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Share Name | Share Symbol | Market | Type |
---|---|---|---|
DXI Capital Corporation (CE) | USOTC:DXIEF | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0002 | 0.00 | 01:00:00 |
FORM
20-F
x
|
FORM
40-F
o
|
Yes
o
|
No
x
|
|
·
|
Successfully
brought two new wells into production, generating positive operating cash
flow of $559,000.
|
|
·
|
Increased
Proved and Probable Producing Reserves at Drake/Woodrush to 534,000
Barrels of Oil Equivalent (58% oil), with a Present Value 10% (PV 10) at
$15.7 million, an increase of 140% from December 31, 2009 PV 10 value of
$6.5 million.
|
|
·
|
Increased
net production to 599 BOE/D (58% oil) in Q2 2010, an 89% increase over Q1
2010.
|
|
·
|
Increased
operating netback to $1.5 million in Q2 2010, a 416% improvement over Q1
2010.
|
|
·
|
Increased
EBTIDA by $1,575,000 delivering a positive EBITDA of $658,000, and yielded
a positive Adjusted EBITDA of $808,000 in
Q2.
|
|
·
|
Generate
operating profits by 2010
Q4;
|
|
·
|
Increase oil production
and
reserves with the
drilling of additional wells, in Q3 2010, at the Drake/Woodrush
Field;
|
|
·
|
Confirm the waterflood potential
with Q3 drilling and begin project implementation in
Q4;
|
|
·
|
Complete the
permitting/
engineering
for th
e Phase 1 drilling at Gibson
Gulch; and
|
|
·
|
Procure
a
commitment on a
competitive
non-equity project
funding package for Phase 1
drilling at Gibson Gulch
.
|
Three
months ended June 30,
|
|||||||||
2010
|
2009
|
||||||||
$
|
$
|
||||||||
Revenue
|
Note
(1)
|
2,768,000 | 1,682,000 | ||||||
Net
loss
|
Note
(2)
|
(344,000 | ) | (781,000 | ) | ||||
Net
loss per share
|
Note
(3)
|
(0.003 | ) | (0.011 | ) | ||||
Operating
cash flow
(1)
|
Note
(4)
|
559,000 | (243,000 | ) | |||||
Operating
netback
(1)
|
Note
(5)
|
1,464,000 | 830,000 | ||||||
EBITDA
(1)
|
Note
(6)
|
658,000 | 490,000 | ||||||
Adjusted
EBITDA
(1)
|
Note
(6)
|
808,000 | 560,000 |
|
(1)
|
Operating
cash flow, Operating netback, EBITDA and Adjusted EBITDA are non-GAAP
measures and are defined in details in the “Non-GAAP Measures”
below.
|
|
(1)
|
Revenue
for Q2 2010 increased to $2,768,000 from $1,682,000 for Q2 2009. The
increase was mainly attributable to the two new wells commenced production
in May 2010.
|
|
(2)
|
Net
loss for Q2 2010 decreased to $344,000 from $781,000 for Q2 2009. The
decrease was due to higher revenues and lower operating and transportation
and depletion expenses, partially offset by higher
royalties.
|
|
(3)
|
Net
loss per share for Q2 2010 was $0.003 compared to $0.011 for Q2 2009. The
decrease was mainly the result of lower net loss for the current
quarter.
|
|
(4)
|
The
Company generated a positive operating cash flow of $559,000 for Q2 2010
compared to a negative operating cash flow of $243,000 for Q2 2009. It was
mainly the result of the two new wells commenced production in May
2010.
|
|
(5)
|
Operating
netback for Q2 2010 increased to $1,464,000 from $830,000 for Q2 2009. The
increase was due to the two new wells commenced production in May
2010.
|
|
(6)
|
EBITDA
for Q2 2010 increased to $658,000 from $490,000 for Q2
2009. Adjusted EBITDA for Q2 2010 increased to $808,000 from
$560,000 for Q2 2009. The increase was mainly attributable to
lower net loss.
