Press Release Source: Dejour Enterprises Ltd.
Dejour Reports on Piceance Testing and Cases 3 New Peace River Wells
Tuesday January 8, 3:41 pm ET
VANCOUVER, British Columbia--(BUSINESS WIRE)--Dejour Enterprises Ltd. (“Dejour”) (AMEX:DEJ - News)(TSX VENTURE:DEJ - News)(FWB:D5R)
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Robert L. Hodgkinson, Chairman & CEO, is pleased to announce 3 new wells in the Peace River Arch. These new wells are part of the 2008 exploration program which was previously stated in the 12.12.07 press release. In addition, Dejour would like to provide an update on the testing and completion of the Barcus #1-12, and #2-12 in the Piceance Basin.
Piceance/ Uinta Basin, USA
Testing and completion operations continue at the North Barcus Creek prospect. The production tubing is now being set at both the NBC #1-12 and #2-12, following respective five and six stage fracture stimulation operations of the upper Cossette, Corcoran and Williams Fork sand intervals. To date, from these zones, the wells have been flowing back a combination of frac fluids, natural gas and gas condensate through the well bore. Over 50% of the expected retrievable frac fluid has now been reclaimed. Major Colorado snowstorms and difficult weather conditions over the past 3 weeks have impacted the expected pace of the completion of these wells.
Definitive production testing is now underway. Plans are also proceeding to add compression and lay flow lines approximately two miles to regional gathering lines on the adjacent Exxon leases. Flow line ‘right of ways’ are already in place. The operator is targeting the commencement of production by the end of Q1-08.
Dejour is now pursuing avenues to expand its timely exposure to natural gas discovery in the Piceance Basin.
Peace River Arch, Canada
Exploration
During the winter drilling season 07/08 Dejour has been successfully executing on its exploration and development plan. To date the company has drilled and set production casing in three new exploration wells in which Dejour holds an average 90% working interest. Testing of these wells will commence in early February.
Additionally, as planned, drilling of a further two new exploration wells is in progress. Results of this winter’s exploration drilling program will be analyzed in preparation for further development and land acquisition.
Seismic programs over two additional exploration acreages at Alderson (3D) and Kaybob (2D) have now been recorded and are in the process of being interpreted.
The above activities provide Dejour with the comfort that all its flow through fund obligations for 2007 have been successfully fulfilled.
Development
At its Drake Field extension discoveries, Dejour has now received the requisite permits and licenses for the drilling of two new wells and is proceeding with construction of these two well sites.
The planned activity for this area includes:
1. The drilling of a total of four wells to test the Notekewin, Halfway, and other zones of potential sands around its now 100% owned discoveries of March/April 2007, and
2. The laying of necessary pipelines to bring these discoveries and ensuing development into production during the current operating season.
At its 30% owned Saddle Hills discovery (March 2007), Dejour has been informed by the operator:
1. Completion and tie in operations for production will commence in early February
2. An offset well will be drilled prior to break up in March 2008
Additionally, Dejour, with its in-house seismic expertise, is working with the operator on acquiring 3D seismic over the land held associated with this discovery that will define the course of future development of this natural gas project.
Dejour is currently on budget and on schedule with its Peace River Arch winter 2008 operations.
Charles Dove, P.Geoph. is the qualified person for this report.
About Dejour
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 at investor@dejour.com
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.
Suite 1100-808 West Hastings Street, Vancouver, BC Canada V6C 2X4
Phone: 604.638.5050 Facsimile: 604.638.5051 Email: investor@dejour.com
Contact:
Dejour Enterprises Ltd.
Robert L. Hodgkinson, Chairman & CEO, 604-638-5050
Facsimile: 604-638-5051
investor@dejour.com
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Source: Dejour Enterprises Ltd.
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