Dejour Exploration Update - Jan. 26, 2006
January 26 2006 - 1:43PM
PR Newswire (US)
Dejour Enterprises Ltd. (TSX-V: DJE/OTC:DJEEF) Shares Issued:
39,335,398 Last Close: 1/25/2006 - $1.23 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: 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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