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 Venture
Exchange (DEJ.V), and Frankfurt (D5R). Dejour is a reporting
issuer to the SEC. Refer to www.dejour.com
for company details or contact the Office of Investor Relations at investor@dejour.com
CAUTIONARY DISCLAIMER - FORWARD LOOKING STATEMENTS
This release includes certain statements that may be deemed to be "forward-looking
statements" within the meaning of the US Private Securities Litigation
Reform Act of 1995. All statements in this release, other than statements of
historical facts that address future production, reserve potential, exploration
drilling, exploitation activities and events or developments that the Company
expects, are forward-looking statements. Although Dejour believes the
expectations expressed in such forward-looking statements are based on
reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially from those
in the forward-looking statements. Factors that could cause actual results to
differ materially from those in forward-looking statements include uranium and
oil and gas prices, well or production performance, exploitation and
exploration successes, continued availability of capital and financing, and
general economic, market or business conditions. The Company expressly
disclaims any obligation to update any forward-looking statements. We seek safe
harbor.
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.
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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