Dejour Updates Progress at Athabasca, Lavaca and Tinsley
January 09 2006 - 7:54PM
PR Newswire (US)
Dejour Enterprises Ltd. (TSX-V: DJE/OTC:DJEEF) Shares Issued:
39,016,789 Last Close: 1/06/2006 - $1.04 VANCOUVER, Jan. 9
/PRNewswire-FirstCall/ -- Robert L. Hodgkinson, Chairman & CEO,
is pleased to provide updates on the Company's exploration
projects: Uranium: Athabasca Basin, Northern Saskatchewan: Dejour
has received substantially all geophysical interpretation from
Fugro Airborne Surveys and all of the reprocessed data from Condor
Consulting Inc. on its 2005 Geotem 1000 and Megatem II airborne
surveys. Dejour also has been granted all necessary approvals for
the line cutting and geophysical work for its 2006 winter uranium
exploration program on the Company's 100% owned projects. Field
work has commenced and will test selected areas of the 250
kilometers of electromagnetic conductors defined by the airborne
surveys on Dejour's properties. The Condor data was important in
selecting areas for initial follow-up ground geophysics. The line
cutting crew is mobilizing and has commenced their work. The
geophysical crew is scheduled to commence field work on January 21
and has at least eight weeks of TDEM surveying scheduled. Subject
to results of the initial surveying and weather and ice conditions
permitting, additional geophysical work is expected to expand the
current program. Condor also reprocessed the Megatem II data on
test lines flown on the Company's Virgin Trend North project. Their
interpretation of the data on the southernmost series of Megatem
test lines shows three broad deep conductive zones. These test
lines are approximately 7 kilometers north of Cameco's Virgin River
project where drilling on the Centennial Zone has intersected up to
8.39% U3O8 over 3.9 meters. Recent deep penetrating ground
geophysical surveying at the north end of Cameco's property and
just south of the Cameco-Dejour boundary identified a series of
deep conductive zones which are interpreted to be caused by
basement graphitic horizons and faulting and clay alteration in the
Athabasca Sandstone. Boulder sampling on the southern part of
Dejour's Virgin Trend North project also identified clay alteration
and anomalous boron in the sandstone above the interpreted deep
conductive zones. Anomalous boron and clay alteration are commonly
observed in the vicinity of uranium mineralization. J. Allan
McNutt, P. Geo., M.A. Sc., is the qualified person for Dejour's
uranium projects. Oil & Gas: Lavaca Prospect, Mitchell County,
Texas: The Company previously reported success in the drilling of
its first well on its Lavaca Prospect in Mitchell County, Texas.
During December 2005 the well was drilled to 8,200 feet, logged and
cased. Currently the operator is awaiting arrival of a work-over
rig to commence completion of the well. Tinsley Deep Prospect,
Yazoo County, Mississippi: The Company reports that as of today the
drill-rig has reached a depth of 8,233 feet. Mud logging operations
commenced at 7,500 feet and will monitor the well for the remainder
of the drilling operations. The target depth is 12,000 feet,
sufficient to test the Smackover and Norphlet formations with
additional hydrocarbon potential in the shallower Cotton Valley
formation. The Operator intends to drill up to 200 feet into the
top of the Louann Salt dome over which the hydrocarbon targets are
draped. In a September 6, 2005 News Release the Company reported
reserve estimates for the Smackover and Norphlet formations given
by the prospect's US based Operator and an independent US based
petroleum consultant who prepared an August 2000 recommendation
report for Devon Energy Corporation, a former owner of some of the
prospect's deep rights. The company clarifies that the reserve
estimates previously announced are "prospective resource
estimates". Prior to commencement of drilling, the Operator, using
3D seismic data, estimated the existence of 5100 productive acres
of 100 feet net sand with 12% porosity containing recoverable 349
BCF gas and 7.1 MM barrels condensate for the Smackover formation.
Separately the Operator estimated existence of 3800 productive
acres of 100 feet net sand with 15% porosity containing recoverable
284 BCF gas and 6.7 MM barrels condensate for the Norphlet
formation. The estimates do not include an allocation for the
prospective Cotton Valley formation. The Company has not done a
risk analysis in accordance with National Instrument Policy 51-101.
The Tinsley Field was discovered in 1939 by Union Producing Company
and has produced over 450 MBO to date from higher up Cretaceous
formations. Union later became Pennzoil Exploration and Production
Company. In the 1990's Pennzoil conducted a 3-D seismic program to
evaluate the deeper untested formations, however, the data was
largely unprocessed by the time Pennzoil sold its Tinsley interests
which Devon purchased. Devon retained an independent petroleum
consultant to evaluate the exploration merit of deeper (Jurassic)
formations in the Tinsley field and in an August 2000 report the
consultant stated: "We recommend ... the drilling of a 12,100 foot
well ... to test the Norphlet sandstone in a large closure upthrown
on the main down-to-the-north Tinsley fault. We estimate the
Norphlet will be encountered 2,400 feet structurally high to the
Conoco Childress No. 1, a well that had mud log gas shows from 70
feet of low permeability Norphlet sandstone. The Norphlet should be
2,000 feet high to the Jones Berry No. 1 and Nannie Berry No. 1
wells that both tested sweet gas at low rates from the Norphlet.
The prospect closure (Norphlet) encompasses over 4,600 acres and
has reserve potential of 184 BCF of gas." The Company anticipates
well results around the first week of February 2006. The Consultant
further reported: "Since most of the downdip penetrations have
greater than 100 feet of Norphlet sand the reserve potential could
exceed 250 BCF. The possibility of finding prolific Norphlet sands
on a closure this large and pronounced makes this a very attractive
exploration opportunity. The primary risks are sand quality and
fault seal." 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. $12.5mm in cash to direct to its high
impact energy based exploration projects. About Dejour Dejour
Enterprises Ltd. is a Canadian energy company focused on
exploration and development of uranium and oil & gas while
leveraging opportunities that exist as a result of the global
market's decreasing conventional supply and increasing demand for
energy. 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 Corporation's 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: DATASOURCE: Dejour Enterprises Ltd. CONTACT: 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:
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