Dejour holds a 30% working interest in 6 sections (3,840 acres) of land on which the first test well has now been successfully drilled and cased. The Company is very pleased with the testing of a secondary upper zone resulting in flow rates exceeding 1 mmcf/day (1,000 MCF/day). The Operator will perform testing of the primary formation through casing with stimulation as soon as ground conditions permit, expected prior to the end of Q2-2007. Wells in the immediate area generally produce from this main zone at rates ranging from 1.5mmcf/day to over 3 mmcf/day. Completion and tie in of this well is anticipated in Q3- 2007. Exploration and development drilling of up to 5 additional wells on current land holdings surrounding this discovery is anticipated to evaluate both the extension of the productive formations proven by this discovery and additional formations thought to be highly prospective in this area. The Company and the operator expect to expand their collective land position in this discovery area as soon as possible. As a result details identifying the specific location are being withheld at this time.
One MCF is roughly equivalent to 1mmBTU which is the quoted gas contract on the New York Mercantile Exchange (NYMEX). Current price is approximately US$7.94 per mmBTU.
This is the second significant discovery in 2007 made by Dejour in the Peace River Arch of Alberta and British Columbia. Dejour plans to follow up on the first two successful wells drilled at Drake B.C. with two more development wells in Q4-2007 and then evaluate further prospectivity in 2008.
The Company is currently active on 5 additional exploration projects in the Peace River Arch, one of the Company's three main exploration focus areas.
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 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 288,000 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., 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, comprising of 49,000 gross acres.
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