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Dejour Releases Fiscal Year 2012 Results

Dejour Energy Inc. (NYSE MKT: 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, has released its financial results for the three months and twelve months ended December 31, 2012. Summary of results are as follows:

    Three months ended December 31,   Twelve months ended December 31,
(in thousands of Canadian dollars, unless otherwise indicated) 2012   2011   Change 2012   2011   Change
  $ $   $ $  
Revenue, before royalties 1,630 2,477 -34% 6,882 8,824 -22%
             
Income (loss) (9,453) (8,430) 12% (11,753) (11,043) 6%
Basic ($/common share) (0.063) (0.069) -9% (0.083) (0.092) -10%
Diluted ($/common share) (0.063) (0.069) -9% (0.083) (0.092) -10%
             
Capital expenditures, net of dispositions 1,039 2,350 -56% 4,485 8,360 -46%
             
Total assets       27,573 29,438 -6%
Bank debt, net of working capital       8,485 7,756 9%
Shareholders’ equity       10,245 16,307 -37%
             
Weighted average common shares outstanding (thousands)            
Basic 148,916 121,700 22% 141,056 120,300 17%
Diluted 148,916 121,700 22% 141,056 120,300 17%

CONSOLIDATED FINANCIAL STATEMENTS

Dejour’s audited consolidated financial statements and related notes for the year ended December 31, 2012 will be available to the public on SEDAR @ www.sedar.com, EDGAR @ www.sec.gov and will also be posted on the Company’s website at www.dejour.com on March 29, 2013.

Dejour’s operating results for the three months ended December 31, 2012 and the twelve months ended December 31, 2012 are summarized in the table below:

    Three months ended December 31,   Twelve months ended December 31,
  2012   2011   Change 2012   2011   Change
             
Production            
Oil and natural gas liquids (bbls/d) 193 242 -20% 198 223 -11%
Natural gas (mcf/d) 755 1,376 -45% 1,040 1,184 -12%
Combined (BOE/d) 319 471 -32% 372 421 -12%
             
Realized sales prices            
Oil and natural gas liquids ($/bbl) 78.33 88.98 -16% 81.37 93.00 -9%
Natural gas ($/mcf) 3.44 3.64 7% 2.57 3.23 -29%
             
Operating netbacks ($/BOE)            
Oil and gas revenue 55.55 57.15 -3% 50.59 57.49 -12%
Royalties (8.88) (9.90) -10% (8.20) (10.61) -23%
Production expense (23.28) (17.24) 35% (25.16) (13.34) 89%
Transportation expense (2.67) (2.54) 5% (2.50) (2.84) -12%
Operating netback 20.72 27.48 -25% 14.73 30.70 -52%
             
Undeveloped land            
Gross acres       167,751 221,894 (24%)
Net acres       117,676 104,856 12%
             
Gross Reserves – Proved plus probable            
Oil and natural gas liquids (mbbls)       18,413 16,317 13%
Natural gas (mmcf)       179,990 157,159 15%
Combined (mBOE)       48,411 42,511 14%

Dejour confirmed today that the auditors' report received from its independent public accounting firm on its audited financial statements for the fiscal year ended December 31, 2012 (the "Annual Financial Statements") contained a going concern explanatory note. This press release and public confirmation of the "going concern" note is required by Section 610(b) of the NYSE MKT Company Guide, which requires a listed company that receives an audit opinion that contains a going concern qualification to make a public announcement of such. This announcement does not represent any change or amendment to Dejour’s Annual Consolidated Financial Statements for the fiscal year ended December 31, 2012.

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