PRESS RELEASE
DEJOUR ENTERPRISES
LTD.:
Amex:DEJ/TSX-V: DEJ
FOR
RELEASE:
January 21, 2008
Dejour
Makes New Discoveries in Canada’s Peace River Arch
Vancouver,
BC, Canada January 21, 2008 – Dejour Enterprises Ltd. (“Dejour”)
(Amex: DEJ/TSX-V: DEJ)
Peace River Arch
Dejour’s
winter 07-08 exploration is meeting with exceptional results to date. As of
January 21, Dejour has drilled and cased 5 of its first 5 new project
exploratory wells (average working interest 90%) and will spud its 6th
new project exploratory well within two weeks
(90% W.I.).
The first
of these exploratory wells has been completed and flow tested. Gas flow rates levelled at 3 mmcf/day
at the end of the 24 hr test. The
well also produced a total of 152 bbls of light oil
over the test period. Completion
programs for the remainder are being finalized and results will be forthcoming
as these programs are implemented throughout January, and February.
Dejour has
reached TD on a third well (Drake 94H1) at its previously mentioned Drake Field
extension with a 4th, 5th and 6th well to
follow prior to the end of February. Initial log indications are that the well
encountered the target sand with a gas show and casing has been ordered. Dejour
has a 100% WI in these wells. Drake wells #4, #5 and #6 will test the Notekewin
and several deeper zones identified by 3D seismic. The initial two wells
drilled at the end of last winters drilling season have now been completed with
small CO2 fracture stimulations.
Initial
flow rates following the stimulation was > 2 mmcf
per day natural gas from each of these wells. The Company, utilizing good
engineering practice, expects to produce these two wells at > 2.0 mmcf/day
combined on completion of the tie-in. Flow line rights of way have been cut and
lines are being laid for tie in prior to the end of Q1.
Dejour also
expects its non-operated 30% Saddle Hills discovery to
be tied in and an offset well drilled during Q1. Two zones were tested at this
location, with combined rates >1.5mmcf/day.
Lastly,
Dejour is working plans to tie in as many of its new discovery wells as
possible prior to break up. Reservoir engineering calculations on these
properties will be forthcoming prior to the end of February. Further
development will follow.
Dejour
continues to target production rates > 10mmcfe/d (million cubic feet
equivalent per day) natural gas to its WI interest from these operations by the
end of Q1-08.
BOEs [or
'McfEs' 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.
Piceance Basin
Dejour
reports that its 25% owned North Barcus Creek wells (#1-12 and #2-12) are still
returning frac fluid, natural gas and gas condensate through production tubing
with increasing pressures. With 25-35% of frac fluids remaining to be
retrieved, the NBC #1-12 is currently shut in pending pressure build up. The
NBC #2-12, however, has production tested over 800mcf gas and 25-50 barrels of
gas condensate per day from a 24 hour test. Reservoir pressure bombs have now
been installed .Testing will continue as the wells clean out and pressure
equalize. Over 800 barrels of gas condensate (a very high gravity light oil),
extracted from these wells is being processed for trucking to local sales
points.
Dejour is
encouraged by the strengthening trend of these daily results, despite a very
harsh seasonal operating environment. Dejour expects to have its engineers
determine initial proven reserves at North Barcus Creek following completion of
testing, during Q1-08.
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
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
Robert L. Hodgkinson, Chairman & CEO
DEJOUR ENTERPRISES LTD.
Phone: 604.638.5050 Facsimile:
604.638.5051 Email:
investor@dejour.com