Dejour Discloses Quarterly Earnings, Operating Results

Dejour Enterprises has filed its quarterly documents with regulatory authorities today. The Company continues to deliver on its promise to strengthen its balance sheet in anticipation of a solid recovery in energy assets. Highlights for the quarter include:

  • The Company's total liabilities significantly reduced by 54% to $8.2M as at June 30, 2009 from December 31, 2008 as at $17.9M
  • Cash proceeds from asset sales of $4.2M, utilized to pay down its bank line of credit and retire debt
  • Subsequent to quarter-end, Dejour realized an additional $1.26M from asset sales
  • General and administrative expenses decreased by $137,000 to $972,294, compared to the same period ended June 30, 2008
  • Total oil & gas revenue of $1.7M in Q2 2009
  • About 30% of production is from oil on a per barrel-of-oil equivalent (BOE) basis
  • 54% of revenue derived from oil sales

The Company intends to further reduce debt through divestiture of noncore assets, fortifying its balance sheet to focus on developing projects that can generate revenues and cash flows in a lower priced commodity market. Furthermore, as part of Dejour's overall strategy to conserve cash and effectively exploit its low risk, high value projects, the Company's top management and certain staff members continue to defer at least 15% of their compensation in 2009.