FOR IMMEDIATE
RELEASE
Dejour
Gibson Gulch Value Substantiated by Williams Co. Purchase of Piceance Properties
Denver Colorado, August 17, 2009 -- Dejour Enterprises Ltd. (NYSE-AMEX: DEJ/TSX: DEJ)
On August 10, 2009 Williams Company (NYSE:WNB)
announced the acquisition of developed and undeveloped properties for
approximately US$258M. Management of Dejour
believes, as a result of this acquisition, it can now substantiate the
quality and the value of its 2,200 operated acres (72% working interest) in
the same region of the Piceance Basin.
Dejour has confirmed through multiple sources
that the acreage purchased consist of Orion Energy Partners' Kokoppelli Development located on the northern boundary
of Bill Barrett Corporation�s Gibson Gulch Field. Dejour's
Gibson Gulch project is located entirely within the geographic boundary of
the 9,000 gross acre (8,000 net) core area of this purchase.
"Depending on how you apportion the value of
the property acquired by Williams, we believe the purchase sets the current
market value for the Dejour operated interest in
this field somewhere between US$40M and US$80M. More importantly, it
independently substantiates our internal studies of the area showing a fully
developed PV-10 after tax value for the Dejour
operated leases of approximately US$400M based on a 10-acre Williams Fork
development. We also recognize a probable resource in the Mancos
shale beneath these leases that when fully developed could be of equal or
greater value than the Williams Fork" stated Hal Blacker, President of
Dejour USA
(Corp).
Chairman & CEO, Robert L. Hodgkinson
remarked, "We have been anticipating a change in the operator of the Kokoppelli Field during this period of low natural gas
prices and we are very pleased to have a company the quality of Williams,
with their technical and financial muscle taking the lead role in the
area. With an expected increase in the price of natural gas in 2010
and 2011, we believe now is the time to begin the full development of the
prolific Williams Fork resource under these leases. We also believe that
the economics of this development, when combined with the deeper Mancos gas
potential now emerging in this portion of the Piceance,
will compete favorably with any other natural gas
production resource in the country."
About Dejour
Dejour Enterprises Ltd. is a high
growth oil and natural gas company operating multiple
exploration and production projects in North America�s Piceance / Uinta Basins
(128,000 net acres) and Peace River Arch region
(20,000 net acres). Dejour�s veteran
management team has consistently been among early identifiers of premium
energy assets, repeatedly timing investments and transactions to realize
their value to shareholders' best advantage. In 2008, the
company developed production of over 1,000 barrels of oil equivalent
daily from less than 2000 of its 150,000 net acre land base. After
asset sales to reduce debt in 2009, Dejour is
developing its exploration programs to continue to grow its production.
Dejour, headquartered in Vancouver, Canada, maintains
operations offices in Denver,
Colorado
and Calgary, Canada.
The company is publicly traded on the New York Stock Exchange Amex (NYSE-
Amex: DEJ) and Toronto Stock Exchange (TSX: DEJ).
Statements Regarding Forward-Looking Information: This news release contains statements about oil
and gas production and operating activities that may constitute
"forward-looking statements" or "forward-looking
information" within the meaning of applicable securities legislation
as they involve the implied assessment that the resources described can be
profitably produced in the future, based on certain estimates and
assumptions. Forward-looking statements are based on current expectations,
estimates and projections that involve a number of risks, uncertainties and
other factors that could cause actual results to differ materially from
those anticipated by Dejour and described in the
forward-looking statements. These risks, uncertainties and other factors include,
but are not limited to, adverse general economic conditions, operating
hazards, drilling risks, inherent uncertainties in interpreting engineering
and geologic data, competition, reduced availability of drilling and other
well services, fluctuations in oil and gas prices and prices for drilling
and other well services, government regulation and foreign political risks,
fluctuations in the exchange rate between Canadian and US dollars and other
currencies, as well as other risks commonly associated with the exploration
and development of oil and gas properties. Additional information on these
and other factors, which could affect Dejour�s
operations or financial results, are included in Dejour�s
reports on file with Canadian and United States
securities regulatory authorities. We assume no obligation to update
forward-looking statements should circumstances or management's estimates
or opinions change unless otherwise required under securities law.
The TSX does not accept responsibility for the
adequacy or accuracy of this news release.
Robert L. Hodgkinson,
Chairman & CEO
DEJOUR ENTERPRISES LTD.
598 � 999 Canada Place,
Vancouver, BC Canada V6C 3E1
Phone: 604.638.5050 Facsimile: 604.638.5051
Email: investor@dejour.com
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