Amex: DEJ/TSX-V: DEJ
VANCOUVER, Feb. 19 /CNW/ - Dejour announces continued significant
drilling success in Canada's Peace River Arch, continues to target
(greater than) 10,000,000 cubic feet natural gas equivalent per day (mmcfe/d)
production from current operations in this area and witnesses natural gas
prices rising materially.
PEACE RIVER ARCH CANADA - DRAKE PROSPECT
Dejour has now successfully drilled and cased the No. 5 well at its Drake
Project. Production testing of the Halfway sands showed rates of greater than
1,600,000 cubic feet of natural gas per day, without any stimulation. The
Notikewin zone will be tested shortly.
Well No. 6 at its Drake Project has now reached total depth and has been
cased. Evaluation of the prospective zones will commence later this week.
Dejour owns an undivided 100% interest in both these wells and adjacent
The No. 6 well will conclude the Drake exploration and development
drilling program for the 2007-08 winter drilling season. Plans are to place
these 6 wells on production prior to breakup, with the gas moving through
available pipelines running both east and west from this project area. Final
production rates will be aggregated at that time, however, Pipeline
construction continues at Drake.
As previously mentioned, Dejour has as many as 4 additional drill sites
on these 100% owned lands for future development. The Company is exploring the
possibilities of further significantly greater exposure to natural gas
productivity in this area.
OTHER PEACE RIVER ARCH CANADA PROSPECTS
The drill rig from the No. 6 well at Drake has been moved to the Alberta
site of the Company's sixth and final exploration well of the season, a 5500'
test of a prominent channel sand known to be prolific in the area. Drilling
operations have commenced.
Cumulative results of this exploration program will be forthcoming as
results are available. To date, one of the new discoveries has tested over
3,000,000 cubic feet of natural gas per day with over 150 barrels of light oil
(Dejour 100%). Two additional exploratory wells show strong indications of
hydrocarbons on the logs and are currently being evaluated for production.
Rates will be published when available.
Finally, Dejour's third party operated 30% owned Saddle Hills discovery
is now being placed on production (two zones tested (greater than) 1,600,000
cubic feet of natural gas). An offset well is to commence drilling this winter
season. The Company is currently preparing to record a seismic program to
assist in future development.
A National Instrument No. 51-101 independent reservoir engineering
reports will be forthcoming prior to the end of March 2008, as required to
assign reserves and values to year end 2007. A second report will be created
at the end of the current exploration and development program to update these
NYMEX Henry's Hub Natural Gas continues to rise and today is $8.98
Charles 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.
Dejour Enterprises Ltd. is a micro cap Canadian company creating real
shareholder value through a balance of exploration/development,
production/development 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
www.dejour.com 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. Investors are
cautioned that forward-looking statements are inherently uncertain and involve
risks and uncertainties that could cause actual results to differ materially,
including comments regarding the expectation that the offering will be
completed consistent with the terms outlined above and use of proceeds from
this transaction. Actual results may differ materially from those presented.
Factors that could cause results to differ materially include fluctuations in
oil, gas and uranium prices, changes in U.S. and Canadian securities markets
and failure to receive regulatory approvals. 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. Please refer to
the discussion of risk factors in our Form 20-F for 2006, as amended.
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.
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: