In Rio Blanco County, located in the Piceance Basin in Colorado, final testing and completion plans for the North Barcus Creek #1-12 well have been agreed upon by all partners in conjunction with Haliburton, the completion consultants to this project, and are scheduled to commence the week of September 24, 2007. Operations to date are on time and under budget. Results should be forthcoming over the ensuing 30 days.
The second well (NBC #2-12) being drilled by Dejour and its partners at its 1590-acre North Barcus Creek property is currently drilling ahead at 10,720'. Total depth (11,450') is expected to be reached in the next 48 hours at which point the well will undergo comprehensive logging. If indications are consistent with #1-12 North Barcus Creek, this well will be cased to depth for testing and completion following the #1-12 well.
Immediately upon finalization of testing both the #1-12 and #2-12 wells at North Barcus Creek, Gustavson & Associates will prepare a 51-101 compliant proven developed and undeveloped reserve report for Dejour and its partners on these two locations and surrounding spacing units.
Further drill plans for development of Dejour's Piceance Basin properties will be forthcoming in the next 60 days.
The Company is pleased to report that its second discovery in the Peace River Arch project area, at Saddle Hills Alberta, announced in a news release dated May 3, 2007 is now being tested. Dejour anticipates that this discovery will be completed as a dual zone producer from both the Paddy and Charlie Lake zones. Initial production rates, dates and ensuing development plans will be forthcoming as released by the operator. Dejour holds a 30% interest in this discovery and a total of 3840 surrounding acres.
R. Marc Bustin, Ph.D., P.Geol. FRSC is the qualified person for the Piceance Basin and Charles Dove, B.Sc.P.Geoph., is the qualified person for the Peace River Arch.
In other business, Dejour has allowed the previously announced LOI to purchase certain producing reserves in Liberty County, Texas to expire. Dejour requires further specific information to close the transaction, but believes that a sound purchase and sale agreement may be achieved in due course.
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