DEJOUR ENTERPRISES
LTD.:
Amex: DEJ / TSX-V: DEJ
FOR RELEASE:
February 19, 2008
Vancouver BC,
February 19, 2008- Dejour announces continued
significant drilling success in Canada’s Peace River Arch, continues to
target > 10,000,000 cubic feet
natural gas equivalent per day (mmcfe/d) production from
current operations in this area and witnesses natural gas prices rising
materially.
Dejour has now successfully
drilled and cased the #5 well at its Drake Project. Production testing of the Halfway
sands showed rates of greater than 1,600,000 cubic feet of natural gas per day,
without any stimulation. The Notikewin zone will be tested shortly.
Well #6 at its
Drake Project has now reached total depth and has been cased. Evaluation of the
prospective zones will commence later this week.
Dejour owns an
undivided 100% interest in both these wells and adjacent lands.
The #6 well will
conclude the Drake exploration and development drilling program for the 2007-08
winter drilling season. Plans are to place these 6 wells on production prior to
breakup, with the gas moving through available pipelines running both east and
west from this project area. Final production rates will be aggregated at that
time, however, Pipeline construction continues at Drake.
As previously
mentioned, Dejour has as many as 4 additional drill sites on these 100% owned
lands for future development. The Company is exploring the possibilities of
further significantly greater exposure to natural gas productivity in this
area.
OTHER
The drill rig from
the #6 well at Drake has been moved to the Alberta site of the Company’s sixth and
final exploration well of the season, a 5500’ test of a prominent channel sand known
to be prolific in the area. Drilling operations have commenced.
Cumulative results
of this exploration program will be forthcoming as results are available. To
date, one of the new discoveries has tested over 3,000,000 cubic feet of
natural gas per day with over 150 barrels of light oil (Dejour 100%). Two
additional exploratory wells show strong indications of hydrocarbons on the
logs and are currently being evaluated for production. Rates will be published
when available.
Finally, Dejour’s,
third party operated 30% owned Saddle Hills discovery is now being placed on
production ( two zones tested > 1,600,000 cubic feet of natural gas). An
offset well is to commence drilling this winter season. The Company is
currently preparing to record a seismic program to assist in future development.
A National
Instrument #51-101 independent reservoir engineering reports will be
forthcoming prior to the end of March 2008, as required to assign reserves and
values to year end 2007. A second report will be created at the end of the
current exploration and development program to update these results.
NYMEX Henry’s Hub
Natural Gas continues to rise and today is $8.98 (US/MMBtu).
Charles Dove, P.
Geophysics, is the qualified person for this report.
BOEs [or 'MmcfEs' 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.
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
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
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