DXI Capital 20F/A 2011 Annual report (foreign) (amended) | DXIEF Filing

Exhibit 99.1

Dejour Energy (Alberta) Ltd.

Reserve estimation and

economic evaluation

Executive summary

SEC Compliant

Effective date: December 31, 2011

	700, 850 – 2 Street SW
	Calgary AB T2P 0R8
	Canada

	Tel: 403-267-1700
	Fax: 587-774-5398
	www.deloitte.ca

October 31, 2012

Dejour Energy (Alberta) Ltd.

2600, 144 – 4^th Avenue SW

Calgary, Alberta

T2P 3N4

Attention: Mr. Harrison (Hal) Blacker

RE:	Dejour Energy (Alberta) Ltd.
	Reserve estimation and economic evaluation

At your request and authorization, Deloitte & Touche LLP (“AJM Deloitte”) has prepared an independent evaluation of certain oil and gas assets of Dejour Energy (Alberta) Ltd. (“Dejour Alberta”), effective December 31, 2011.

This report has been prepared for the use of Dejour Energy (Alberta) Ltd. for corporate reporting purposes and AJM Deloitte hereby gives its consent to the use of its name and to the said estimates for reporting in the United States. The evaluation was conducted in the months of January and February 2012; field information obtained subsequent to the effective date was not used in the evaluation.

Pursuant to the requirements of Item 1202 (a) (8) of Regulation S-K, this report documents the results of the evaluation with the following table summarizing the corporate reserves and value:

Table 1 – summary of corporate reserves and value using constant prices and costs (in Canadian dollars).

The proportion of the Company’s total reserves represented by the reserves included in this report is shown below:

Company net proved reserves

Oil

Proportion of

Location of reserves

Gas

Condensate

NGL

Equivalent

Oil Eq.

Country

Area

(MMcf)

(Mbbl)

(MBoe)

Reserves

Canada

Alberta/British

Columbia

752

317

446

Total Company

11,482

100

Notes:

(1)

Natural gas is converted to oil equivalent using a factor of 6,000 cubic feet of gas per one barrel of oil equivalent.

(2)

DejourAlberta has indicated that these totals represent 100% of its Canadian interests as of December 31, 2011.

Dejour Energy (Alberta) Ltd.

Reserve estimation and economic evaluation

Page 2

The oil and gas reserves calculations and income projections, upon which this report is based, were estimated in accordance with the SEC’s Regulation S-X Part 210.4-10(a). AJM Deloitte used all methods and procedures it considered necessary under the circumstances to prepare the report. The Evaluation procedure section included in this report details the reserves definitions, price and market demand forecasts and general procedure used by AJM Deloitte in its determination of this evaluation and are appropriate for the purposes served by the report. In accordance with SEC requirements all prices and costs (capital and operating) were held constant. Constant prices were based on an average of market prices posted at or near the first of each month from January to December 2011. The extent and character of ownership and all factual data supplied by Dejour Energy (Alberta) Ltd. were accepted as presented (see Representation Letter attached within). A field inspection and environmental/safety assessment of the properties was not made by AJM Deloitte and the consultant makes no representations and accepts no responsibilities in this regards.

This report contains forward looking statements including expectations of future production and capital expenditures. Possible changes to the current government regulations may cause volumes of proved reserves actually recovered to differ significantly from the estimated quantities. Information concerning reserves may also be deemed to be forward looking as estimates imply that the reserves described can be profitably produced in the future. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause the actual results to differ from those anticipated. These risks include, but are not limited to: the underlying risks of the oil and gas industry (i.e. operational risks in development, exploration and production; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserves estimates; the uncertainty of estimates and projections relating to production, costs and expenses, political and environmental factors), and commodity price and exchange rate fluctuation. Present values for various discount rates documented in this report may not necessarily represent fair market value of the reserves.

A Boe conversion ratio of six (6) Mcf: one (1) barrel has been used within this report. This conversion ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Dejour Energy (Alberta) Ltd. (“Dejour Alberta”) is a wholly-owned subsidiary of Dejour Energy Inc. (“Dejour” or “the Company”). The Company makes periodic filings on Form 20-F under the 1934 Exchange Act. Furthermore, the Company has certain registration statements filed with the SEC under the 1933 Securities Act which any subsequently filed Form 20-F is incorporated by reference. We have consented to the incorporation by reference in the registration statements on Form S-X of the Company to the reference to our name as well as to the reference to our third party report for the Company which appears in the December 31, 2011 annual report on Form 20-F of filings made under the SEC by The Company.

Yours truly,

Original signed by: “Robin G. Bertram”

Robin G. Bertram, P. Eng.

Partner

Deloitte & Touche LLP

/ct

TABLE 1

Dejour Energy (Alberta) Ltd.

DETAILED ECONOMIC SUMMARY

AJM Deloitte SEC December 1 2011 Constant Pricing (CAD)

Effective December 31, 2011				Canada

		PDP		PDNP		PUD		TP
Light and Medium Oil	Mbbl
Ultimate Remaining			530.0		0.0		0.0		530.0
WI Before Royalty			397.5		0.0		0.0		397.5
WI After Royalty			317.4		0.0		0.0		317.4
Royalty Interest			0.0		0.0		0.0		0.0
Total Net			317.4		0.0		0.0		317.4

Total Oil	Mbbl
Ultimate Remaining			530.0		0.0		0.0		530.0
WI Before Royalty			397.5		0.0		0.0		397.5
WI After Royalty			317.4		0.0		0.0		317.4
Royalty Interest			0.0		0.0		0.0		0.0
Total Net			317.4		0.0		0.0		317.4

Sales Gas	MMcf
Ultimate Remaining			1,349.1		248.6		0.0		1,597.8
WI Before Royalty			987.2		74.6		0.0		1,061.8
WI After Royalty			691.8		60.3		0.0		752.0
Royalty Interest			0.0		0.0		0.0		0.0
Total Net			691.8		60.3		0.0		752.0

NGLs	Mbbl
Ultimate Remaining			3.6		8.5		0.0		12.1
WI Before Royalty			2.6		2.6		0.0		5.2
WI After Royalty			1.9		1.6		0.0		3.6
Royalty Interest			0.0		0.0		0.0		0.0
Total Net			1.9		1.6		0.0		3.6

MBOE	Mboe
Ultimate Remaining			758.4		49.9		0.0		808.4
WI Before Royalty			564.7		15.0		0.0		579.6
WI After Royalty			434.7		11.7		0.0		446.3
Royalty Interest			0.0		0.0		0.0		0.0
Total Net			434.7		11.7		0.0		446.3

Net Present Values - BTAX	M$
Undiscounted			20,822.0		132.8		0.0		20,954.8
Discounted at 5%			19,954.8		106.4		0.0		20,061.2
Discounted at 10%			19,161.5		85.3		0.0		19,246.9
Discounted at 15%			18,438.4		68.4		0.0		18,506.8
Discounted at 20%			17,779.8		54.6		0.0		17,834.4

Light & Medium Oil includes Shale Oil. Heavy Oil Includes Ultra Heavy in Alberta and Bitumen. Sales Gas includes Solution gas, Associated and Non- Associated gas, Coalbed Methane, Shale gas and Hydrates.

Independent petroleum consultants consent

The undersigned firm of Independent Qualified Reserves Evaluators and Auditors of Calgary, Alberta, Canada has prepared an independent evaluation of reserves and future net revenues derived therefrom, of the Petroleum and Natural Gas assets of the interests of Dejour Energy (Alberta) Inc. These reserves and future net revenues were estimated using prior 12 month average constant prices and costs (before and after income taxes) according to the requirements of SEC’s Regulation S-X, Part 210.4-10 (a). The effective date of this evaluation is December 31, 2011.

In the course of the evaluation, Dejour Energy (Alberta) Inc. provided AJM Deloitte personnel with basic information which included land, well and accounting (product prices and operating costs) information; reservoir and geological studies, estimates of on-stream dates for certain properties, contract information, budget forecasts and financial data. Other engineering, geological or economic data required to conduct the evaluation and upon which this report is based, were obtained from public records, other operators and from AJM Deloitte non confidential files. The extent and character of ownership and accuracy of all factual data supplied for the independent evaluation, from all sources, has been accepted.

A “Representation Letter” dated March 21, 2012 and signed by two Directors was received from Dejour Energy (Alberta) Inc. prior to the finalization of this report. This letter specifically addressed the accuracy, completeness and materiality of all the data and information that was supplied to us during the course of our evaluation of Dejour Energy (Alberta) Inc.’s reserves and net present values. This letter is included within.

A field inspection and environmental/safety assessment of the properties was beyond the scope of the engagement of AJM Deloitte and none was carried out. The “Representation Letter” received from Dejour Energy (Alberta) Inc. provided assurance that no additional information necessary for the completion of our assignment would have been obtained by a field inspection.

The accuracy of any reserve and production estimates is a function of the quality and quantity of available data and of engineering interpretation and judgment. While reserve and production estimates presented herein are considered reasonable, the estimates should be accepted with the understanding that reservoir performance subsequent to the date of the estimate may justify revision, either upward or downward.

Revenue projections presented in this report are subject to uncertainties and may in future differ materially from the forecasts herein. Present values of future net revenues documented in this report do not necessarily represent the fair market value of the reserves evaluated herein.

PERMIT TO PRACTICE

Deloitte
Permit Number: P-11444

The Association of Professional Engineers
and Geoscientists of Alberta

Certificate of qualification

I, R. G. Bertram, a Professional Engineer, of 700, 850 – 2^nd Street S.W., Calgary, Alberta, Canada hereby certify that:

I am an associate partner of Deloitte & Touche LLP (“AJM Deloitte”), which did prepare an evaluation of certain oil and gas assets of the interests of Dejour Energy (Alberta) Ltd. The effective date of this evaluation is December 31, 2011.

I do not have, nor do I expect to receive any direct or indirect interest in the properties evaluated in this report or in the securities of Dejour Energy (Alberta) Ltd.

I attended the University of Alberta and graduated with a Bachelor of Science Degree in Petroleum Engineering in 1985; that I am a Registered Professional Engineer in the Province of Alberta; and I have in excess of twenty six years of engineering experience.

I am a Qualified Reserves Auditor as defined in the Canadian Oil and Gas Evaluation Handbook, Volume 1, Section 3.2.

A personal field inspection of the properties was not made; however, such an inspection was not considered necessary in view of information available from the files of the interest owners of the properties and the appropriate provincial regulatory authorities.

	Original signed by: “R. G. Bertram”
	R. G. Bertram, P. Eng.

	March 16, 2012
	Date

Certificate of qualification

I, L. G. Mitchell, a Professional Engineer, of 700, 850 – 2^nd Street S.W., Calgary, Alberta, Canada hereby certify that:

I am an employee of Deloitte & Touche LLP (“AJM Deloitte”), which did prepare an evaluation of certain oil and gas assets of the interests of Dejour Energy (Alberta) Ltd. The effective date of this evaluation is December 31, 2011.

I do not have, nor do I expect to receive any direct or indirect interest in the properties evaluated in this report or in the securities of Dejour Energy (Alberta) Ltd.

I attended the University of Calgary and graduated with a Bachelor of Science Degree in Chemical Engineering in 2008; that I am a Registered Professional Engineer in the Province of Alberta; and I have in excess of four years of engineering experience.

	Original signed by: “L. G. Mitchell”
	L. G. Mitchell, P. Eng.

	March 16, 2012
	Date

Certificate of qualification

I, I. J. Olsen, a Professional Engineer, of 700, 850 – 2^nd Street Avenue S.W., Calgary, Alberta, Canada hereby certify that:

I do not have, nor do I expect to receive any direct or indirect interest in the properties evaluated in this report or in the securities of Dejour Energy (Alberta) Ltd.

I attended the University of Alberta and graduated with a Bachelor of Science Degree in Chemical Engineering in 2007; that I am a Registered Professional Engineer in the Province of Alberta; and I have in excess of four years of engineering experience.

	Original signed by: “I. J. Olsen”
	I. J. Olsen, P. Eng.

	March 16, 2012
	Date

Certificate of qualification

I, D. E. Yee, a Professional Engineer, of 700, 850 – 2^nd Street Avenue S.W., Calgary, Alberta, Canada hereby certify that:

I do not have, nor do I expect to receive any direct or indirect interest in the properties evaluated in this report or in the securities of Dejour Energy (Alberta) Ltd.

I attended the University of Calgary and graduated with a Bachelor of Science Degree in Mechanical Engineering in 1992; that I am a Registered Professional Engineer in the Province of Alberta; and I have in excess of fourteen years of engineering experience.

	Original signed by: “David E. Yee”
	D. E. Yee, P. Eng.

	March 16, 2012
	Date

Certificate of qualification

I, L. D. Boyd, a Registered Professional Geologist, of 700, 850 – 2^nd Street S.W., Calgary, Alberta, Canada hereby certify that:

I do not have, nor do I expect to receive any direct or indirect interest in the properties evaluated in this report or in the securities of Dejour Energy (Alberta) Ltd.

I attended the University of Calgary and graduated with a Bachelor of Science Degree in Geology in 1976; that I am a Registered Professional Geologist in the Province of Alberta; and I have in excess of thirty five years of geological experience.

	Original signed by: “L. D. Boyd”
	L. D. Boyd, P. Geol.

	March 16, 2012
	Date

Certificate of qualification

I, K. White, a Professional Geologist, of 700, 850 – 2^nd Street S.W., Calgary, Alberta, Canada hereby certify that:

I am an employee of Deloitte & Touche LLP (“AJM Deloitte”), which company did prepare an evaluation of certain oil and gas assets of the interests of Dejour Energy (Alberta) Ltd. The effective date of this evaluation is December 31, 2011.

I do not have, nor do I expect to receive any direct or indirect interest in the properties evaluated in this report or in the securities of Dejour Energy (Alberta) Ltd.

I attended the University of Manitoba and graduated with a Bachelor of Science Degree in Geology in 1981; that I am a Registered Professional Geologist in the Province of Alberta; and I have in excess of thirty years of geological experience.

	Original signed by: “K. White”
	K. White, P. Geol.

	March 16, 2012
	Date

Dejour Energy (Alberta) Ltd.

A subsidiary of Dejour Energy Inc.

2600, 144 4^th Avenue SW

Calgary, AB T2P 3N4

P: (403) 266-3825
F: (403) 470-7520

March 21, 2012

AJM Deloitte

East Tower, Fifth Avenue Place

6^thFloor, 425 – l^st Street S.W.

Calgary, Alberta
T2P 3L8

Re:

Standard Representation Letter

Corporate Reserve Evaluation

Regarding the evaluation of our Company’s oil and gas reserves and independent appraisal of the economic value of these reserves effective December 31, 2011 (the “effective date”), we herein confirm to the best of our knowledge and belief as of the effective date of the reserves evaluation, the following representations and information made to you during the course and conduct of the evaluation.

We (the “Client”) have made available to you (the “Evaluator”) certain records, information and data relating to the evaluated properties that we confirm is, with the exception of immaterial items, complete and accurate as of the effective date of the reserves evaluation including the following:

accounting, financial and contractual data

asset ownership and related encumbrance information

details concerning product marketing, transportation and processing arrangement

all technical information including geological, engineering and production and test data

estimates of future abandonment and reclamation costs.

We confirm that all financial and accounting information provided to you is, to the best of our knowledge, both on an individual entity basis and in total, entirely consistent with that reported by our Company for public disclosure and annual audit purposes.

We confirm that our Company has satisfactory title to all of the assets, whether tangible, intangible or otherwise, for which accurate and current ownership information has been provided.

With respect to all information provided to you regarding product marketing, transportation and processing arrangements, we confirm that we have disclosed to you all anticipated changes, terminations and additions to these arrangements that could reasonably be expected to have a material impact on the evaluation of our Company’s reserves and future net revenues.

With the possible exception of items of an immaterial nature, we confirm as of the effective date of the evaluation that:

For all operated properties that you have evaluated, no changes have occurred or are reasonably expected to occur to the operating conditions or methods that have been used by our Company over the past twelve (12) months, except as disclosed to you. In the case of non-operated properties, we have advised you of any changes of which we have been made aware.

This letter provides assurance that no additional information necessary for the completion of your assignment would have been obtained by a field inspection.

Dejour Energy (Alberta) Ltd.

A subsidiary of Dejour Energy Inc.

2600, 144 4^th Avenue SW

Calgary, AB T2P 3N4

P: (403) 266-3825
F: (403) 470-7520

All regulatory approvals, permits and licenses required to allow continuity of future operations and production from the evaluated properties are in place and, except as disclosed to you, there are no directives, orders, penalties or regulatory rulings in effect or expected to come into effect relating to the evaluated properties.

Except as disclosed to you, the producing trend and status of each evaluated well or entity in effect throughout the three month period preceding the effective date of the evaluation are consistent with those that existed for the same well or entity immediately prior to this period.

Except as disclosed to you, we have no plans or intentions related to the ownership, development or operation of the evaluated properties that could reasonably be expected to materially affect the production levels or recovery of reserves from the evaluated properties.

If material changes of an adverse nature occur in the Company’s operating performance subsequent to the effective date and prior to the report date, we will undertake to inform you of such material changes prior to requesting your approval for any public disclosure of reserves information.

Between the effective date of the report and the date of this letter, nothing has come to our attention that has materially affected or could materially affect our reserves and the economic value of these reserves that has not been disclosed to you.

Yours truly,

/s/ Harrison F. Blacker		/s/ Mathew Wong
Harrison F. Blacker		Mathew Wong
Director		Director

Table of contents

Executive summary

· Property location map
· AJM Deloitte SEC December 1, 2011 Constant pricing (CAD)
· Corporate summary
· Property summary tables

Economics

· AJM Deloitte SEC December 1, 2011 constant price (CAD)

Evaluation procedure

Effective date: December 31, 2011

Dejour Energy (Alberta) Ltd.

DETAILED ECONOMIC SUMMARY

AJM Deloitte SEC December 1 2011 Constant Pricing (CAD)

Effective December 31, 2011		Canada

			PDP	PDNP	PUD	TP
Light and Medium Oil	Mbbl
Ultimate Remaining			530.0	0.0	0.0	530.0
WI Before Royalty			397.5	0.0	0.0	397.5
WI After Royalty			317.4	0.0	0.0	317.4
Royalty Interest			0.0	0.0	0.0	0.0
Total Net			317.4	0.0	0.0	317.4

Total Oil	Mbbl
Ultimate Remaining			530.0	0.0	0.0	530.0
WI Before Royalty			397.5	0.0	0.0	397.5
WI After Royalty			317.4	0.0	0.0	317.4
Royalty Interest			0.0	0.0	0.0	0.0
Total Net			317.4	0.0	0.0	317.4

Sales Gas	MMcf
Ultimate Remaining			1,349.1	248.6	0.0	1,597.8
WI Before Royalty			987.2	74.6	0.0	1,061.8
WI After Royalty			691.8	60.3	0.0	752.0
Royalty Interest			0.0	0.0	0.0	0.0
Total Net			691.8	60.3	0.0	752.0

NGLs	Mbbl
Ultimate Remaining			3.6	8.5	0.0	12.1
WI Before Royalty			2.6	2.6	0.0	5.2
WI After Royalty			1.9	1.6	0.0	3.6
Royalty Interest			0.0	0.0	0.0	0.0
Total Net			1.9	1.6	0.0	3.6

MBOE	Mboe
Ultimate Remaining			758.4	49.9	0.0	808.4
WI Before Royalty			564.7	15.0	0.0	579.6
WI After Royalty			434.7	11.7	0.0	446.3
Royalty Interest			0.0	0.0	0.0	0.0
Total Net			434.7	11.7	0.0	446.3

Net Present Values - BTAX	M$
Undiscounted			20,822.0	132.8	0.0	20,954.8
Discounted at 5%			19,954.8	106.4	0.0	20,061.2
Discounted at 10%			19,161.5	85.3	0.0	19,246.9
Discounted at 15%			18,438.4	68.4	0.0	18,506.8
Discounted at 20%			17,779.8	54.6	0.0	17,834.4

Dejour Energy (Alberta) Ltd.

DETAILED RESERVES AND PRESENT VALUE

AJM Deloitte SEC December 1 2011 Constant Pricing (CAD)

Canada

Effective December 31, 2011			Proved Developed Producing
			Oil						Sales Gas						NGL						BOE						Present Value
		Avg
		Int Category	WI		RI		Net		WI		RI		Net		WI		RI		Net		WI		RI		Net		5%		10%		15%
Location	Formation	%	Mstb		Mstb		Mstb		MMcf		MMcf		MMcf		Mstb		Mstb		Mstb		Mstb		Mstb		Mstb		M$		M$		M$
Canada
Alberta
Abandonments				0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		-517.9		-390.0		-300.3
Alberta				0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		-517.9		-390.0		-300.3
British Columbia
Drake/Woodrush				397.5		0.0		317.4		987.2		0.0		691.8		2.6		0.0		1.9		564.7		0.0		434.7		20,472.8		19,551.6		18,738.8
British Columbia				397.5		0.0		317.4		987.2		0.0		691.8		2.6		0.0		1.9		564.7		0.0		434.7		20,472.8		19,551.6		18,738.8
Canada				397.5		0.0		317.4		987.2		0.0		691.8		2.6		0.0		1.9		564.7		0.0		434.7		19,954.8		19,161.5		18,438.4
Total				397.5		0.0		317.4		987.2		0.0		691.8		2.6		0.0		1.9		564.7		0.0		434.7		19,954.8		19,161.5		18,438.4

Dejour Energy (Alberta) Ltd.

DETAILED RESERVES AND PRESENT VALUE

AJM Deloitte SEC December 1 2011 Constant Pricing (CAD)

Canada

Effective December 31, 2011			Proved
			Oil						Sales Gas						NGL						BOE						Present Value
		Avg
		Int Category	WI		RI		Net		WI		RI		Net		WI		RI		Net		WI		RI		Net		5%		10%		15%
Location	Formation	%	Mstb		Mstb		Mstb		MMcf		MMcf		MMcf		Mstb		Mstb		Mstb		Mstb		Mstb		Mstb		M$		M$		M$
Canada
Alberta
Abandonments				0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		-517.9		-390.0		-300.3
Saddle Hills				0.0		0.0		0.0		74.6		0.0		60.3		2.6		0.0		1.6		15.0		0.0		11.7		106.4		85.3		68.4
Alberta				0.0		0.0		0.0		74.6		0.0		60.3		2.6		0.0		1.6		15.0		0.0		11.7		-411.6		-304.7		-231.9
British Columbia
Drake/Woodrush				397.5		0.0		317.4		987.2		0.0		691.8		2.6		0.0		1.9		564.7		0.0		434.7		20,472.8		19,551.6		18,738.8
British Columbia				397.5		0.0		317.4		987.2		0.0		691.8		2.6		0.0		1.9		564.7		0.0		434.7		20,472.8		19,551.6		18,738.8
Canada				397.5		0.0		317.4		1,061.8		0.0		752.0		5.2		0.0		3.6		579.6		0.0		446.3		20,061.2		19,246.9		18,506.8
Total				397.5		0.0		317.4		1,061.8		0.0		752.0		5.2		0.0		3.6		579.6		0.0		446.3		20,061.2		19,246.9		18,506.8

Dejour Energy (Alberta) Ltd.

PRODUCTION AND REVENUE FORECAST

Company Share

AJM Deloitte SEC December 1 2011 Constant Pricing (CAD)

2012

Effective December 31, 2011			Proved Developed Producing
			Company Share				Total		Crown		FH &		Oper		Aband		Min Tax				Cash
			Oil & NGL		Gas		Revenue		Royalty		ORR		Exp		Costs		& SCC		Invest		Flow
Location	Formation	Category	Mbbl		MMcf		M$		M$		M$		M$		M$		M$		M$		M$
Canada
British Columbia
Drake/Woodrush				232		403		22,447.7		5,054.0		75.9		3,822.3		0.0		0.0		0.0		13,495.6
British Columbia				232		403		22,447.7		5,054.0		75.9		3,822.3		0.0		0.0		0.0		13,495.6
Canada				232		403		22,447.7		5,054.0		75.9		3,822.3		0.0		0.0		0.0		13,495.6
Total				232		403		22,447.7		5,054.0		75.9		3,822.3		0.0		0.0		0.0		13,495.6

Dejour Energy (Alberta) Ltd.

PRODUCTION AND REVENUE FORECAST

Company Share

AJM Deloitte SEC December 1 2011 Constant Pricing (CAD)

2012

Effective December 31, 2011			Proved
			Company Share				Total		Crown		FH &		Oper		Aband		Min Tax				Cash
			Oil & NGL		Gas		Revenue		Royalty		ORR		Exp		Costs		& SCC		Invest		Flow
Location	Formation	Category	Mbbl		MMcf		M$		M$		M$		M$		M$		M$		M$		M$
Canada
Alberta
Saddle Hills				0		0		0.0		0.0		0.0		0.0		0.0		0.0		150.0		-150.0
Alberta				0		0		0.0		0.0		0.0		0.0		0.0		0.0		150.0		-150.0
British Columbia
Drake/Woodrush				232		403		22,447.7		5,054.0		75.9		3,822.3		0.0		0.0		0.0		13,495.6
British Columbia				232		403		22,447.7		5,054.0		75.9		3,822.3		0.0		0.0		0.0		13,495.6
Canada				232		403		22,447.7		5,054.0		75.9		3,822.3		0.0		0.0		150.0		13,345.6
Total				232		403		22,447.7		5,054.0		75.9		3,822.3		0.0		0.0		150.0		13,345.6

Dejour Energy (Alberta) Ltd.

CASH FLOW TAX POOL

AJM Deloitte SEC December 1 2011 Constant Pricing (CAD)

Selection :Canada
Effective December 31, 2011	Total Proved Developed Producing Reserves

OIL, GAS & SULPHUR SUMMARY

	COMPANY OIL														COMPANY SALES GAS														SULPHUR				TOTAL
			Pool		Pool		WI		RI								Pool		Pool		WI		RI						Co. Share				WI		Co. Share
			Rates		Volumes		Volume		Volume		Price		Revenue				Rates		Volumes		Volume		Volume		Price		Revenue		Volume		Price		Rates		Rates
	Wells		bbl/d		bbl		bbl		bbl		$/bbl		M$		Wells		Mcf/d		MMcf		MMcf		MMcf		$/Mcf		M$		lt		$/lt		boe/d		boe/d
2012		3.0		841		307,961.2		230,970.9		0.0		90.15		20,822		5.0		1,497		548.0		402.7		0.0		3.82		1,538		0.0		0.00		817		817
2013		3.0		321		117,009.4		87,757.1		0.0		90.15		7,911		4.0		846		308.9		226.0		0.0		3.82		864		0.0		0.00		345		345
2014		3.0		157		57,404.1		43,053.1		0.0		90.15		3,881		3.0		557		203.2		148.3		0.0		3.82		567		0.0		0.00		187		187
2015		3.0		79		28,818.2		21,613.7		0.0		90.15		1,948		3.0		384		140.1		102.1		0.0		3.83		391		0.0		0.00		107		107
2016		3.0		51		18,792.8		14,094.6		0.0		90.15		1,271		3.0		268		98.0		71.4		0.0		3.83		273		0.0		0.00		72		72
2017		0.0		0		0.0		0.0		0.0		0.00		0		2.0		128		46.8		33.6		0.0		3.83		129		0.0		0.00		16		16
2018		0.0		0		0.0		0.0		0.0		0.00		0		1.0		11		4.1		3.1		0.0		3.83		12		0.0		0.00		1		1
2019		0.0		0		0.0		0.0		0.0		0.00		0		0.0		0		0.0		0.0		0.0		0.00		0		0.0		0.00		0		0
2020		0.0		0		0.0		0.0		0.0		0.00		0		0.0		0		0.0		0.0		0.0		0.00		0		0.0		0.00		0		0
2021		0.0		0		0.0		0.0		0.0		0.00		0		0.0		0		0.0		0.0		0.0		0.00		0		0.0		0.00		0		0
Sub						529,985.8		397,489.3		0.0		90.15		35,834						1,349.1		987.2		0.0		3.82		3,773		0.0		0.00
Rem						0.0		0.0		0.0		0.00		0						0.0		0.0		0.0		0.00		0		0.0		0.00
Total						529,985.8		397,489.3		0.0		90.15		35,834						1,349.1		987.2		0.0		3.82		3,773		0.0		0.00

