PRESS RELEASE
DEJOUR ENTERPRISES LTD.:
FOR
RELEASE:
July 25, 2007
Dejour Expands E&P
Activity in Canada’s Peace River Arch
July 25, 2007 - Vancouver, Canada
– Dejour Enterprises Ltd. (Amex: “DEJ”, TSX-V:
“DEJ” and Frankfurt: “D5R”) In February 2007,
Dejour drilled two discovery wells on 1500 acres of crown leases next to the
Drake gas field. These wells will be completed for production at an estimated
combined 1.75mmcf/day at first access prior to year end. Dejour holds 100%
working interest (WI) before payout of all costs (60% WI after payout) of these
wells.
(Please refer to test results released in Company News
Release dated April 09, 2007).
Now, in July 2007, Dejour has successfully purchased
through crown auction, 100% WI interest in 2100 additional acres associated
with these discoveries at a cost of CDN $566,000.
Plans have been formulated to execute an exciting
E&P program on these Drake area lands, which will see an estimated CDN
$850,000 of new 2D and 3D seismic, the re-entering of two existing well bores,
the drilling of seven new wells and the completion and tie in of a total of
eleven (11) wells to multiple productive sands by March-April of 2008.
The Dejour Alberta E&P team, headed by President
and COO Charles Dove, Professional Geophysicist, estimates that this program is
prospective for the development of a resource in excess of 18 billion cubic
feet (Bcf) natural gas (14 Bcf net to the Company) targeting Dejour’s
share of initial production from this program at 14 million cubic feet of
natural gas per day (Mmcf/d). This estimate is based on existing wells in the
area drilled into similar prospects. The classification is pursuant to NI
51-101 requirements (See below).
Total remaining budget of this operation plan will
approximate CDN $9 million (in addition to expenditures to date of almost CDN$
2 million), including all land and seismic costs. This represents an un-risked
finding/development cost of less than $1 per thousand cubic feet (Mcf).
Drake is one of 14 exploration projects currently of
interest to Dejour in the Peace River Arch area, where company plans include
exposure to discovery in almost 45,000 acres of oil and gas lands with an
average working interest between 25 and 30% after payout.
To assist Dejour in the timely execution of these
E&P programs, Dejour Alberta has expanded the company’s Calgary
office and retained the services of a Professional Engineer and a Landman to
augment the management team of the Drake development, including the timely
land, legal and budgetary requirements of the Drake operation and accelerate
activity on other company projects. Both individuals are pedigreed
professionals with a combined 40 plus years experience focused on managing
E&P programs in the Alberta/BC hydrocarbon basins.
Elsewhere in the Peace River Arch project area, Dejour
is preparing to complete the testing and tie-in of its 30% owned Saddle Hills
discovery into pipe by the end of August, 2007. A first offset well to this
discovery will follow shortly. At least four additional projects (including the
90% WI Cecil property, where seismic data has been purchased and is currently
being evaluated) are contemplated to be drilled during Q3-4 2007. Dejour
continues to request that lands be posted for sale by the B.C. and Alberta governments to
open new prospects in the Peace River Arch area for future drilling.
Charles Dove, Professional Geophysicist is the
qualified person for this news release.
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
About the Canadian Oil & Gas Handbook (COGE)
“Prospective resources” as defined in the
COGE Handbook are: “those quantities of oil and gas estimated on a
given date to be potentially recoverable from undiscovered accumulations. If
discovered they would be technically and economically viable to recover”.
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