A Reserve Assessment and Evaluation of
Select Oil and Gas Properties Report prepared by Calgary based GLJ Petroleum
Consultants, as of June 30, 2008, provides the following revisions to their
previous report, effective December 31, 2008. All figures are reported
in Canadian dollars.
The updated 51-101 report by GLJ
Petroleum Consultants will be available on www.sedar.com and www.dejour.com. Readers are cautioned that
estimated values disclosed do not necessarily represent fair market value.
All GLJ figures are pre-tax, net of royalties and all operating costs.
Highlights are as follows:
Reserve Values based on GLJ 2008 Price
Deck Forecast
|
NPV Discounted at 10%
|
December 31, 2007
|
June 30, 2008
|
|
Forecast Production Netback Prices
|
$3.49
/ Mcf for gas, average $22.07/boe
|
$6.65
/ Mcf for gas, $126.64 / bbl for oil: average $56.02/boe
|
|
Proved Reserves
|
$1.06M
|
$32.0M
|
|
Probable Reserves
|
$2.21M
|
$26.2M
|
|
Total
Proved and Probable Reserves (2P)
|
$3.27M
|
$58.2M
|
|
|
|
|
|
Total 2P Barrels of Oil Equivalent
(BOEs) Reserves net of royalties
|
416,000
|
1,225,000
|
Reserve Values
based on Constant Prices (SEC Case)
|
NPV Discounted at 10%
|
December 31, 2007
|
June 30, 2008
|
|
Constant Price
|
$3.39 / Mcf for gas: average
$21.58/boe
|
$6.73 / Mcf for gas, $134.44 / bbl
for oil: average $57.90/boe
|
|
Proved Reserves
|
$0.372M
|
$41.3M
|
|
Probable Reserves
|
$1.80M
|
$36.0M
|
|
Total Proved and Probable Reserves
(2P)
|
$2.17M
|
$77.3M
|
|
|
|
|
|
Total 2P Barrels of Oil Equivalent
(BOEs) Reserves net of royalties
|
419,000
|
1,248,000
|
These updated figures
continue to validate Dejour�s 2008 exploration and development strategy. The
Canadian operation has added considerable oil reserves to benefit from high
oil prices while continuing development of its natural gas projects. This has
resulted in an increase from 5% NGL�s / 95% Natural Gas, to 53% Light and
Medium Crude Oil and NGL�s (Natural Gas Liquids) / 47% Natural Gas.
�Currently
four of the ten wells tested and independently evaluated for production are
on stream. The balance is being prepared for production in Q3-08, with design
capacity to accommodate the next round of development. One of the 2008 oil
discovery areas has a current 2P valuation of approximately $40MM based on
primary recovery and restricted initial production rates. However, a nearby
analogous pool has already shown a 100% plus increase in estimated ultimate
oil recoveries (EUR's) through the utilization of secondary recovery
techniques. Dejour has commenced design work to utilize these techniques,
when appropriate, to further raise its EUR from this pool. As Dejour's
other discoveries are brought on stream in Q3 2008, development plans will be
finalized for the upcoming fall and winter," says Charles Dove,
President of Dejour Energy, Alberta.
Robert
Hodgkinson, Dejour Chairman and CEO commented, �GLJ's revised valuation of 2P
Reserves has grown 2.97 times from Q4, 2007. This, combined with higher
prices for energy and the increase in bias towards oil, is responsible for
pre-tax cash flow estimates much better than previously anticipated. The
Company's Peace River Arch projects have now proven to be an excellent
platform for Dejour to initiate extensive resource exploitation programs on
over 143,000 net acres of oil and natural gas leases well positioned in key
US Rocky Mountain and NE BC / NW Alberta energy regions.�
Charles
E. 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 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 and Canadian securities legislation
including information respecting the reserves, expected future production
levels, future prices, royalties, work plans, and anticipated total oil recovery .
Investors are cautioned that forward-looking statements are inherently
uncertain and involve risks and uncertainties that could cause actual results
to differ materially. Statements containing forward-looking information
express, as at the date of this news release, the Company's plans, estimates,
forecasts, projections, expectations, or beliefs as to future events or
results and are believed to be reasonable based on information currently
available to the Company. Exploration for oil and natural gas is a
speculative business that involves a high degree of risk. There is no
assurance that estimated values of reserves will be realized. The Company�s
expectations for its operations are subject to a number of risks in addition
to those inherent in oil production operations, including: that oil prices
could fall resulting in reduced returns and a change in the economics of the
project; delays associated with equipment procurement, equipment failure and
the lack of suitably qualified personnel; the inherent uncertainty in
estimation of reserves; changes in the political or economic environment and
failure to receive regulatory approvals . Production and NPV estimates are
based on a number of assumptions including availability of the necessary
equipment, personnel and financial resources to sustain the Company's planned
work program; no material adverse changes in the applicable royalty regime,
the absence of unplanned disruptions; the ability of the Company to
successfully bring production to market; and general risks inherent in oil
and gas operations. 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.
Forward-looking statements and information are subject to a number of
other risks and uncertainties described under �Risk Factors� in the Company's
Annual Information Form, Annual Report on Form 20-F filed with the US
Securities and Exchange Commission and Management�s Discussion and Analysis.
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