Dejour Reports Q1 2015 Results
May 07 2015 - 5:10PM
Business Wire
49% Oil Production Increase Driven By New
Woodrush Wells
Dejour Energy Inc. (NYSE MKT: DEJ / TSX: DEJ) (“Dejour”
or the “Company”), an independent oil and gas exploration and
production company operating in North America’s Piceance Basin and
Peace River Arch regions, today announced its financial results for
the three month periods ended March 31, 2015.
Q1 2015 Key Financial and Operating Highlights are:
- Successfully completed and tied into
production two new wells on January 26, 2015 that were drilled in
December 2014 at the Company’s Woodrush property, north of Fort St.
John, British Columbia. The Company owns a 99% working interest in
both wells;
- Successfully completed the drilling,
logging and casing of the 8 well production program at Kokopelli in
Colorado (25% WI) on January 30, 2015, at depths ranging from 8500’
(Williams Fork) to 13,500” (Mancos). Completion and tie in to
follow in Q3 2015; and
- Secured a $2 million bridge loan from a
director of the Company to support corporate initiatives.
CORPORATE SUMMARY – THREE MONTHS ENDED MARCH 31, 2015
OPERATIONS Three months ended March 31,
2015 2014 Change Production Oil and
natural gas liquids (bbls/d) 244 164 49% Natural gas (mcf/d) 1,620
2,292 -29% Combined (BOE/d) 514 546 -6% Realized sales
prices(1) Oil and natural gas liquids ($/bbl) 49.88 93.51 -47%
Natural gas ($/mcf) 2.55 6.80 -63% Operating expenses Oil
operations ($/bbl) 22.49 22.68 -1% Natural gas operations
($/mcf)(2) 3.83 3.11 23% Operating netback(3) Oil operations
($/bbl) 18.76 55.26 -66% Natural gas operations ($/BOE) -7.86 13.97
-156% General and administrative expenses ($/BOE) 14.79
17.05 -13%
Notes:
(1) Decrease reflected lower benchmark oil and natural gas
prices in Canada and the rest of the world.(2) Increase resulted
from the costs associated with the reactivation of one of the gas
wells at Drake/Woodrush and higher contractual pipeline
transportation costs associated with a new contract signed on
November 1, 2014.(3) Decline due to the reduction in oil and
natural gas prices.
FINANCIAL (CA$ thousands, except per share) Three
months ended March 31, 2015 2014 Change
Revenue 1,470 2,785 -47% Royalties 193 511 -62% Cash
flow (1) -421 387 -209% Cash flow per share (basic) -0.00 0.00 0%
Cash flow per share (diluted) -0.00 0.00 0% Net income
(loss) -1,169 -2,982 -61% Basic ($/common share) -0.01 -0.02 -67%
Diluted ($/common share) -0.01 -0.02 -67% Capital
expenditures, net of dispositions 1,289 836 54% Weighted
average common shares outstanding (thousands) Basic 182,402 155,478
17% Diluted 182,402 155,478 17% Bank debt, net of working
capital 5,536 10,062 -45%
Note:(1) “Cash flow” is a non-GAAP measure calculated by adding
back settlement of decommissioning liabilities and change in
operating working capital to cash flows from (used in) operating
activities. See “Non-GAAP Measure” below for details.
SUPPLEMENTAL FINANCIAL INFORMATION – NON-GAAP MEASURE
Three months ended March 31, (CA$ thousands) 2015
2014 Cash flows from (used in) operating activities (199)
537 Change in operating working capital (222) (150) Cash flow (421)
387
The NYSE MKT (“the Exchange”), in a letter to the Company dated
December 11, 2014, expressed that, in its opinion, Dejour has made
a reasonable demonstration of its ability to regain compliance with
Section 1003(a)(iv) of the Exchange’s Company Guide, which
addresses a listing Company’s ability to continue operations and/or
meet its obligations as they occur. The Exchange, in its prudence,
has again granted the Company an extension to regain total
compliance with Section 1003(a) (iv) by May 22, 2015. During this
period, the Company will submit updated “Plans of Compliance” no
later than at each quarter completion concurrent with the Company’s
appropriate filing with the Securities and Exchange Commission. Any
issuance of additional shares by the Company during this period
will require the prior approval of a management committee of the
Exchange. Failure to make progress consistent with the ‘Plan of
Compliance’ or to regain compliance with the listing standards by
the end of the extension period could result in the Company being
delisted from the NYSE MKT LLC.
About Dejour
Dejour Energy Inc. is an independent oil and natural gas
exploration and production company operating projects in North
America’s Piceance Basin (41,100 net acres) and Peace River Arch
regions (14,000 net acres). Dejour maintains offices in Denver,
USA, Calgary and Vancouver, Canada. The company is publicly traded
on the New York Stock Exchange Amex (NYSE MKT: DEJ) and Toronto
Stock Exchange (TSX: DEJ).
Disclosures Regarding Reserve Estimates: The reserve
estimates assume available funding for development of the
properties. Disclosed values do not necessarily represent fair
market value. A conversion ratio for Cubic Feet Equivalent of gas
of 6 thousand cubic feet to 1 bbl is used in the above tables and
is based on an energy equivalency conversion method primarily
applicable at the burner tip and does not represent a value
equivalency at the wellhead. Prospective Resources are defined as
“those quantities of petroleum estimated, as of a given date, to be
potentially recoverable from undiscovered accumulations by
application of future development projects. Prospective resources
have both an associated chance of discovery and a chance of
development. Prospective Resources are further subdivided in
accordance with the level of certainty associated with recoverable
estimates assuming their discovery and development and may be
sub-classified based on project maturity”. There is no certainty
that any portion of the resources will be discovered. If
discovered, there is no certainty that it will be commercially
viable to produce any portion of the resources. These estimates
represent the likely size of the resource, if present, and have not
been adjusted for risk of failure.
Statements Regarding Forward-Looking Information: This
news release contains statements about oil and gas production and
operating activities that may constitute "forward-looking
statements" or “forward-looking information” within the meaning of
applicable securities legislation as they involve the implied
assessment that the resources described can be profitably produced
in the future, based on certain estimates and assumptions.
Forward-looking statements are based on current expectations,
estimates and projections that involve a number of risks,
uncertainties and other factors that could cause actual results to
differ materially from those anticipated by Dejour and described in
the forward-looking statements. These risks, uncertainties and
other factors include, but are not limited to, adverse general
economic conditions, operating hazards, drilling risks, inherent
uncertainties in interpreting engineering and geologic data,
competition, reduced availability of drilling and other well
services, fluctuations in oil and gas prices and prices for
drilling and other well services, government regulation and foreign
political risks, fluctuations in the exchange rate between Canadian
and US dollars and other currencies, as well as other risks
commonly associated with the exploration and development of oil and
gas properties. Additional information on these and other factors,
which could affect Dejour’s operations or financial results, are
included in Dejour’s reports on file with Canadian and United
States securities regulatory authorities. Other risks include the
Company’s ongoing review by NYSE MKT (“the Exchange”) to ensure the
Company continues to regain compliance with Section 100 3(a)(iv) of
the Company Guide which addresses a Company’s ability to operate as
a going concern. We assume no obligation to update forward-looking
statements should circumstances or management's estimates or
opinions change unless otherwise required under securities law.
The TSX does not accept responsibility for the adequacy or
accuracy of this news release.
Follow Dejour Energy’s latest developments on: Facebook
http://facebook.com/dejourenergy and Twitter @dejourenergy
Dejour Energy Inc.Robert L. Hodgkinson,
604.638.5050Chairman & CEOFacsimile:
604.638.5051investor@dejour.comorCraig Allison,
914.882.0960Investor Relations – New Yorkcallison@dejour.com
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