Dejour Primed for Piceance-Uinta Drilling Program.VANCOUVER, British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography -- Dejour Enterprises Ltd. ("Dejour") (AMEX AMEX See: American Stock Exchange :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 TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:DEJ)(FWB (Fixed Wireless Broadband) See fixed wireless. :D5R) Robert L. Hodgkinson, Chairman & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. is pleased to provide an update on the Company's exploration & production operations in the Piceance and Uinta Basins of Colorado and Utah: North Barcus Creek - Rio Blanco Project Area Dejour has been informed by its operating partner, Retamco Operating, Inc. ("Retamco"), that all appropriate permits have been secured from the Colorado Bureau of Land Management (BLM BLM n abbr (US) (= Bureau of Land Management) → les domaines ) and the Colorado Oil and Gas Conservation Board to drill the first 2 wells at North Barcus Creek.(#1-12N and #2-12N), except for the final approval of the pit liner leak detection system which is expected within the next two weeks. Drill site preparation should be concluded by August 15/07 at which point drilling operations will commence. The 1,600 acre North 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 North Barcus Creek leases. The EnCana lands are part of a $400 million USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. earn-in joint venture ($40,000 USD per acre) by ConocoPhillips where two rigs are continuously drilling. Production from this new development area comes from wells within 5 miles of the aforementioned drill sites. Target depth for the two initial wells is 11,500 feet, sufficient to test over 2,000 feet of the Williams Fork (Mesa Verde) and the Upper Isles formations. Results will guide the pace and scope of future development of natural gas on this lease block. To enhance operating and cost efficiency, the Company will utilize reverse circulation rigs to the set point of surface casing, at which point a triple rig will drill each well to target depth. The operator is currently in the process of contracting drill rigs, at which point AFE's (Authorities for Expenditure) will be finalized. New pipeline capacity has recently been installed two miles to the east of this operation to handle production. Successful completion of these two wells will lead to the drilling of the North Barcus Creek #3-12 and #4-12 wells at two additional surface location sites within the project area. Each drill site will be able to ultimately host multiple wells. Initial costs (AFE's) are estimated to be $3.8 million USD per well. Dejour retains a 25% interest in these lands and drilling program. Maps, photos and further details can be found http://www.dejour.com/projects-north-barcus-creek.htm Roan Creek Roan Creek rises on the Tennessee and North Carolina border, in Johnson County, Tennessee, near the town of Trade, Tennessee. It flows through Cherokee National Forest to join the Watauga River in Watauga Lake, the reservoir behind Watauga Dam. - West Grand Valley Project Area This project area, offsetting lands owned by Williams Cos. and Occidental Petroleum Occidental Petroleum Corporation ("Oxy") NYSE: OXY is an international oil and gas exploration and production company with operations in the United States, Middle East/North Africa and Latin America regions. , is 2 to 3 miles south of new Occidental-operated gas production with easy access and ample pipeline facility. A 'Notice of Staking' for 4 initial wells to a depth of 6,500 feet each has been submitted to the BLM with approvals expected by 15 September 2007. Upon analysis of the production profiles of these wells, this 1,600 acre lease block could ultimately host between 20 and 80 wells (40-10 acre spacing units). AFE's through completion should approximate $2 million USD per well. Dejour also retains a 25% interest in these lands and drill program. Maps, photos and further details can be found at http://www.dejour.com/projects-roan-creek.htm Tri-County Project Area To capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. past exploratory activity in the Tri-County area, preparations are underway to re-enter re·en·ter also re-en·ter v. re·en·tered, re·en·ter·ing, re·en·ters v.tr. 1. To enter or come in to again. 2. To record again on a list or ledger. v.intr. between 1 and 4 wells drilled and cased to 5,000 feet by earlier operators and currently maintained in operable operable /op·er·a·ble/ (op´er-ah-b'l) subject to being operated upon with a reasonable degree of safety; appropriate for surgical removal. op·er·a·ble adj. condition. Rigs will now drill to 9,500 feet to intercept the prospective conventional Dakota, Entrada and Wingate sands believed to be present at these locations. These are the same zones that comprise the existing source of production and proven reserves in the San Arroyo field 5 miles to the south. AFE's for the deepening and testing of these wells is expected to be $500k-1mm USD per well. Dejour retains a 25% interest in these leases and drill programs. Maps and further details can be found at http://www.dejour.com/projects-tri-county.htm Plateau Project Area Dejour and its partners currently maintain a 50/50 joint venture with EnCana USA in this 1,300 acre lease block which offsets Dakota production that initially flowed over 4 million cubic feet per day from a single well. The partnership intends to notify EnCana of its plan to drill one Dakota well to a depth of 7,500 feet. Successful Dakota production in this area should facilitate further development with 160 acre spacing units. AFE's should approximate $2 million USD per well. Dejour retains a 12.5% interest in this lease block and drill program by virtue of the EnCana involvement. Maps and further details can be found at http://www.dejour.com/projects-plateau.htm CBM CBM Commodore Business Machines CBM Coalbed Methane CBM Christoffel Blindenmission CBM Condition Based Maintenance CBM Confidence-Building Measures CBM Curriculum Based Measurement (education) CBM Cubic Meter Project Potential Trending throughout numerous of the 21 project areas comprised of the 290,000 gross acres of leases held in part by Dejour (25%) are substantial deposits of Cameo coals hosting the potential for economically viable CBM projects. Dejour and partners have retained Dr. Chris Cornelius, a specialist in CBM resource development, to complete a study on the CBM potential of Company leases. Dr. Cornelius, who has headed several projects for Evergreen Resources (now Pioneer NG), a leader in development of CBM in the Piceance Basin, has targeted an initial assessment report by the end of August 2007. R. Marc Bustin, Ph.D., P. Geol., FRSC FRSC Fellow of the Royal Society of Canada FRSC Fellow of the Royal Society of Chemistry (formerly the Royal Institute of Chemistry) FRSC Federal Road Safety Commission (Nigeria) , is the qualified person for Dejour's oil and gas projects. About Dejour Dejour Enterprises Ltd. is a micro cap Canadian company focused on oil & gas exploration with a significant indirect investment in uranium discovery. The company acquires high-impact energy assets and strategically monetizes them through partnerships and co-ventures to limit exposure and enhance returns. Dejour has significant holdings in three of the world's premiere energy resource regions. This includes 290,000 gross (60,000 net) acres in the Piceance and Uinta Basins, a vast natural gas play in North America; and a major interest in Titan Uranium, Inc. (TSX-V: TUE Tu´e n. 1. (Zool.) The parson bird. Tue, Tues abbr (= Tuesday) → ma ), with 1.44 million acres in the Athabasca and Thelon Basins, the world's most recognized areas for uranium exploration. Finally, the company is pursuing high impact natural gas opportunities in Canada's Western Sedimentary Basin, known as the Peace River Arch Projects, comprised of 39,000 gross acres. The Company is listed on the 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), AMEX (DEJ), and Frankfurt (D5R). 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 in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" and elsewhere in the Corporations' periodic filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The corporation does not assume the obligation to update any forward-looking statement. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release. |
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