Dejour Flows First Natural Gas from Peace River Arch.VANCOUVER -- Dejour Enterprises Ltd. is pleased to announce the completion of its winter exploration program resulting in the initiation of natural gas production from its operations in the Peace River Arch project area of northeastern BC. In Q1-08 Dejour made significant progress transitioning from an exploration to a production oil and gas company. Highlights include: * 11 new wells drilled in the Peace River Arch area targeted to produce 8-10 mmcfe/day natural gas. * Testing to date of Q1 Peace River Arch discoveries and development wells resulting in over 10 mmcfe/day test flow rates with testing and evaluation to be completed on three of the wells in Q2. * Prepared and filed National Instrument 51-101 for Canadian Proven and Probable Reserves (as of 12/31/07) * Prepared and filed National Instrument 51-101 for US proven and probable reserves (as of 12/31/07) The first four gas wells, two of which were drilled in March and April of 2007, at the Company's Drake area have now been equipped and tied into sales lines. Initial production will be phased in over the next week to a planned rate of 2.5 million cubic feet per sweet natural gas per day, as previously announced for these wells. Following the lifting of road bans which affect this area every spring, Dejour expects to complete equipping and tie-in of the balance of its production by early Q3-08. With the setting of initial allowable production rate limits placed on some wells by Provincial governments, Dejour now expects that its production volumes may be initially restricted to 8 million cubic feet of natural gas equivalent per day. Additional development, coupled with an established production history, will allow application for higher well flow rates as established by previous production flow tests. Production is forecast to be 80% gas and 20% oil, within the restriction of current allowable government production rates. Plans for further development of these and other projects are now being formulated, targeting a minimum 8-12 additional wells (both exploration and development) for the winter drilling season of 2008-09. Some of the operational objectives Dejour will be targeting in Q2 and Q3 are: * Increasing production from the Peace River Arch, * Updating proven and probable reserves from the new Peace River Arch winter exploration program discoveries, * Completion and tie-in of the Piceance Basin The introduction to this article provides insufficient context for those unfamiliar with the subject matter. Please help [ improve the introduction] to meet Wikipedia's layout standards. You can discuss the issue on the talk page. Barcus Creek #1-12 and #2-12 wells, * Rationalizing the Company's Piceance-Uintah E&P strategy, and * Eliminating operational burn rate. Charles E. Dove, P. Geophysics geophysics, study of the structure, composition, and dynamic changes of the earth, its atmosphere, hydrosphere and magnetosphere, based on the principles of physics. . is the qualified person for this report. BOEs [or 'MmcfEs' or other applicable units of equivalency equivalency the combining power of an electrolyte. See also equivalent. ] may be misleading, particularly if used in isolation. A BOE BOE Based on Experience BOE Board of Education BOE Boletín Oficial del Estado (Spanish) BOE Bank of England BOE Board of Equalization BOE Board of Elections BOE Barrel of Oil Equivalent BOE Bind on Equip 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 A drive that writes write-once optical discs such as CD-Rs and DVD-Rs. A "burner" implies a one-time recording, but the term is erroneously used to refer to drives that "write" to re-recordable CD-RW and DVD-RW/+RW media as well. See burn, CD-R and DVD-R. tip and does not represent a value equivalency at the wellhead well·head n. 1. The source of a well or stream. 2. A principal source; a fountainhead. 3. The structure built over a well. wellhead Noun 1. . 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 North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. energy properties including oil, natural gas and uranium. The Company is listed on the Amex (DEJ DEJ Dermal-Epidermal Junction DEJ Deferred Entry of Judgment (court mandated program for nonviolent drug offenders) DEJ Dentoenamel Junction DEJ Dale Earnhardt, Junior ), TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. (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 Investor relations The process by which the corporation communicates with its investors. at investor@dejour.com Statements Regarding Forward-Looking Information: Some statements contained in this news release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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. |
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