|
Three Months Ended June
30,
|
|||||||||
2010
|
2009
|
||||||||
Production
Volumes:
|
|||||||||
Oil
and natural gas liquids
(bbls)
|
31, 753 | 15, 777 | |||||||
Gas (mcf)
|
136,538 | 207,748 | |||||||
Total (BOE)
|
Note (1)
|
54,509 | 50,402 | ||||||
Average Price
Received:
|
|||||||||
Oil
and natural gas liquids
($/bbls)
|
65.79 | 59.43 | |||||||
Gas ($/mcf)
|
4.29 | 3.88 | |||||||
Total
($/BOE)
|
49.08 | 34.61 | |||||||
Royalties
($/BOE)
|
Note (2)
|
10.11 | (0.45 | ) | |||||
Operating Expenses
($/BOE)
|
Note (3)
|
12.11 | 18.60 | ||||||
Netbacks
($/BOE)
|
Note (4)
|
26.87 | 16.45 |
|
(1)
|
The
increase in production was mainly due to the two new wells commenced
production in May 2010.
|
|
(2)
|
Royalties
of $10.11 per BOE for Q2 2010 were substantially higher than the prior
year’s quarter of $(0.45) per BOE. The increase was consistent with higher
revenues generated. In Q2 2009, the British Columbia government approved a
royalty holiday for the first 72,000 barrels of oil production on one of
the Company’s oil wells. The Company received a royalty credit
of $280,000 from the BC provincial government, resulting in a net royalty
recovery for the quarter. This 72,000 barrels royalty holiday
was used up in 2009 and the Company is subject to regular royalty rates in
2010.
|
|
(3)
|
Operating
and transportation expenses for Q2 2010 decreased to $12.11 per BOE
compared to $18.60 per BOE for Q2 2009 despite higher revenues. The
installation of the compressor in January 2010 resulted in minimal
compression costs, which accounted for the reduction in operating and
transportation expenses for the current
quarter.
|
|
(4)
|
Operating
netbacks for the current quarter increased to $26.87 per BOE from $16.45
per BOE for Q2 2009. The increase was mainly due to higher revenues and
lower operating and transportation expenses. This was partially offset by
increased royalties for Q2 2010.
|
As
at June 30, 2010
|
As
at December 31, 2009
|
|||||||
Assets:
|
||||||||
Cash
and cash equivalents
|
$ | 3,020,000 | $ | 2,733,000 | ||||
Other
current assets
|
1,909,000 | 1,280,000 | ||||||
Equipment
|
102,000 | 115,000 | ||||||
Other
non-current assets
|
43,510,000 | 41,758,000 | ||||||
Total
assets
|
$ | 48,541,000 | $ | 45,886,000 | ||||
Liabilities
and shareholders’ equity:
|
||||||||
Bank
line of credit and bridge loan
|
$ | 3,500,000 | $ | 850,000 | ||||
Current
liabilities
|
3,674,000 | 2,753,000 | ||||||
Loans
from related parties
|
2,402,000 | 2,346,000 | ||||||
Other
long-term liabilities
|
313,000 | 248,000 | ||||||
Shareholders’
equity
|
38,652,000 | 39,689,000 | ||||||
Total
liabilities and shareholders’ equity
|
$ | 48,541,000 | $ | 45,886,000 |
For
the three months ended June 30,
|
For
the
six
m
onths
ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Revenues:
|
||||||||||||||||
Oil
and natural gas revenue
|
$ | 2,676,000 | $ | 1,682,000 | $ | 4,023,000 | $ | 4,095,000 | ||||||||
Realized
financial instrument gain (loss)
|
93, 000 | - | 51,000 | 289,000 | ||||||||||||
2,769,0 00 | 1,682 ,000 | 4,074,000 | 4,384,000 | |||||||||||||
Expenses:
|
||||||||||||||||
Royalties
|
