VANCOUVER, Jan. 26 /PRNewswire-FirstCall/ -- Robert L. Hodgkinson, Chairman & CEO, is pleased to provide updates on the Company's exploration projects.
Uranium:
Athabasca Basin, Northern Saskatchewan: The Company reports that its exploration program on its 100% owned properties in the Basin is rapidly progressing. The Company is the Operator. Line cutting work is ahead of schedule. The line cutting and geophysical crew (14) has mobilized to the field this week to conduct the work necessary to finally define drill locations for the initial 10-12 holes. Drilling is able to commence by the end of March 2006. These holes will test targets defined by the air/ground geophysical work, anomalous radioactivity and sandstone alteration intersected in drilling by previous operators.
J. Allan McNutt, P. Geo., M.A. Sc., is the qualified person for Dejour's uranium projects.
Oil & Gas:
Lavaca Prospect, Texas: The Company previously reported the successful drilling, logging and casing of its first well on this prospect. Well logs indicate up to four (4) intervals of interest. The Company is awaiting release of further information from the Operator.
Tinsley Deep Prospect, Mississippi: The Company reports that the drilling of the Merit No. 1 well has reached a depth of 10,290 feet on its way towards a target depth of 12,000 feet.
The Operator reports that as expected, the faulted anticline was cut in the lower Hosston and Upper Cotton Valley formations and that "so far, things are geologically as expected", if not better.
The Smackover formation was penetrated at 10,221 feet and after drilling approximately 80 feet into the Smackover the drill bit was stopped at 10,290 feet. Drilling of the adjacent Union Jennie Stevens No. 21 well (in 1945) was halted approximately 120 feet into the Smackover formation, where the old logs indicated the presence of sour gas.
The Merit No. 1 well has now been logged to current depth and an intermediary casing string has been inserted due to anticipated over-pressured formations (4,500 pounds plus) in each of the Smackover and Norphlet formations. A log analyst has reviewed the logs and identified the existence of a section of interest, uphole, in the Cotton Valley formation.
The Smackover formation in the Merit No. 1 well is 645 feet high to the nearby Union Jennie Stevens No. 21 well mentioned above. This is geologically significant. Prior to commencement of drill operations the Operator's geologic prognosis for the Merit No. 1 well was that it would be 400 feet higher at the Smackover formation and 600 feet higher at the Norphlet formation.
The Company estimates the well should reach target depth within 2 weeks.
This drill location is sufficient to test the shallow Cotton Valley, the Smackover, and the deeper Norphlet formations. The Operator intends to drill up to 200' into the top of the Louann Salt dome over which the hydrocarbon targets are draped.
Prior to drilling commencement, the Operator's original prognosis, using 3D seismic data, estimated the existence of 5100 productive acres of 100' net sand with 12% porosity could contain recoverable 349 BCF gas and 7.1 MM barrels condensate from the Smackover formation. Separately, the Operator estimated the existence of 3800 productive acres of 100' net sand with 15% porosity could contain recoverable 284 BCF gas and 6.7 MM barrels condensate from the Norphlet formation. These estimates are prospective resource estimates only, but do not include any allocation for the Cotton Valley formation. The Company has not done a risk analysis in accordance with National Instrument Policy 51-101.
R. Marc Bustin, Ph.D., P. Geol., FRSC, is the qualified person for Dejour's oil and gas projects.
Funding:
Following the successful closing and oversubscription to its latest equity financing, reported December 29, 2005, Dejour enters 2006 with approximately CDN $12.4mm in cash to direct to its high impact energy based exploration projects.
About Dejour
Dejour Enterprises Ltd. is a micro-cap Canadian energy company developing high impact exploration opportunities in the current energy super cycle. The Company's focus is uranium and oil & gas. The Company is listed on the TSX Venture Exchange under the symbol (DJE.V). Refer to http://www.dejour.com/ for company details or contact the Office of Investor Relations at
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this news release.
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.
Robert L. Hodgkinson, Chairman & CEO
DEJOUR ENTERPRISES LTD.
Suite 1100-808 West Hastings Street, Vancouver, BC V6C 2X4
Phone: 604.638.5050 Facsimile: 604.638.5051
Email:
