New York, NY / ACCESSWIRE / April 4, 2014 / SeeThruEquity, a leading New York City based independent equity research and corporate access firm focused on smallcap and microcap public companies, today announced that it has issued a quarterly update on Dejour Energy, Inc. (NYSE MKT: DEJ) for fiscal Q4 2013 and FY 2013.
Highlights of the quarter and year are as follows:
Dejour reported gross revenues of $9.3mn in 2013, a 35% increase over $6.9mn in 2012.
Dejour had positive cash flow from operations of $521k for 2013, compared with a $2.2mn cash deficiency from operations in 2012.
Dejour reported average production for 2013 of 504 barrels of oil equivalent per day (“BOEPD”), a 35% increase over average production of 372 BOEPD for 2012.
In 4Q13, Dejour had average production of 620 BOEPD, a 94% increase over average production of 319 BOEPD in 4Q12.
Dejour reduced its G&A expenses ($/BOE) by 57% and 29% year over year for 4Q13 and 2013, respectively.
Dejour reported a year-end 2P reserves value of $115.6mn, an increase of 16.8% over the 2P reserve value of $98.9mn at December 31, 2012.
“We are encouraged by these results as 2013 was a critical year for Dejour as it successfully initiated a 4-well drilling program at its Kokopelli, Colorado flagship property. This program increased the number of “proven undeveloped” Williams Fork drilling locations for future development by 51%, to 139 locations. The company’s report of the increase in 2P reserves values was also a positive. We are maintaining our price target of $0.53 on the name,” commented Ajay Tandon, CEO of SeeThruEquity.
The report is available at: DEJ Quarterly Update Report. SeeThruEquity is an approved equity research contributor on Thomson First Call, CapitalIQ, FactSet, and Zack’s.
Please review important disclosures on our website at http://www.seethruequity.com/.
SeeThruEquity is an equity research and corporate access firm focused on companies with less than $1 billion in market capitalization. The research is not paid for and is unbiased. We do not conduct any investment banking or commission based business. We are approved to contribute our research to Thomson Reuters One (First Call), Capital IQ, FactSet, Zacks and distribute our research to our database of opt-in investors. We also contribute our estimates to Thomson Estimates, the leading estimates platform on Wall Street.
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Dejour Energy Inc. is an independent oil and natural gas exploration and production company operating projects in North America’s Piceance Basin (approximately 71,500 net acres) and Peace River Arch regions (approximately 13,000 net acres), maintaining offices in Denver, USA, Calgary and Vancouver, Canada. The company is publicly traded on the New York Stock Exchange MKT (NYSE MKT:DEJ) and Toronto Stock Exchange (DEJ.TO).