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In the press release dated November 14, 2011 announcing 3
rd quarter results, the comprehensive income (loss) for three months ended September 30, 2011 should have reflected an income of $645,000, instead of a loss of ($645,000). The Company also reclassified $453,000 to exploration and evaluation assets from property, plant and equipment. The corrections do not affect net loss, total assets, or cashflow. The financial statements and MD&A filed on SEDAR and EDGAR on November 14, 2011 and on the Company’s website are accurate and do not require correction.
The corrected release reads:
DEJOUR ENERGY REPORTS POSITIVE OPERATING CASH FLOW AND ADJUSTED EBITDA FOR Q3 2011 Sequential Quarterly Gross Revenue Rises 62%
Dejour Energy Inc.
(NYSE AMEX: DEJ / TSX: DEJ), an independent oil and natural gas exploration and production company operating in North America's Piceance Basin and Peace River Arch regions, today announced the release of its financial results for the third quarter period ended September 30, 2011.
Co Chairman and CEO Robert Hodgkinson states, "We continue to execute on our strategy and have made solid progress with our initiatives at Woodrush, Gibson Gulch and South Rangely. With a 78% sequential increase in oil production at Woodrush in Q3, a further production increase anticipated over the next six months and a robust, liquids rich, gas development initiation currently underway at Gibson Gulch, Dejour is now poised to realize the true cash value of its proven asset base."
Q3 2011 Highlights
During the quarter, the Company achieved the following major objectives and also made significant progress on key strategic initiatives:
Increased gross revenue by 62% to $2.9 million from Q2 2011
Generated a positive Operating Cash Flow, EBITDA and Adjusted EBITDA for the quarter
Oil and gas production increased to 514 BOE/day (64% oil), up by 78% from Q2 2011.
Closed a $7 million line of credit from a Canadian bank to refinance bridge loans and to provide funds for general corporate purposes. This facility is at an interest rate of Prime + 1% (total 4% p.a. currently).
Completed all requirements for drilling on the Company’s federal leases at Gibson Gulch, resulting in the first drilling permits being issued in October 2011.
Near-Term Corporate Objectives
Continue to increase positive Adjusted EBITDA, and Operating Cash Flow;
Maximize oil production at the Woodrush field with drilling of 3rd oil well;
Close project funding commitment for Phase 1 drilling at Gibson Gulch as debt financing;
Commence pre-drill operations at Gibson Gulch in preparation for Q1 2012 drilling; and
Fully evaluate the test well drilled at South Rangely.
Summary of Selected Financial Highlights (Unaudited)
Net loss per share
Operating cash flow (1)
Operating loss (1)
Adjusted EBITDA (1)
(1) A non-GAAP measure, which is defined in the “Non-GAAP Measures” section of this news release.
Summary of Selected Operational Highlights
Oil and natural gas liquids (bbls/d)
Average Price Received:
Oil and natural gas liquids ($/bbls)
Note:Effective January 1, 2011, the Company adopted International Financial Reporting standards (“IFRS”), which are also generally accepted accounting principles (“GAAP”) for publicly accountable enterprises in Canada. In accordance with the standard related to the first time adoption of IFRS, the Company’s transition date to IFRS was January 1, 2010 and therefore the comparative information for 2010 has been prepared in accordance with IFRS accounting policies.
Third Quarter 2011 Conference Call Information
The Company has scheduled a conference call for Monday, November 14, 2011 at 1:00 p.m. EST. Interested parties can join the live event by dialing 1-866-321-8231 at least 10 minutes prior to the start of the call, conference ID: 3984256. Participants from outside North America can join the event by dialing +1-416-642-5213 and utilizing the same conference ID.