Amex: "DEJ"/ TSX-V: "DEJ"
VANCOUVER, Aug. 17 /CNW/ - Dejour Enterprises Ltd. (Amex: DEJ, TSX-V:DEJ
and D5R: Frankfurt) is pleased to announce that it has signed a letter of
intent to purchase certain proven producing and undeveloped reserves,
associated land (approximately 2100 acres), data and wells located in Liberty
County, Texas, effective August 1, 2007 for the sum of $US 3,500,000 cash with
minor gas balancing adjustments.
The purchase includes 4 wells; 2 wells currently producing gas with
associated condensate in excess of 12.0 million cubic feet of natural gas
combined, one new well currently being placed on line with similar pressures
and standing cased well; all drilled to approximately 12000 feet. Working
interests range from 11.38% to 15.9%. LaRoche Consultants of Dallas Texas, on
behalf of Dejour Energy (USA) Inc., a wholly owned subsidiary of Dejour, are
providing independent engineering reports assigning NI 51-101 compliant gross
proven reserves associated with this purchase of 9.3 billion cubic feet of
natural gas (BCF) and 130,000 barrels of condensate based on the NYMEX strip
case. Production from this field is expected to be enhanced when the new well
is placed on stream. Dejour anticipates additional well(s) to be drilled in
Chairman and CEO Robert L. Hodgkinson states "this asset purchase has
many advantages, not the least of which includes a proven production base that
we estimate should provide an accelerated payback of invested capital between
12 and 18 months and upside development potential in a stalwart high pressure
reservoir. The net revenue stream from this purchase is expected to exceed all
company non-capex overhead expenditures for the foreseeable future.
Additionally these reserves, combined with existing reserves, oil & gas
assets, working capital and balance sheet strength should provide the basis to
make a successful submission to upgrade the listing of company shares from the
TSX Venture Exchange to the TSX".
Dejour expects to close this purchase on or before the September 14, 2007
assuming no due diligence issues. This purchase will be funded from cash on
hand. Upon closing, Mr. Michael H. Heisey, Petroleum Engineer, has accepted an
invitation to join Dejour's Board of Advisors and will be granted 50,000
R.Marc Bustin, Ph.D., P.Geol., FRSC,. is the qualified person for this
Dejour Enterprises Ltd. is a micro cap Canadian company focused on oil &
gas exploration with a significant indirect investment in uranium discovery.
The company acquires high-impact energy assets and strategically monetizes
them through partnerships and co-ventures to limit exposure and enhance
Dejour has significant holdings in three of the world's premiere energy
resource regions. This includes 290,000 gross (60,000 net) acres in the
Piceance and Uinta Basins, a vast natural gas play in North America; and a
major interest in Titan Uranium, Inc. (TSX-V: TUE), with 1.44 million acres in
the Athabasca and Thelon Basins, the world's most recognized areas for uranium
exploration. Finally, the company is pursuing high impact natural gas
opportunities in Canada's Western Sedimentary Basin, known as the Peace River
Arch Projects, comprised of 39,000 gross acres. The Company is listed on the
TSX Venture Exchange (DEJ), AMEX (DEJ), and Frankfurt (D5R). 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.
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: