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Dejour Energy Reports Positive Operating Cash Flow And Adjusted EBITDA For Q3 2011

Condensed Consolidated Balance Sheets (Unaudited)

 

   

As at September 30, 2011

   

As at December 31, 2010

$ $
Assets:
 
Cash and cash equivalents 512,000 4,758,000
Other current assets 1,217,000 781,000
Exploration and evaluation assets

11,188,000

10,257,000
Property, plant and equipment

17,448,000

14,175,000
Other non-current assets 389,000 442,000
Total assets 30,754,000 30,413,000
 
Liabilities and shareholders’ equity:
 
Bank line of credit and bridge loan 4,308,000 4,800,000
Accounts payable and accrued liabilities 2,329,000 2,909,000
Warrant liability 905,000 1,181,000
Other long-term liabilities 958,000 738,000
Shareholders’ equity 22,254,000 20,785,000
Total liabilities and shareholders’ equity 30,754,000 30,413,000

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

 

    Three months ended September 30,
2011     2010
$ $
Revenues and other income:
Gross revenues 2,947,000 2,534,000
Royalties (614,000) (361,000)
Revenues, net of royalties 2,333,000 2,173,000
Financial instrument gain - 10,000
Other income 9,000 9,000
2,342,000 2,192,000
Expenses:
Operating and transportation 664,000 545,000
General and administrative 718,000 670,000
Finance costs 270,000 313,000
Stock-based compensation 151,000 170,000
Foreign exchange loss 11,000 9,000
Amortization, depletion and impairment losses 1,417,000 1,039,000
Change in fair value of warrant liability (543,000) 77,000
2,688,000 2,823,000
 
Loss before income taxes (346,000) (631,000)
Deferred income tax recovery - -
 
Net loss for the period (346,000) (631,000)
Foreign currency translation adjustment 991,000 (446,000)
 
Comprehensive income (loss)

645,000

(1,077,000)
 
Net loss per common share – basic and diluted (0.003) (0.006)

Condensed Consolidated Statements of Cash Flows (Unaudited)

 

    Three months ended September 30,
2011     2010
$ $
 
Cash, beginning of period 1,834,000 3,020,000
 
Cash from (used in) operating activities 602,000 (160,000)
 
Cash used in investing activities:
Deposits 53,000 26,000
Exploration and evaluation assets (147,000) (182,000)
Additions to property, plant and equipment (950,000) (110,000)
Changes in non-cash investing working capital (869,000) (1,230,000)
Total cash used in investing activities (1,913,000) (1,496,000)
 
Cash from (used in) financing activities (11,000) 1,046,000
   
Cash, end of period 512,000 2,410,000

Operating Cash Flow (see “Non-GAAP Measures” section below for explanation)

 

   
    Q3 2011       Q2 2011       Q1 2011       Q3 2010
$       $       $       $
Cash from (used) in operating activities - GAAP 602,000 (2,113,000) (691,000) (160,000)
Less: changes in non-cash working capital (80,000)       (1,853,000)       (619,000)       (846,000)
Operating Cash Flow – Non-GAAP 682,000       (260,000)       (72,000)       686,000

Operating Netback (see “Non-GAAP Measures” section below for explanation)

 

   
      Q3 2011       Q2 2011       Q1 2011       Q3 2010
$       $       $       $
Revenues 2,947,000 1,816,000 1,584,000 2,534,000
Less: Royalties (614,000) (348,000) (237,000) (362,000)
Less: Operating and transportation expenses (664,000)       (471,000)       (507,000)       (544,000)
Operating Netback 1,669,000       997,000       840,000       1,628,000

Operating Loss (see “Non-GAAP Measures” section below for explanation)

 

   
      Q3 2011       Q2 2011       Q1 2011       Q3 2010
$       $       $       $
Net loss (346,000) (189,000) (2,079,000) (631,000)
Add back (losses) and deduct gains:
Impairment losses 841,000 186,000 9,000 43,000
Change in fair value of warrant liability (543,000)       (795,000)       874,000       77,000
Operating Loss (48,000)       (798,000)       (1,196,000)       (511,000)

EBITDA (see “Non-GAAP Measures” section below for explanation)

 

   
      Q3 2011       Q2 2011       Q1 2011       Q3 2010
$       $       $       $
Net loss (346,000) (189,000) (2,079,000) (631,000)
Deferred income tax recovery - - (187,000) -
Finance costs 270,000 282,000 243,000 313,000
Amortization, depletion and impairment losses 1,417,000       498,000       718,000       1,039,000
EBITDA 1,341,000       591,000       (1,305,000)       721,000

Adjusted EBITDA (see “Non-GAAP Measures” section below for explanation)

 

   
    Q3 2011       Q2 2011       Q1 2011       Q3 2010
$       $       $       $
EBITDA 1,341,000 591,000 (1,305,000) 721,000
Adjustments:
Non-cash stock-based compensation 150,000 210,000 189,000 170,000
Unrealized financial instrument loss - - 40,000 -
Change in fair value of warrant liability (543,000)       (795,000)       874,000       77,000
Adjusted EBITDA 948,000       6,000       (202,000)       968,000

Revenue

In Q3 2011, the Company recorded $2,947,000 in gross oil and natural gas sales before royalty, as compared to $1,816,000 in Q2 2011, $1,584,000 in Q1 2011 and $2,534,000 in Q3 2010. The increase in gross revenues was due to higher oil and gas production for the current quarter. The substantial increase in oil production for the current quarter was due to the response of the Halfway “E” Pool to the water injection that commenced in March 2011. Oil production for the current quarter was 82% higher than Q2 2011.

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