PRESS RELEASE
DEJOUR ENTERPRISES
LTD.:
Amex: DEJ / TSX-V: DEJ
FOR
RELEASE:
February
19, 2008
Dejour Tests More
Gas at Peace River Arch as Natural Gas Prices Climb
Vancouver BC, February 19, 2008- Dejour announces
continued significant drilling success in Canada’s Peace River Arch,
continues to target > 10,000,000 cubic feet natural gas equivalent per
day (mmcfe/d) production from current operations in this area and witnesses
natural gas prices rising materially.
PEACE RIVER ARCH CANADA - DRAKE PROSPECT
Dejour has now successfully drilled and cased the #5 well at
its Drake Project. Production testing of the Halfway sands showed rates
of greater than 1,600,000 cubic feet of natural gas per day, without any
stimulation. The Notikewin zone will be tested shortly.
Well #6 at its Drake Project has now reached total depth and
has been cased. Evaluation of the prospective zones will commence later this
week.
Dejour owns an undivided 100% interest in both these wells
and adjacent lands.
The #6 well will conclude the Drake exploration and
development drilling program for the 2007-08 winter drilling season. Plans are
to place these 6 wells on production prior to breakup, with the gas moving
through available pipelines running both east and west from this project area.
Final production rates will be aggregated at that time, however, Pipeline
construction continues at Drake.
As previously mentioned, Dejour has as many as 4 additional
drill sites on these 100% owned lands for future development. The Company is
exploring the possibilities of further significantly greater exposure to
natural gas productivity in this area.
OTHER PEACE
RIVER ARCH CANADA PROSPECTS
The drill rig from the #6 well at Drake has been moved to
the Alberta site of the Company’s sixth and final exploration well of the
season, a 5500’ test of a prominent channel sand known to be prolific in
the area. Drilling operations have commenced.
Cumulative results of this exploration program will be
forthcoming as results are available. To date, one of the new discoveries has
tested over 3,000,000 cubic feet of natural gas per day with over 150 barrels
of light oil (Dejour 100%). Two additional exploratory wells show strong
indications of hydrocarbons on the logs and are currently being evaluated for
production. Rates will be published when available.
Finally, Dejour’s, third party operated 30% owned
Saddle Hills discovery is now being placed on production ( two zones tested
> 1,600,000 cubic feet of natural gas). An offset well is to commence
drilling this winter season. The Company is currently preparing to record a
seismic program to assist in future development.
A National Instrument #51-101 independent reservoir
engineering reports will be forthcoming prior to the end of March 2008, as
required to assign reserves and values to year end 2007. A second report will
be created at the end of the current exploration and development program to
update these results.
NYMEX Henry’s Hub Natural Gas continues to rise and
today is $8.98 (US/MMBtu).
Charles Dove, P. Geophysics, is the qualified person for
this report.
BOEs [or 'MmcfEs' 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.
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
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.
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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