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Dejour
Expects 2008 Production Exit At 1000 Boe Daily
Company Ties in 7th Well at Carson
Creek
December 17, 2008
CALGARY, ALBERTA, December 17, 2008 -- Dejour Enterprises Ltd. (NYSE-
Alt: DEJ / TSX: DEJ) announces that its Carson Creek gas/oil
project in NW Alberta has been brought on line for continuous production
today. The well which was initially brought on a few weeks earlier required
some additional choke installation. This addition is expected to raise
Company production rates to more than 1000 barrels of oil equivalent daily
(BOE), having previously tested at rates of over 3 million cubic feet of gas
and 300 barrels of oil/day at shut in pressure of over 1600 psi. Production
rates at this well are expected to be restricted to about 1.5 million cubic
feet and 150 barrels of oil/ day by year end, to coincide with downstream
gathering system pressures.
Using the quoted ATB Financial current 2009 price
for oil at $US54.74 (C$67.40) and natural gas at C$6.32, the Company�s
current production levels suggest that gross revenue by January 2009 will
have reached an annualized base of C$17.6 million per year, with an operating
netback (gross revenue less royalties, operating and transportation costs) of
C$7.8 million per year.
Chairman and CEO Robert L. Hodgkinson states,
�Dejour is pleased to have achieved its 2008 production growth goal from zero
to more than 1000 BOE per day in the Peace River Arch. The winter 2009
program includes executing a low risk program to drill and complete for
production up to 4 new development wells at its 100% owned Woodrush oil
facility, and for well bore testing to further evaluate its 100% owned
Montney sand/shale potential acquired through recent land purchases (6350
acres). This activity is expected to be funded substantially by cash flow and
credit facilities".
Three additional non-operated gas wells drilled in
2007 and 2008 are awaiting tie-in by other operators. One additional
Dejour operated well awaits further drilling prior to tie-in.
Piceance Basin Update
Dejour is pleased to note that lands adjacent to
2200 acres of Company landholdings in the Gibson Gulch production area of the
Piceance Basin have recently been purchased for US$10,600 per acre. This
represents a very healthy premium to the $400 per acre cost paid by Dejour in
late 2006. Gibson Gulch represents 1.25% of Dejour's active property holdings
in the United States.
Charles Dove, P. Geophysics is the 'qualified
person' for this report.
BOEs may be misleading, particularly if used in
isolation. A BOE conversion ratio of 6 Mcf: 1 bbl 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., an active micro cap oil and natural gas explorer and
producer, strategically assembles and develops North American energy
properties. The Company has 150,000 net acres of premium energy assets in two
of North America�s most prolific areas. Flagship properties encompass 128,000
net acres in the U.S. Rocky Mountains and 22,000 net acres in Canada�s Peace
River Arch area.
Dejour�s energy portfolio also includes a
significant interest in uranium discovery through carried interests and
control holdings of Titan Uranium, Inc. (TSX-V: TUE).
Dejour, headquartered in Vancouver, British
Columbia, maintains operations offices in Denver, Colorado and Calgary,
Alberta. The company is publicly traded on the New York Stock Exchange
Alternext (NYSE- Alt: DEJ) and Toronto Stock Exchange (TSX: DEJ).
Statements Regarding Forward-Looking
Information: This news release contains statements about oil and gas production and
operating activities that may constitute "forward-looking
statements" or �forward-looking information� within the meaning of
applicable securities legislation as they involve the implied assessment that
the resources described can be profitably produced in the future, based on
certain estimates and assumptions. Forward-looking statements are based on
current expectations, estimates and projections that involve a number of
risks, uncertainties and other factors that could cause actual results to
differ materially from those anticipated by Dejour and described in the
forward-looking statements. These risks, uncertainties and other factors include,
but are not limited to, adverse general economic conditions, operating
hazards, drilling risks, inherent uncertainties in interpreting engineering
and geologic data, competition, reduced availability of drilling and other
well services, fluctuations in oil and gas prices and prices for drilling and
other well services, government regulation and foreign political risks,
fluctuations in the exchange rate between Canadian and US dollars and other
currencies, as well as other risks commonly associated with the exploration
and development of oil and gas properties. Additional information on these
and other factors, which could affect Dejour�s operations or financial
results, are included in Dejour�s reports on file with Canadian and United
States securities regulatory authorities. We assume no obligation to update
forward-looking statements should circumstances or management's estimates or
opinions change unless otherwise required under securities law.
The TSX
does not accept responsibility for the adequacy or accuracy of this news
release.
Robert
L. Hodgkinson, Chairman & CEO
DEJOUR ENTERPRISES LTD.
Suite 1100-808 West Hastings Street,
Vancouver, BC Canada V6C 2X4
Phone: 604.638.5050 Facsimile: 604.638.5051
Email: investor@dejour.com
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