Dejour Increases Peace River Arch Reserve Valuation

    Amex:   DEJ/TSX-V: DEJ

    CALGARY, July 17 /CNW/ - Dejour Enterprises Ltd., (Amex:   DEJ, TSX-V:DEJ)
an oil and natural gas exploration and production company, today announced an
update to its National Instrument 51-101 compliant reserves and pre-tax cash
flow estimates from selected Peace River Arch projects.
    A Reserve Assessment and Evaluation of Select Oil and Gas Properties
Report prepared by Calgary based GLJ Petroleum Consultants, as of June 30,
2008, provides the following revisions to their previous report, effective
December 31, 2008. All figures are reported in Canadian dollars.
    The updated 51-101 report by GLJ Petroleum Consultants will be available
on and Readers are cautioned that estimated
values disclosed do not necessarily represent fair market value. All GLJ
figures are pre-tax, net of royalties and all operating costs.
    Highlights are as follows:

             Reserve Values based on GLJ 2008 Price Deck Forecast

      NPV Discounted at      December 31, 2007       June 30, 2008
      Forecast Production    $3.49 / Mcf for gas,    $6.65 / Mcf for gas,
      Netback Prices         average $22.07/boe      $126.64 / bbl for oil:
                                                     average $56.02/boe
      Proved Reserves        $1.06M                  $32.0M
      Probable Reserves      $2.21M                  $26.2M
      Total Proved and       $3.27M                  $58.2M
      Probable Reserves
      Total 2P Barrels       416,000                 1,225,000
      of Oil Equivalent
      (BOEs) Reserves
      net of royalties

             Reserve Values based on Constant Prices (SEC Case)

      NPV Discounted at      December 31, 2007       June 30, 2008
      Constant Price         $3.39 / Mcf for gas:    $6.73 / Mcf for gas,
                             average $21.58/boe      $134.44 / bbl for oil:
                                                     average $57.90/boe
      Proved Reserves        $0.372M                 $41.3M
      Probable Reserves      $1.80M                  $36.0M
      Total Proved and       $2.17M                  $77.3M
      Probable Reserves
      Total 2P Barrels       419,000                 1,248,000
      of Oil Equivalent
      (BOEs) Reserves net
      of royalties

    These updated figures continue to validate Dejour's 2008 exploration and
development strategy. The Canadian operation has added considerable oil
reserves to benefit from high oil prices while continuing development of its
natural gas projects. This has resulted in an increase from 5% NGL's / 95%
Natural Gas, to 53% Light and Medium Crude Oil and NGL's (Natural Gas Liquids)
/ 47% Natural Gas.
    "Currently four of the ten wells tested and independently evaluated for
production are on stream. The balance is being prepared for production in
Q3-08, with design capacity to accommodate the next round of development. One
of the 2008 oil discovery areas has a current 2P valuation of approximately
$40MM based on primary recovery and restricted initial production rates.
However, a nearby analogous pool has already shown a 100% plus increase in
estimated ultimate oil recoveries (EUR's) through the utilization of secondary
recovery techniques. Dejour has commenced design work to utilize these
techniques, when appropriate, to further raise its EUR from this pool. As
Dejour's other discoveries are brought on stream in Q3 2008, development plans
will be finalized for the upcoming fall and winter," says Charles Dove,
President of Dejour Energy, Alberta.
    Robert Hodgkinson, Dejour Chairman and CEO commented, "GLJ's revised
valuation of 2P Reserves has grown 2.97 times from Q4, 2007. This, combined
with higher prices for energy and the increase in bias towards oil, is
responsible for pre-tax cash flow estimates much better than previously
anticipated. The Company's Peace River Arch projects have now proven to be an
excellent platform for Dejour to initiate extensive resource exploitation
programs on over 143,000 net acres of oil and natural gas leases well
positioned in key US Rocky Mountain and NE BC / NW Alberta energy regions."
    Charles E. Dove, P. Geophysics is the qualified person for this report.
    BOEs (or 'MmcfEs' or other applicable units of equivalency) may be
misleading, particularly if used in isolation. A BOE conversion ratio of 6
Mcf: 1 bbl (or 'An McfGE conversion ratio of 1 bbl: 6 Mcf') is based on an
energy equivalency conversion method primarily applicable at the burner tip
and does not represent a value equivalency at the wellhead.

    About Dejour
    Dejour Enterprises Ltd. is a micro cap Canadian company creating
shareholder value through a balance of exploration, development, production
and monetization of strategic North American energy properties including oil,
natural gas and uranium.
    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 for company details or contact the Office of Investor Relations

    Statements Regarding Forward-Looking Information: Some statements
contained in this news release are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995 and Canadian
securities legislation including information respecting the reserves, expected
future production levels, future prices, royalties, work plans, and
anticipated total oil recovery. Investors are cautioned that forward-looking
statements are inherently uncertain and involve risks and uncertainties that
could cause actual results to differ materially. Statements containing
forward-looking information express, as at the date of this news release, the
Company's plans, estimates, forecasts, projections, expectations, or beliefs
as to future events or results and are believed to be reasonable based on
information currently available to the Company. Exploration for oil and
natural gas is a speculative business that involves a high degree of risk.
There is no assurance that estimated values of reserves will be realized. The
Company's expectations for its operations are subject to a number of risks in
addition to those inherent in oil production operations, including: that oil
prices could fall resulting in reduced returns and a change in the economics
of the project; delays associated with equipment procurement, equipment
failure and the lack of suitably qualified personnel; the inherent uncertainty
in estimation of reserves; changes in the political or economic environment
and failure to receive regulatory approvals. Production and NPV estimates are
based on a number of assumptions including availability of the necessary
equipment, personnel and financial resources to sustain the Company's planned
work program; no material adverse changes in the applicable royalty regime,
the absence of unplanned disruptions; the ability of the Company to
successfully bring production to market; and general risks inherent in oil and
gas operations. Dejour assumes no obligation to update this information. There
can be no assurance that future developments affecting the Company will be
those anticipated by management. Forward-looking statements and information
are subject to a number of other risks and uncertainties described under "Risk
Factors" in the Company's Annual Information Form, Annual Report on Form 20-F
filed with the US Securities and Exchange Commission and Management's
Discussion and Analysis.

    The TSX Venture Exchange does not accept responsibility for the adequacy
    or accuracy of this news release.

For further information:

For further information: 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:

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