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Dejour Energy Reports Q4 2011 Revenue Of $2.5 Million

Stocks in this article: DEJ

SELECTED FINANCIAL HIGHLIGHTS (See “Non-GAAP Measures” section below for explanations)

Operating Cash Flow

  Three months ended December 31,   Year ended December 31,
2011   2010 2011   2010
$ $ $ $
Cash from (used) in operating activities - GAAP 294,000 624,000 (396,000) 346,000
Less: changes in non-cash working capital 545,000 1,030,000 (74,000) 488,000
Operating Cash Flow – Non-GAAP (251,000) (406,000) (322,000) (142,000)

Operating Netback

  Three months ended December 31,   Year ended December 31,
2011   2010 2011   2010
$ $ $ $
Revenues 2,478,000 1,528,000 8,824,000 8,086,000
Less: Royalties (429,000) (178,000) (1,628,000) (1,312,000)
Less: Operating and transportation expenses (857,000) (559,000) (2,499,000) (2,609,000)
Operating Netback 1,192,000 791,000 4,697,000 4,165,000

Operating Loss

  Three months ended December 31,   Year ended December 31,
2011   2010 2011   2010
$ $ $ $
Net loss (8,430,000) (1,857,000) (11,043,000) (5,124,000)
Add back (losses) and deduct gains:
Impairment losses 5,212,000 769,000 6,248,000 1,192,000
Change in fair value of warrant liability 2,044,000 (18,000) 1,580,000 (68,000)
Operating Loss (1,174,000) (1,106,000) (3,215,000) (4,000,000)

EBITDA

Three months ended December 31, Year ended December 31,
2011 2010 2011 2010
$ $ $ $
Net loss (8,430,000) (1,857,000) (11,043,000) (5,124,000)
Deferred income tax recovery - (221,000) (187,000) (492,000)
Finance costs 72,000 243,000 868,000 1,092,000
Amortization, depletion and impairment losses 6,019,000 1,556,000 8,652,000 4,685,000
EBITDA (2,339,000) (279,000) (1,710,000) (161,000)

Adjusted EBITDA

  Three months ended December 31,   Year ended December 31,
2011   2010 2011   2010
$ $ $ $
EBITDA (2,339,000) (279,000) (1,710,000) (161,000)
Adjustments:
Non-cash stock-based compensation 113,000 134,000 662,000 765,000
Change in fair value of warrant liability 2,044,000 (18,000) 1,580,000 (68,000)
Adjusted EBITDA (182,000) (163,000) 532,000 536,000

Non-GAAP Measures: This news release contains references to non-GAAP measures as follows:

Operating Cash Flow is a non-GAAP measure defined as net cash provided by operating activities before changes in assets and liabilities.

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