DEJOUR ENTERPRISES
LTD.:
Amex: DEJ / TSX-V: DEJ
FOR RELEASE:
March 6, 2008
Vancouver BC, March
6, 2008: Dejour is in the final stages of completion of its most rewarding
drilling program to date in Canada’s Peace River Arch, targeting >
10,000,000 cubic feet natural gas equivalent per day production from current
operations in this area, as North American natural gas prices rise to new cycle
highs. In total, eleven (11) wells are being prepared for production.
Current Activity
Dejour has successfully
drilled and cased the #6 well at Drake. Production testing at this location indicates this well to be a significant producer
analogous to the #5 well which tested 1,600,000 cubic feet of natural gas
equivalent per day, without stimulation. Permanent facilities are now being
established to have all six of the Drake location wells on line before the end
of March. Dejour owns between a 92% and 100% interest in all six wells and the adjacent
lands. The Company plans greater exposure
to hydrocarbon productivity in this area.
Dejour has also
cased, perforated and is currently flow testing over 500,000 cubic feet of
natural gas per day without stimulation from its latest 95% owned exploration
test at Cecil, Alberta. A second zone in this well is now being tested.
Additionally, a 40%
owned third party operated exploration test at Manning, Alberta has reached
total depth and has been cased for production testing. This completes the exploration
program in the Peace River Arch for this drilling season, with at least 4
discoveries on six separate prospects. Cumulative results of this very
successful exploration program are close to being established.
At Dejour’s third
party operated 30% owned Saddle Hills discovery, now being placed on production
( two zones tested > 1,600,000 cubic feet of natural gas), a first offset
well is currently drilling, target depth expected to be reached this week.
Concurrently, Dejour is preparing to record a seismic program over the 5700
acres of land covering this discovery to pinpoint the prime locations for future
development.
Peace River Arch Program Summary
Since inception of
exploration in the winter of 2006-07, Dejour has drilled 9 separate prospects
in the Peace River Arch region of NW Alberta/ NE BC. At least five are
confirmed discoveries, two are still being evaluated, two
are considered uneconomic. To date a total of 11 wells are being prepared for
production. 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%). The six
Drake area wells (Dejour 92-100%) are expected to produce at rates in excess of
6,000,000 cubic feet of gas equivalent with ongoing development. In addition to
the Saddle Hills development, two additional wells have also been cased and are
currently being evaluated for production.
Dejour has, in
addition to undrilled locations offsetting discoveries, two other projects
still being evaluated for commerciality and five untested exploration prospects
remaining in drilling inventory for the winter of 2008-09.
A National
Instrument #51-101 independent reservoir engineering report for all Dejour’s
Peace River Arch interests is currently being prepared by GLJ Petroleum
Consultants, Calgary Alberta as required to assign reserves and values to year
end 2007.
The company feels
that the reserves discovered during the 2007-08 exploration and development
program will exceed the minimum reserve requirement for upgrading the Company’s
listing to the TSX.
Charles Dove, P.
Geophysics, is the qualified person for this report.
NYMEX Henry’s Hub
Natural Gas price continues to rise and today is $9.75 (US/MMBtu).
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.
Other Updates
Dejour CEO Bob
Hodgkinson has provided a summary of these operations on the Dejour website.
The Company has received an updated valuation report from Khandaker Partners
& Co., a NYC based research firm. This report is also available on the
Dejour website at www.dejour.com/khandaker.htm
About Dejour
Dejour Enterprises
Ltd. is a micro cap Canadian company creating real shareholder value through a
balance of exploration, development, production 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