DEJOUR ENTERPRISES
LTD.:
Amex:”DEJ”/ TSX-V: “DEJ”
FOR
RELEASE:
October 26, 2007
Dejour Updates Piceance
and Peace Arch Projects
October 26,
2007 - Vancouver, Canada – Dejour Enterprises Ltd.
(Amex: DEJ, TSX-V: DEJ, D5R: Frankfurt) reports further updates on
its Piceance Basin and Peace River Arch E&P Projects.
Piceance Basin,
Colorado
North Barcus
Creek #1-12
Flow-testing
and completion operations for the N. Barcus Creek #1-12 discovery well located
in Rio Blanco County
are continuing. All frac fluids have now been recovered. Operator is assessing
additional work to ensure the optimum completion method for production from
these significant reservoirs. The time spent establishing the completion
methodology at the #1-12 well will assist in the completion program for the N.
Barcus Creek #2-12 well and all future wells bearing similar geology on this
lease block. Flow rates have continued to meet the operator’s
expectations.
New Permits
Dejour and
its partners at the N. Barcus Creek Prospect have received permits to allow the
drilling of 2 additional wells on this 1590 acre lease block,
where Dejour and its partners have drilled, cased, logged and currently testing
for production two wells, each yielding in excess of 250 feet of net indicated
gas pay.
Dejour holds
a 25% unpromoted interest in these lands and all exploration
expenditures. Current spacing unit approvals from the BLM allow for the
drilling of an estimated 38 wells based on 40 acre spacing. In
the future, further down-spacing to 10 acre units is likely.
This N.
Barcus Creek lease block lies directly between a large Exxon lease block
directly to the east and a large lease block owned by EnCana to the west.
The Exxon lands host four recent natural gas resource discoveries drilled by
Williams Cos. immediately offsetting the Company’s leases. Exxon
previously announced its intention to drill 1000 wells on its leases in that
area. Recently, Conoco-Philips announced its intention to commence
drilling the first of 800 wells on the EnCana lands, which are now subject to a
Conoco-Philips joint venture, early in 2008.
N. Barcus
Creek is one of three lease blocks totalling approximately 5010 acres within the
‘Rio Blanco Deep’ project area.
Peace
River Arch, Alberta/BC
In the Peace
Arch Project in NW Alberta and NE British Columbia,
Dejour has planned an extremely active winter drilling, completion and tie-in
program for its gas and oil projects.
Evaluation
of the 30% non-operated working interest Saddle Hills discovery by the Operator
is nearly complete with tie-in and further development planned this season.
Initial delivery is expected to be at least 1.5 million cubic feet per day from
two zones in this well.
The Company
is pleased to report that applications are in place to drill four exploration
wells by year end. Two of these wells target oil and two target natural
gas. In addition three seismic programs are underway to evaluate three
further potential exploratory well locations. The company has also
purchased and interpreted 3D seismic in its initial 100% pre payout ownership
of this Drake area discovery to guide winter drilling of between three and
seven development wells to follow up on last winter’s discoveries.
Additionally, success at recent land sales has added 5230 acres of 100% working
interest land, increasing Dejour’s gross ownership to over 44000 acres in
this active E&P area, with an average net working interest of 44%.
R. Marc Bustin, Ph.D., P.Geol. FRSC
is the qualified person for the Piceance/Uinta Basin projects and Charles Dove
B.Sc.P.Geoph. is the qualified person for the Peace River Arch projects
discussed in this news release.
About Dejour
Dejour Enterprises Ltd. is a micro
cap Canadian company focused on oil & gas exploration and production with a
significant investment in uranium discovery. The company acquires high-impact
energy assets and strategically monetizes them to enhance shareholder returns.
Currently, Dejour holds interest in
over 60 separate exploration project areas (average interest over 25%) in its
search for and exposure to significant energy discovery in the hydrocarbon
bearing basins of Piceance/Uinta in Colorado/Utah, the Peace River Arch of NE
British Columbia/NW Alberta Canada, and the uranium bearing Athabasca/Thelon
Basins of Northern Canada through its holdings of Titan Uranium (TSX-V: TUE)
and associated carried/royalty interests.
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
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