|
Dejour
to Drive Development with Rocky Mountain Region Acquisition
June 18, 2008
Vancouver BC, June 18, 2008: Dejour Enterprises Ltd., (Amex: DEJ,
TSX-V:DEJ) an oil and natural gas exploration and production company,
announced today it has completed the new acquisition of approximately 64,000
net acres within the most active exploration and production basins in Colorado
and Utah from privately held Retamco Operating Inc.
This transaction positions Dejour with:
- 100% operational control of
approximately 125,000 acres (Dejour 72% and Brownstone Ventures 28%,
respectively).
- 128,000 total net acres (44%
of 289,000 gross acres) of leasehold property in Colorado and Utah.
Colorado ranks 6th and Utah ranks 9th
among the leading American states producing natural gas (2006 Utah Geological
Survey).
This additional acreage was acquired in
exchange for Dejour�s 25% working interest (WI) in roughly 3,500 acres and
two wells at North Barcus Creek, a cash payment of approximately $4 million
and other valuable consideration. The North Barcus Creek wells were drilled
on joint acreage by Retamco at the end of 2007 and are awaiting production
tie-in.
This transaction completes the first
step in Dejour�s strategy to develop a major operating presence in several of
the most promising producing basins in the Rocky Mountain Region. Over the
next two years, Dejour plans to drill and complete at least 10 exploration
wells on the newly acquired acreage in the Piceance Basin and then, based on
the exploration results, move directly into full resource development.
�As the majority working interest owner
and operator of the Piceance acreage we are now in position to drill and in
some cases promote the drilling of a number of key wells over the next year
to eighteen months, while we implement a resource development plan that may
take 7 to 10 years to fully execute. We also expect to be involved in
drilling activities to follow immediately in other new basin discoveries
including the Greentown area of the northern Paradox Basin in Utah. The
continued escalation of petroleum land values in these Rocky Mountain Basins,
buoyed by sharply higher product pricing, drilling activity and off-take
infrastructure, secures for Dejour a superior position to reap the full value
potential of its resource investment here,� says Dejour USA, President,
Harrison Blacker.
�I am very pleased to see this step of
our strategic plan successfully executed. This new acquisition, with the
operational control it infers, assures Dejour a prime avenue to channel cash
flows from existing successful investments over the next 24 months, to
unleash the real value of these prime Piceance, Uinta and Paradox Basin
properties.� said Dejour Enterprises CEO, Robert L. Hodgkinson.
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 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
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 U.S. and
Canadian securities markets and failure to receive regulatory approvals.
Dejour assumes no obligation to update this information. There can be no
assurance that future developments affecting the Company will be those
anticipated by management. Please refer to the discussion of risk factors in
our Form 20-F for 2006, as amended.
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this news release.
Office of Investor Relations
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
Toll Free: 1.866.888.8230
_____________________________________________________________________________
|