DEJOUR
ENTERPRISES
LTD.:
Amex: DEJ / TSX-V: DEJ
FOR RELEASE: April 4, 2008
In Q1-08 Dejour
made significant progress transitioning from an exploration to a production oil
and gas company. Highlights include:
The first four gas wells,
two of which were drilled in March and April of 2007, at the Company’s Drake
area have now been equipped and tied into sales lines. Initial production will
be phased in over the next week to a planned rate of 2.5 million cubic feet per
sweet natural gas per day, as previously announced for these wells.
Following the
lifting of road bans which affect this area every spring, Dejour expects to
complete equipping and tie-in of the balance of its production by early Q3-08. With
the setting of initial allowable production rate limits placed on some wells by
Provincial governments, Dejour now expects that its production volumes may be initially
restricted to 8 million cubic feet of natural gas equivalent per day. Additional
development, coupled with an established production history, will allow
application for higher well flow rates as established by previous production
flow tests. Production is forecast to be 80% gas and 20% oil, within the
restriction of current allowable government production rates.
Plans for further
development of these and other projects are now being formulated, targeting a
minimum 8-12 additional wells (both
exploration and development) for the winter drilling season of 2008-09.
Some of the
operational objectives Dejour will be targeting in Q2 and Q3 are:
·
Increasing
production from the Peace River Arch,
·
Updating
proven and probable reserves from the new Peace River Arch winter exploration program
discoveries,
·
Completion
and tie-in of the Piceance Basin Barcus Creek #1-12 and #2-12 wells,
·
Rationalizing
the Company’s Piceance-Uintah E&P strategy, and
·
Eliminating
operational burn rate.
Charles
E. 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 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