551 ,000 | (23, 000 | ) | 772,000 | 504,000 | |||||||||||
Operating
and transportation
|
660, 000 | 875 ,000 | 1,502,000 | 1,873,000 | ||||||||||||
Amortization,
depletion and accretion
|
727 ,000 | 1,264 ,000 | 1,473,000 | 3,975,000 | ||||||||||||
Interest
expense and finance fee
|
275 ,000 | 306 ,000 | 528,000 | 506,000 | ||||||||||||
General
and administrative
|
769 ,000 | 852 ,000 | 1,756,000 | 1,789,000 | ||||||||||||
Non-cash
stock-based compensation
|
151 ,000 | 107, 000 | 315,000 | 317,000 | ||||||||||||
3, 133 ,000 | 3,381 ,000 | 6,346,000 | 8,964,000 | |||||||||||||
Loss
before the following and income taxes
|
( 364, 000 | ) | ( 1,699 ,000 | ) | (2,272,000 | ) | (4,580,000 | ) | ||||||||
Interest
and other income
|
8, 000 | 105 ,000 | 17,000 | 363,000 | ||||||||||||
Gain
(l
oss
)
on
disposition of investment
|
- | 37 ,000 | - | (274,000 | ) | |||||||||||
Equity
loss from Titan
|
- | - | - | (142,000 | ) | |||||||||||
Foreign
exchange
gain
(
loss
)
|
12, 000 | 477,000 | (3,000 | ) | 325,000 | |||||||||||
Loss
before income taxes
|
( 344, 000 | ) | ( 1,080 ,000 | ) | (2,258,000 | ) | (4,308,000 | ) | ||||||||
Future
income taxes recovery
|
- | 299 ,000 | - | 1,078,000 | ||||||||||||
Net
loss for the period
|
$ | (344,000 | ) | $ | (781,000 | ) | $ | (2,258,000 | ) | $ | (3,230,000 | ) | ||||
Net
loss per share – basic and diluted
|
$ | 0.003 | $ | 0.011 | $ | 0.023 | $ | 0.044 | ||||||||
Weighted
average number of common shares outstanding – basic and
diluted
|
98,698,372 | 7 4,343,228 | 98,220,180 | 74,034,042 |
For
the three months ended March 31,
|
For
the six months ended June 30,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Cash,
beginning of period
|
$ | 1,336,000 | $ | 1,679,000 | $ | 2,733,000 | $ | 744,000 | ||||||||
Cash
from (used in) operating activities
|
55 3 ,000 | (1,148, 000 | ) | - | (1,044,000 | ) | ||||||||||
Cash
from (used in) investing activities:
|
||||||||||||||||
Purchase
of equipment
|
( 2,000 | ) | - | (2,000 | ) | (5,000 | ) | |||||||||
Proceeds
on disposal of investment
|
- | 118,000 | - | 2,306,000 | ||||||||||||
Proceeds
from sales of oil and gas properties
|
- | 4,282,000 | - | 4,282,000 | ||||||||||||
Resource
properties expenditures
|
(883,000 | ) | ( 301 ,000 | ) | (3,141,000 | ) | (795,000 | ) | ||||||||
Total
cash from (used in) investing activities
|
( 885 ,000 | ) | 4,099 ,000 | (3,143,000 | ) | 5,788,000 | ||||||||||
Cash
from (used) in financing activities
|
2,016 ,000 | ( 3,572, 000 | ) | 3,430,000 | (4,430,000 | ) | ||||||||||
Cash,
end of period
|
$ | 3,020,000 | $ | 1,058,000 | $ | 3,020,000 | $ | 1,058,000 |
Ro bert L. Hodgkinson, Co-Chairman & CEO | Investor Relations – New York | |
|
598
– 999 Canada Place,
|
Craig
Allison
|
|
Vancouver,
BC Canada V6C 3E1
|
Phone:
914.882.0960
|
Phone: 604.638 .5050 Facsimile: 604.638.5051 | Email: callison@dejour.com | |
Email: investor@dejour.com |
Dejour Enterprises Ltd. | |||
(Registrant)
|
|||
Dated:
August 16, 2010
|
By:
|
/s/ Mathew Wong | |
Mathew Wong, | |||
Chief Financial Officer |
1 Year DXI Capital (CE) Chart |
1 Month DXI Capital (CE) Chart |
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