uranium (TSX-V: TUE) and
associated carried/royalty interests.
The Company is listed on the Amex (DEJ), TSX Venture Exchange (DEJ.V),
and Frankfurt (D5R). Dejour is a reporting issuer to the SEC. Refer to
www.dejour.com for company details or contact the Office of Investor Relations
CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS
This release includes certain statements that may be deemed to be
"forward-looking statements" within the meaning of the US Private Securities
Litigation Reform Act of 1995. All statements in this release, other than
statements of historical facts that address future production, reserve
potential, exploration drilling, exploitation activities and events or
developments that the Company expects, are forward-looking statements.
Although Dejour believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may differ
materially from those in the forward-looking statements. Factors that could
cause actual results to differ materially from those in forward-looking
statements include uranium and oil and gas prices, well or production
performance, exploitation and exploration successes, continued availability of
capital and financing, and general economic, market or business conditions.
The Company expressly disclaims any obligation to update any forward-looking
statements. We seek safe harbor.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
Robert L. Hodgkinson, Chairman & CEO
DEJOUR ENTERPRISES LTD.
Suite 1100-808 West Hastings Street, Vancouver, BC Canada V6C 2X4
Phone: 604.638.5050 Facsimile: 604.638.5051 Email: firstname.lastname@example.org
For further information:
For further information: Dejour Enterprises Ltd. Chairman & CEO Robert
L. Hodgkinson, 604-638-5050 Facsimile: 604-638-5051 email@example.com