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Press Release - Dejour Enterprises Ltd. (DEJ-AMEX, DEJ-TSX-V) |
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In 2008, we have decided it is the time for us to take control of what we were doing and since we had built the team based out of our Denver office, which was just opened, we did a deal with a private owned company, Retamco, and we purchased from them the remaining 65% in the interest roughly 60,000 net acres. We now control 120,000 acres where we operate. We have 72% interest there and we retain a 25% interest in about 170,000 acres. 15,000 of those now are the subject of the joint venture in the Greentown area... - Robert L. Hodgkinson (DEJ) (Interview published July 11, 2008) |
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Dejour Secures $7,000,000 Bank Line for Peace
River Arch Winter Drill Program
Monday August 25, 11:18 am ET
CALGARY--(BUSINESS WIRE)--Dejour Enterprises Ltd. announces it
has secured a revolving operating loan facility with a Canadian
Bank initially for up to Cdn $7,000,000. This facility, secured
by Dejours oil & gas assets in
Canada, is at interest rate of Canadian prime (currently 4.75%)
plus 1%. The Company anticipates the facility will be increased
as Dejours proven reserve base rises
as early as Q4 2008.
This attractive financing,
coupled with the Company's established and growing cash
flow, is expected to allow Dejour to internally finance the
expansion of its reserve base with relatively low risk
development drilling and evaluate the potential of its
recent land acquisitions in the Peace River Arch area,
Charles Dove, President, Dejour Energy (Alberta) commented
Friday.
Initially, Dejour will drill as many as three development wells (100%) offsetting the Woodrush oil discovery in British Columbia plus a fourth well to test a potential new pool in the immediate area. Plans are also being finalized for additional wells to further develop the Company's other oil and gas reserves in Alberta and B.C. during the winter 2008-09 drill season. Included in plans for the coming winter is the initiation of data gathering and design of a waterflood program to enhance oil recoveries for the B.C. oil pool. The current Q2 Proven and Probable reserves for the primary recoveries for the oil discovery have been independently evaluated at $38,986,000 using a 10% NPV discount. Similar oil pools in the area have seen up to 100% increase in recoveries following successful implementation of a waterflood. Charles Dove, P. Geoph. is the qualified person for this release. For more detailed information, the Companys website has been recently updated at www.dejour.com. About Dejour Dejour Enterprises Ltd. is a micro cap Canadian company creating shareholder value through a balance of exploration, development, production and monetization of strategic North American energy properties including oil, natural gas and uranium. The Company is listed on the Amex (DEJ), TSX Venture Exchange (DEJ.V), and Frankfurt (D5R). Dejour is a reporting issuer to the SEC. Refer to www.dejour.com for company details or contact the Office of Investor Relations at investor@dejour.com Statements Regarding Forward-Looking Information: Some statements contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially, including comments regarding the expectation that the offering will be completed consistent with the terms outlined above and use of proceeds from this transaction. Actual results may differ materially from those presented. Factors that could cause results to differ materially include fluctuations in oil, gas and uranium prices, changes in U.S. and Canadian securities markets and failure to receive regulatory approvals. Dejour assumes no obligation to update this information. There can be no assurance that future developments affecting the Company will be those anticipated by management. Please refer to the discussion of risk factors in our Form 20-F for 2006, as amended. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.
Dejour Enterprises Ltd. Robert L. Hodgkinson, Chairman & CEO Phone: 604-638-5050 Facsimile: 604-638-5051 Email: investor@dejour.com Source: Dejour Enterprises Ltd.
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