Amex: DEJ / TSX-V: DEJ
VANCOUVER, June 18 /CNW/ - Dejour Enterprises Ltd., (Amex: DEJ,
TSX-V:DEJ) an oil and natural gas exploration and production company,
announced today it has completed the new acquisition of approximately 64,000
net acres within the most active exploration and production basins in Colorado
and Utah from privately held Retamco Operating Inc.
This transaction positions Dejour with:
- 100% operational control of approximately 125,000 acres (Dejour 71.43%
and Brownstone Ventures 28.57%, respectively).
- 128,000 total net acres (44% of 289,000 gross acres) of leasehold
property in Colorado and Utah.
Colorado ranks 6th and Utah ranks 9th among the leading American states
producing natural gas (2006 Utah Geological Survey).
This additional acreage was acquired in exchange for Dejour's 25% working
interest (WI) in roughly 3,500 acres and two wells at North Barcus Creek, a
cash payment of approximately $4 million and other valuable consideration. The
North Barcus Creek wells were drilled on joint acreage by Retamco at the end
of 2007 and are awaiting production tie-in.
This transaction completes the first step in Dejour's strategy to develop
a major operating presence in several of the most promising producing basins
in the Rocky Mountain Region. Over the next two years, Dejour plans to drill
and complete at least 10 exploration wells on the newly acquired acreage in
the Piceance Basin and then, based on the exploration results, move directly
into full resource development.
"As the majority working interest owner and operator of the Piceance
acreage we are now in position to drill and in some cases promote the drilling
of a number of key wells over the next year to eighteen months, while we
implement a resource development plan that may take 7 to 10 years to fully
execute. We also expect to be involved in drilling activities to follow
immediately in other new basin discoveries including the Greentown area of the
northern Paradox Basin in Utah. The continued escalation of petroleum land
values in these Rocky Mountain Basins, buoyed by sharply higher product
pricing, drilling activity and off-take infrastructure, secures for Dejour a
superior position to reap the full value potential of its resource investment
here," says Dejour USA, President, Harrison Blacker.
"I am very pleased to see this step of our strategic plan successfully
executed. This new acquisition, with the operational control it infers,
assures Dejour a prime avenue to channel cash flows from existing successful
investments over the next 24 months, to unleash the real value of these prime
Piceance, Uinta and Paradox Basin properties." said Dejour Enterprises CEO,
Robert L. Hodgkinson.
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
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.
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: