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    Dejour secures $1.5 million for Woodrush development

    Dejour Energy Inc.

    Dejour Energy Inc. (NYSE MKT:DEJ / TSX:DEJ) has entered into subscription agreements for an equity financing that will result in gross proceeds of US$1.5 million with three institutional investors to support the company’s third-quarter 2014 Woodrush development plan. This program encompasses reworking several existing wells to enhance productivity and involves drilling additional wells in an effort to expand production and associated reserves.

    On March 26, Dejour acquired certain natural gas producing assets and related processing facilities adjacent to its Woodrush oil field located 120 kilometers north of Ft. St. John, British Columbia, Canada. On July 3, the company closed on its acquisition of an additional 24% working interest in the company’s legacy Woodrush operation. As of the end of the second quarter, the field produced an average of 475 boe/d.

    In connection with the offering, the company plans to issue 6,000,000 units at a price of US$0.25 per unit. Each unit consists of one common share of the company and one full warrant to purchase one common share. Each warrant will be exercisable to purchase one common share at an exercise price of US$ 0.35 per share until Dec. 31, 2015, subject to early acceleration. Completion of the offering, which is expected to occur on or about Aug. 15, is subject to satisfaction of customary closing conditions including, but not limited to, the approval of the TSX and the NYSE MKT.

     

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