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Dejour Announces Quarterly Financial and Operating Results
Aug 18, 2009 09:07PM
VANCOUVER, Aug 14, 2009 (BUSINESS WIRE) -- --Oil & Gas Revenue of $1.7M in Q2 2009
Dejour Enterprises Ltd. (NYSE- Amex: DEJ / TSX: DEJ) reports it 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.
For more information and for Dejour's detailed quarterly reports, please visit SEDAR or the Company's website at http://www.dejour.com.
Dejour Enterprises Ltd. is a high growth oil and natural gas company operating multiple exploration and production projects in North America's Piceance / Uinta Basins (128,000 net acres) and Peace River Arch region (15,000 net acres). Dejour's veteran management team has consistently been among early identifiers of premium energy assets, repeatedly timing investments and transactions to realize their value to shareholders' best advantage. Current production is from less than 4000 acres of the Company's 143,000 net acres of landholdings.
Dejour, headquartered in Vancouver, Canada, maintains operations offices in Denver, Colorado and Calgary, Canada. The company is publicly traded on the New York Stock Exchange Amex (NYSE- Amex: DEJ) and Toronto Stock Exchange (DEJ).