PRESS RELEASE
DEJOUR ENTERPRISES
LTD.: TSX-V:DEJ/Amex:DEJ
FOR
RELEASE:
July 5, 2007
Dejour Revisits Tinsley
Vancouver, British Columbia, Canada, July 5, 2007 – Dejour
Enterprises Ltd. (“Dejour”) (TSX-V: DEJ, Amex:DEJ, Frankfurt:D5R) About two years ago Dejour - along
with noted American private oil interests including the Hunt and Pickens
families – participated in the drilling of an 11,200’ Norphlet
Sand test atop the Jurassic crest of Tinsley Oil Field, a large salt-cored anticlinal closure located in the prolific Interior Salt
Basin of Mississippi about 50 miles north of the capitol of Jackson. Tinsley Field has produced over 230 million
barrels of oil, predominantly from the Upper Cretaceous Woodruff Sand, which is
now the subject of a massive CO2 injection (tertiary flood) program
by Denbury Resources. Tinsley Field ranks as the
second largest producing oil field in the State.
The selection of the location of the
initial 11,200’ Norphlet Sand test was based upon the
operator’s interpretation of a 45 square-mile 3D seismic survey that had been
acquired by Pennzoil in the early 1990’s, along with corroborative information
from a nearby downdip well drilled in 1944 that had
tested minor amounts of gas and condensate from several perforated intervals
within the Smackover, but had been ultimately plugged back and recompleted in the main field pay, the Woodruff Sand. The
operator’s 3D interpretation indicated the presence of a large “three-way”
faulted Norphlet Sand closure, and that several other
(pre-3D) Norphlet test wells, from which promising
tests of gas and condensate had been reported, were located as much as 3,500
feet structurally downdip, and as much as four miles
from the Norphlet structural crest. It had been
postulated at that time that the potential gas in place within the prospective Norphlet closure could have exceeded 1 trillion cubic feet.
The drilling of the initial 11,200’ Norphlet
Sand test reached total depth as expected by bottoming in the Louann Salt (beneath the Norphlet
Sand equivalent), but no porous Norphlet Sand was
encountered, and the overlying Smackover Limestone was found to have very
little porosity and nil permeability.
Upon analysis of the data from the well, and a subsequent review of the
3D data, Dejour has concluded that the initial 11,200’ Norphlet
Sand test had been drilled in a very favourable
structural position, but had been located too far updip
of the stratigraphic limits of the Norphlet Sand objective, as well as any potential Smackover
reservoirs.
However, Dejour continues to believe there is a high
likelihood that significant Jurassic hydrocarbon reserves remain to be
discovered in the general area.
In May of 2007, in return for quit claiming its working
interest ownership in the initial 11,200’ Norphlet
Sand test wellbore (including plugging obligations)
to the other working interest owners (who then sold the wellbore
to Denbury Resources for a nominal sum), Dejour
assumed ownership of 98% of the Prospect, including any remaining leasehold.
Dejour has now entered into a binding agreement with private
interests, including experienced Gulf Coast technical personnel who have
established a successful track record in the discovery and development of
analogous Jurassic reservoirs in the West Central Mississippi area, to
integrate the results of the initial 11,200’ Norphlet
Sand test well into a more accurate re-interpretation of the geological and
geophysical data available. In return for its contributions, Dejour will
receive a cash credit consideration towards the next phase of project
development and plans to retain a 35% interest in this ongoing project.
While not germane to the Company’s key project areas in
Piceance Uinta, Peace River Arch and
The Company will provide market updates to this project on a
timely basis.
R. Marc
Bustin, Ph.D., P. Geol., FRSC, is the qualified person for Dejour’s oil and gas
projects.
About Dejour
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 returns.
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 at investor@dejour.com
Statements in this release that are forward-looking statements are
subject to various risks and uncertainties concerning the specific factors
disclosed under the heading “Risk Factors” and elsewhere in the Corporations’
periodic filings with Canadian securities regulators. Such information contained
herein represents management’s best judgment as of the date hereof based on
information currently available. The corporation does not assume the obligation
to update any forward-looking statement.
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.
Phone: 604.638.5050 Facsimile:
604.638.5051 Email:
investor@dejour.com