Dejour Enterprises Ltd (2) (C-DEJ) - News Release

2010-03-31 19:24 ET - News Release

Shares issued 95,791,038
DEJ Close 2010-03-31 C$ 0.42

Mr. Robert Hodgkinson reports

DEJOUR HIGHLIGHTS 2009 YEAR END RESULTS

Dejour Enterprises Ltd. has released its financial results for the year-end and fourth quarter periods ended Dec. 31, 2009.

2009 Highlights

Reserve Growth

Increased Net Proved Reserves by more than 3,100% from slightly more than 3 BCFE to more than 93 BCFE. The before tax discounted (NPV10) value of the Company's proved reserves, net of all future costs for development is now valued at $163 million, up from $15 million as at December 31, 2008;

Increased Net Proved and Probable Reserves by more than 3,500% from slightly more than 6 BCFE to more than 217 BCFE. The before tax discounted (NPV10) value of the Company's proved and probable reserves, net of all future costs for development is now valued at $324 million, up from $31 million as at December 31, 2008.

Balance Sheet Improvement

Reduced debt from $18.3 million to $6.2 million;

Eliminated working capital deficit of $12.7 million at the end of 2008 and ended 2009 with positive working capital of $410,000;

Raised $5 million of equity under challenging market conditions that allowed the Company to execute its winter drilling program in the Woodrush Field.

Production Growth and Reduction in Net Loss

Annual production for 2009 averaged 456 BOE/d, an increase of 78% from 256 BOE/d in 2008;

Revenue increased by 18% to $6.8 million in 2009 from $5.7 million in 2008;

Net loss reduced by 39% to $12.8 million (
.16 per share) in 2009 from $20.9 million (
.29 per share) in 2008;

Q4 2009 loss reduced by 62% to $7 million (
.08 per share) in Q4 2009 from $15.2 million (
.21 per share) in Q4 2008.

Corporate

Welcomed Stephen Mut and Darren Devine to the Board of Directors.

Subsequent Events

Subsequent to year end 2009, Dejour raised $1 million in new equity, established a $5 million credit facility and drilled two new discoveries (1.5 net) at Woodrush Northeast British Columbia, Canada. One is a Gething gas discovery on line at approximately 1MMcf/d. The second is a light oil discovery currently producing in excess of 400 BOE/d, raising Woodrush gross production to more than 1,000 BOE/d, 50%+ oil (75% net to Dejour). Dejour plans to drill one to two more wells at Woodrush in 2010.

Key Objectives for 2010

Generate positive operating cash flow beginning 2010 Q2 and generate operating profits by 2010 Q4;

Increase oil production and reserves at the Woodrush field;

Complete the permitting/engineering for the Phase 1 drilling of 16 wells at Gibson Gulch;

Procure a commitment on a competitive funding package for Phase 1 drilling at Gibson Gulch.

Dejour has filed its Dec. 31, 2009 Audited Financial Statements, Management Discussion & Analysis ("MD&A") and Annual Information Form ("AIF") with the Canadian securities commissions. These documents are available on www.sedar.com and on Dejour's website: www.dejour.com.

The 2009 AIF contains information about Dejour's operations, disclosure and reports relating to reserves data and other oil and gas information according to National Instrument 51-101 of the Canadian Securities Administrators, Standards of Disclosure for Oil and Gas Activities.

All amounts above are in CAD$, unless otherwise noted. 1 US$ = 1.02 CAD$.

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Befor tax discounted (NPV10) of Proved and Probable Reserves per share =

$324 million/95.8 million shares = $3.38 CDN