PRESS RELEASE
DEJOUR ENTERPRISES
LTD.: Amex:”DEJ”/
TSX-V: “DEJ”
FOR
RELEASE:
December
12, 2007
Dejour Updates Peace River Arch/ Piceance Drilling and Completion
Activities
December 12, 2007 - Vancouver, Canada
– Dejour Enterprises Ltd. (Amex: DEJ, TSX-V: DEJ) Dejour Alberta
commences winter drilling program on multiple properties in the Peace River
Arch. Additional land leases acquired. Two Piceance wells approach completion.
Dejour Alberta, wholly owned by Dejour Enterprises
Ltd. has commenced winter drilling activities on multiple properties in the
Peace River Arch. By the weeks’ end drilling operations will have
commenced at :
1. Wembley,
where Dejour has 100% interest in 1280 acres to test two zones. Total Depth for
this well is 6500 feet. Dejour has an interest in a further 1280 acres adjacent
to the land being drilled.
2. La
Glace, where Dejour has 100% interest in an oil test targeted at 2500 feet.
3.
Carson Creek, where Dejour has 100%
interest in a multi- zone test for natural gas..
Dejour is also expecting shortly the issuance of well
licences to drill:
1. Cecil,
a 90% owned 3500 foot natural gas test on 640 acres, offsetting substantial
production.
2. Boundary
Lake, a test on 100% leases totalling 1230 acres.
3. Manning,
a 40% owned and non-operated 3600 foot oil test to earn 4480 acres.
Dejour is in the process of acquiring an
additional 3200 acres of crown leases to complement the existing 3840 acres at
its 30% owned non-operated Saddle Hills natural gas discovery. A 3D seismic
participation survey will be conducted this winter to best identify the most
attractive opportunities for field extension to the gas zones discovered in the
initial well and other exploratory target formations. Two zones were tested in
the discovery well, the first tested 1mmcf/d gas and the second at better than
750mcf/d gas. A second well, to test these zones is scheduled for early 2008,
with initial tie in prior to the end of Q1-08.
(One MCF is roughly equivalent to
1mmBTU, which is the quoted gas contract on the New York Mercantile Exchange
[NYMEX]. Current price is approximately US$7.35 per mmBTU).
Early in January, Dejour will begin drilling the 1st
of 4 wells offsetting its now 100% owned Drake field extension discovery, where
2 wells tested gas last March and are expected to produce at collective rates
in excess of 1500 mcf/d natural gas. The new wells, strategically situated as a
result of a 3D survey interpretation, will target not only the previously
tested Notikewin sands in step out locations but seismically identified Halfway
sands known to produce at rates over 5mmcfd/ natural gas in the area. All 6
wells at Drake are expected to be in pipe by the end of Q1-08, with more
development to follow.
Piceance Basin
Testing at both the N Barcus
#1-12 and #2-12 continues. The upper Williams Fork, Cossette and Corcoran
sands, totalling at least 120’ of gross gas bearing sands in each well,
have now been both perforated and successfully subjected to either five or a
six stage fracs, depending on location. Frac fluid is now flowing back.
The operator has advised the Company that
comprehensive flow rate data for each of the wells should be established by
yearend. The operator should also be able to comment on additional land
purchases adjacent to the N Barcus Creek leases by that time.
Furthermore pipeline access negotiations are underway
with multiple opportunities available. Using newly designed flex coiled pipe,
the operator feels these wells could be on line within Q1-08.
Although completion has been initially slower than
originally anticipated, Dejour is now pleased with the recent progress at N
Barcus Creek and is now involved in strategic meetings to advance the
development of the Piceance properties for the benefit of all partners.
Charles Dove. B.Sc.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