PRESS
RELEASE
DEJOUR ENTERPRISES
LTD.:
Amex: DEJ / TSX-V: DEJ
FOR
RELEASE:
March 6, 2008
Dejour Completes
Winter Drilling in Canada’s Peace River Arch, Anticipates Early
Production
Vancouver BC, March 6, 2008: Dejour is in the final stages
of completion of its most rewarding drilling program to date in Canada’s
Peace River Arch, targeting > 10,000,000 cubic feet natural gas equivalent
per day production from current operations in this area, as North American
natural gas prices rise to new cycle highs. In total, eleven (11) wells are
being prepared for production.
Current Activity
Dejour has successfully drilled and cased the #6 well at
Drake. Production testing at this location indicates this well to be a
significant producer analogous to the #5 well which tested 1,600,000 cubic feet
of natural gas equivalent per day, without stimulation. Permanent facilities
are now being established to have all six of the Drake location wells on line
before the end of March. Dejour owns between a 92% and 100% interest in all six
wells and the adjacent lands. The Company plans greater exposure to
hydrocarbon productivity in this area.
Dejour has also cased, perforated and is currently flow
testing over 500,000 cubic feet of natural gas per day without stimulation from
its latest 95% owned exploration test at Cecil, Alberta. A second zone in this
well is now being tested.
Additionally, a 40% owned third party operated exploration
test at Manning, Alberta has reached total depth and has been cased for
production testing. This completes the exploration program in the Peace River
Arch for this drilling season, with at least 4 discoveries on six separate
prospects. Cumulative results of this very successful exploration program are
close to being established.
At Dejour’s third party operated 30% owned Saddle
Hills discovery, now being placed on production ( two zones tested >
1,600,000 cubic feet of natural gas), a first offset well is currently
drilling, target depth expected to be reached this week. Concurrently, Dejour
is preparing to record a seismic program over the 5700 acres of land covering
this discovery to pinpoint the prime locations for future development.
Peace River Arch Program Summary
Since inception of exploration in the winter of 2006-07,
Dejour has drilled 9 separate prospects in the Peace River Arch region of NW
Alberta/ NE BC. At least five are confirmed discoveries, two are still being
evaluated, two are considered uneconomic. To date a total of 11 wells are being
prepared for production. 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%). The six Drake area wells (Dejour 92-100%) are expected to produce at
rates in excess of 6,000,000 cubic feet of gas equivalent with ongoing
development. In addition to the Saddle Hills development, two additional wells
have also been cased and are currently being evaluated for production.
Dejour has, in addition to undrilled locations offsetting
discoveries, two other projects still being evaluated for commerciality and
five untested exploration prospects remaining in drilling inventory for the
winter of 2008-09.
A National Instrument #51-101 independent reservoir
engineering report for all Dejour’s Peace River Arch interests is
currently being prepared by GLJ Petroleum Consultants, Calgary Alberta as
required to assign reserves and values to year end 2007.
The company feels that the reserves discovered during the
2007-08 exploration and development program will exceed the minimum reserve
requirement for upgrading the Company’s listing to the TSX.
Charles Dove, P. Geophysics, is the qualified person for
this report.
NYMEX Henry’s Hub Natural Gas price continues to rise
and today is $9.75 (US/MMBtu).
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.
Other Updates
Dejour CEO Bob Hodgkinson has provided a summary of these
operations on the Dejour website. The Company has received an updated valuation
report from Khandaker Partners & Co., a NYC based research firm. This
report is also available on the Dejour website at www.dejour.com/khandaker.htm
About Dejour
Dejour Enterprises Ltd. is a micro cap Canadian company
creating real 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. 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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