PRESS RELEASE
DEJOUR ENTERPRISES
LTD.:
TSX-V:DEJ/Amex:DEJ
FOR
RELEASE:
July 5, 2007
Dejour Revisits Tinsley
Vancouver, British
Columbia, Canada, July 5, 2007 – Dejour Enterprises Ltd.
(“Dejour”) (TSX-V: DEJ, Amex:DEJ, Frankfurt:D5R) About two
years ago Dejour - along with noted American private oil interests including
the Hunt and Pickens families – participated in the drilling of an
11,200’ Norphlet Sand test atop the Jurassic crest of Tinsley Oil Field,
a large salt-cored anticlinal closure located in the prolific Interior Salt
Basin of Mississippi about 50 miles north of the capitol of Jackson.
Tinsley Field has produced over 230 million barrels of oil, predominantly from
the Upper Cretaceous Woodruff Sand, which is now the subject of a massive CO2
injection (tertiary flood) program by Denbury Resources. Tinsley Field ranks as
the second largest producing oil field in the State.
The selection of
the location of the initial 11,200’ Norphlet Sand test was based upon the
operator’s interpretation of a 45 square-mile 3D seismic survey that had
been acquired by Pennzoil in the early 1990’s, along with corroborative
information from a nearby downdip well drilled in 1944 that had tested minor
amounts of gas and condensate from several perforated intervals within the
Smackover, but had been ultimately plugged back and recompleted in the main
field pay, the Woodruff Sand. The operator’s 3D interpretation indicated
the presence of a large “three-way” faulted Norphlet Sand closure,
and that several other (pre-3D) Norphlet test wells, from which promising tests
of gas and condensate had been reported, were located as much as 3,500 feet
structurally downdip, and as much as four miles from the Norphlet structural
crest. It had been postulated at that time that the potential gas in place
within the prospective Norphlet closure could have exceeded 1 trillion cubic
feet.
The drilling of the initial
11,200’ Norphlet Sand test reached total depth as expected by bottoming
in the Louann Salt (beneath the Norphlet Sand equivalent), but no porous
Norphlet Sand was encountered, and the overlying Smackover Limestone was found
to have very little porosity and nil permeability. Upon analysis of the
data from the well, and a subsequent review of the 3D data, Dejour has
concluded that the initial 11,200’ Norphlet Sand test had been drilled in
a very favourable structural position, but had been located too far updip of
the stratigraphic limits of the Norphlet Sand objective, as well as any
potential Smackover reservoirs.
However, Dejour continues to believe
there is a high likelihood that significant Jurassic hydrocarbon reserves
remain to be discovered in the general area.
In May of 2007, in return for quit
claiming its working interest ownership in the initial 11,200’ Norphlet
Sand test wellbore (including plugging obligations) to the other working
interest owners (who then sold the wellbore to Denbury Resources for a nominal
sum), Dejour assumed ownership of 98% of the Prospect, including any remaining
leasehold.
Dejour has now entered into a
binding agreement with private interests, including experienced Gulf Coast technical
personnel who have established a successful track record in the discovery and
development of analogous Jurassic reservoirs in the West Central Mississippi
area, to integrate the results of the initial 11,200’ Norphlet Sand test
well into a more accurate re-interpretation of the geological and geophysical
data available. In return for its contributions, Dejour will receive a cash
credit consideration towards the next phase of project development and plans to
retain a 35% interest in this ongoing project.
While not germane to the
Company’s key project areas in Piceance Uinta, Peace River Arch and Athabasca, Dejour believes there is substantial merit in
the technical re-interpretation of the Tinsley Project, and this new group
effort allows the Company to continue the search for hydrocarbons within this
project area as beneficially and efficiently as possible.
The Company will provide market
updates to this project on a timely basis.
R. Marc
Bustin, Ph.D., P. Geol., FRSC, is the qualified person for Dejour’s oil
and gas projects.
About Dejour
Dejour
Enterprises Ltd. is a micro cap Canadian company focused on oil & gas
exploration with a significant indirect investment in uranium discovery.
The company acquires high-impact energy assets and strategically monetizes them
through partnerships and co-ventures to limit exposure and enhance returns.
Dejour has significant holdings in three of the world's
premiere energy resource regions. This includes 290,000 gross (60,000 net)
acres in the Piceance and Uinta Basins, a vast natural gas play in North
America; and a major interest in Titan Uranium, Inc. (TSX-V: TUE), with 1.44
million acres in the Athabasca and Thelon Basins, the world's most recognized areas
for uranium exploration. Finally, the company is pursuing high impact natural
gas opportunities in Canada's Western Sedimentary Basin, known as the Peace
River Arch Projects, comprised of 39,000 gross acres. The Company is listed on
the TSX Venture Exchange (DEJ), AMEX (DEJ), and Frankfurt (D5R). Refer to www.dejour.com for company details or
contact the Office of Investor Relations at investor@dejour.com
Statements in this release that are forward-looking
statements are subject to various risks and uncertainties concerning the
specific factors disclosed under the heading “Risk Factors” and
elsewhere in the Corporations’ periodic filings with Canadian securities
regulators. Such information contained herein represents management’s
best judgment as of the date hereof based on information currently available.
The corporation does not assume the obligation to update any forward-looking
statement.
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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