Report of Foreign Issuer (6-k)
August 12 2015 - 5:03AM
Edgar (US Regulatory)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of AUGUST 2015
Commission File Number: 001-33491
DEJOUR ENERGY INC.
(Translation of registrant's name into English)
598-999 Canada Place Vancouver, British Columbia V6C 3E1 Canada
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
[ x ] Form 20-F [ ] Form 40-F
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [ ]
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [ ]
SUBMITTED HEREWITH
Exhibits
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned, thereunto duly authorized.
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DEJOUR ENERGY INC. |
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(Registrant) |
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Date: August 11, 2015 |
By: |
/s/ David Matheson |
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David Matheson |
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Title: |
Chief Financial Officer |
Dejour Reports Q2 2015 Results
Records Positive Cash Flow from Operations with 71% Increase in
Oil Production
Flagship Kokopelli Project 8-Well Completion Program Underway
Vancouver, B.C. August 11, 2015 Dejour Energy Inc.
(NYSE MKT: DEJ / TSX: DEJ) (Dejour or the Company), an independent
oil and gas exploration and production company operating in North Americas
Piceance Basin and Peace River Arch regions, today announced its financial
results for the three and six month periods ended June 30, 2015.
Q2 2015 Key Financial and Operating Highlights:
1. |
Secured $4.5 million in bridge financing from a Director
and Officer ($2.5 million) and a company associated with the Director and
Officer ($2.0 million), the net proceeds from which were applied to fund
the Companys estimated 2015 capital expenditures, |
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2. |
Increased oil and natural gas liquids production during
Q2 2015 by 71% to 329 BOE/d for the three months ended June 30, 2015 from
production of 193 BOE/d for the comparative period in 2014; and |
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3. |
Finalized construction of major production facilities at
Kokopelli in the Piceance Basin of Colorado and prepaid the $3.6 million
in Authorizations for Expenditure to fund the Companys 25% share of
well completion costs for the 8 drilled and cased wells and prepare for
the commencement of production. |
CORPORATE SUMMARY THREE AND SIX MONTHS ENDED JUNE 30, 2015
OPERATIONS |
Three months ended June 30,
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Six months ended June 30,
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2015 |
2014 |
Change |
2015 |
2014 |
Change |
Production |
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Oil and natural gas liquids (bbls/d) |
329 |
193 |
71% |
287 |
179 |
60% |
Natural gas (mcf/d) |
1,109 |
2,209 |
-50% |
1,363 |
2,250 |
-39% |
Combined (BOE/d) |
514 |
561 |
-8% |
514 |
554 |
-7% |
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Realized sales prices (1) |
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Oil and natural gas liquids ($/bbl) |
64.22 |
87.76 |
-27% |
58.15 |
90.39 |
-36% |
Natural gas ($/mcf) |
2.26 |
5.27 |
-57% |
2.43 |
6.05 |
-60% |
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Operating expenses (2) |
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Oil operations ($/bbl) |
13.02 |
28.10 |
-54% |
17.03 |
25.59 |
-33% |
Natural gas operations ($/mcf) |
3.13 |
4.55 |
-31% |
3.54 |
3.82 |
-7% |
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Operating netback (3) |
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Oil operations ($/bbl) |
38.70 |
44.23 |
-13% |
30.28 |
49.31 |
-39% |
Natural gas operations ($/BOE) |
-5.83 |
-0.80 |
633% |
-7.03 |
6.74 |
-204% |
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General and administrative expenses ($/BOE) |
11.03 |
15.24 |
-28% |
12.90 |
16.13 |
-20% |
Notes:
(1) |
Decrease reflected lower benchmark oil and natural gas
prices in Canada and the rest of the world. |
(2) |
Decrease resulted from the allocation of fixed operating
costs over a higher oil production volume. This was offset by 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 June 30, |
Six months ended
June 30, |
|
2015 |
2014 |
Change |
2015 |
2014 |
Change |
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Revenue |
2,152 |
2,597 |
-17% |
3,622 |
5,382 |
-33% |
Royalties |
384 |
442 |
-13% |
577 |
953 |
-39% |
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Cash flow (1) |
490 |
-32 |
1,631% |
69 |
355 |
-81% |
Cash flow per share (basic) |
0.00 |
-0.00 |
0% |
0.00 |
0.00 |
0% |
Cash flow per share (diluted) |
0.00 |
-0.00 |
0% |
0.00 |
0.00 |
0% |
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Net income (loss) |
-503 |
730 |
-169% |
-1,672 |
-2,252 |
-26% |
Basic ($/common share) |
-0.00 |
0.00 |
0% |
-0.01 |
-0.01 |
0% |
Diluted ($/common share) |
-0.00 |
0.00 |
0% |
-0.01 |
-0.01 |
0% |
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Capital expenditures, net of dispositions |
572 |
503 |
14% |
1,861 |
1,339 |
39% |
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Weighted average common shares outstanding (thousands) |
|
|
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Basic |
182,402 |
163,839 |
11% |
182,402 |
159,682 |
14% |
Diluted |
182,402 |
209,607 |
-13% |
182,402 |
159,682 |
14% |
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Debt, net of working capital |
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5,467 |
4,381 |
25% |
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. |
Page 2
SUPPLEMENTAL FINANCIAL INFORMATION NON-GAAP MEASURE
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Three months ended |
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Six months ended |
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June 30, |
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June 30, |
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(CA$ thousands)
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2015 |
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2014 |
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2015 |
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2014 |
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Cash flows from (used in) operating activities |
|
295 |
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(482 |
) |
|
96 |
|
|
55 |
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Change in operating working capital |
|
195 |
|
|
450 |
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|
(27 |
) |
|
300 |
|
Cash flow |
|
490
|
|
|
(32 |
) |
|
69
|
|
|
355
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About Dejour
Dejour Energy Inc. is an independent oil and natural gas
exploration and production company operating projects in North Americas
Piceance Basin (39,998 net acres) and Peace River Arch regions (14,444 net
acres). Dejour maintains offices in Calgary and Vancouver, Canada. The company
is publicly traded on the New York Stock Exchange Amex (NYSE MKT: DEJ) and
Toronto Stock Exchange (DEJ.TO).
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 Dejours operations
or financial results, are included in Dejours reports on file with Canadian and
United States securities regulatory authorities. Other risks include the
Companys ongoing review by NYSE MKT (the Exchange) to ensure the Company
continues to regain compliance with Section 1003(a)(iv) of the Company Guide
which addresses a Companys 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 Energys latest developments on: Facebook
http://facebook.com/dejourenergy and Twitter @dejourenergy
Contact:
Dejour Energy Inc.
Robert L. Hodgkinson,
604-638-5050
Chairman & CEO
investor@dejour.com
or
Craig Allison, 914-882-0960
Investor Relations New York
callison@dejour.com
Page 3
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