NGL SUMMARY

	CONDENSATE								ETHANE								PROPANE								BUTANE								TOTAL NGL
	WI		RI				Co. Share		WI		RI				Co. Share		WI		RI				Co. Share		WI		RI				Co. Share		WI		RI		CS Net
	Volume		Volume		Price		Revenue		Volume		Volume		Price		Revenue		Volume		Volume		Price		Revenue		Volume		Volume		Price		Revenue		Volume		Volumes		Volumes
	bbl		bbl		$/bbl		M$		bbl		bbl		$/bbl		M$		bbl		bbl		$/bbl		M$		bbl		bbl		$/bbl		M$		bbl		bbl		bbl
2012		990.5		0.0		89.01		88.2		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		990.5		0.0		731.0
2013		626.0		0.0		89.01		55.7		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		626.0		0.0		463.7
2014		415.8		0.0		89.01		37.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		415.8		0.0		307.8
2015		289.0		0.0		89.01		25.7		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		289.0		0.0		212.7
2016		202.3		0.0		89.01		18.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		202.3		0.0		148.1
2017		97.5		0.0		89.01		8.7		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		97.5		0.0		74.4
2018		8.9		0.0		89.01		0.8		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		8.9		0.0		7.1
2019		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.0
2020		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.0
2021		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.0
Sub		2,630.0		0.0		89.01		234.1		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		2,630.0		0.0		1,944.7
Rem		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.0
Total		2,630.0		0.0		89.01		234.1		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		2,630.0		0.0		1,944.7

CASH FLOW BTAX

											Total		Net Rev				Sask		Fixed		Variable				Total		Abandon		Net				NET		CUM		Disc Cash
	Company		Crown		Freehold		ORR		Mineral		Royalty		After		Other		Corp		Oper		Operating		Other		Operating		Cost &		Operating		Total		Cash		Cash		Flow
	Revenue		Royalty		Royalty		Royalty		Tax		Burden		Royalties		Income		Cap Tax		Expense		Expense		Expenses		Costs		Salvage		Income		Investment		Flow		Flow		(10%)
	M$		M$		M$		M$		M$		%		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$
2012		22,448		5,054.0		0.0		75.9		0.0		23		17,318		0.0		0.0		897.8		2,924.5		0.0		3,822.3		0.0		13,496		0.0		13,496		13,496		12,895
2013		8,831		1,814.3		0.0		45.9		0.0		21		6,971		0.0		0.0		880.6		1,266.2		0.0		2,146.7		74.2		4,750		0.0		4,750		18,246		4,148
2014		4,486		775.9		0.0		30.7		0.0		18		3,679		0.0		0.0		871.8		688.6		0.0		1,560.4		0.0		2,119		0.0		2,119		20,364		1,684
2015		2,365		275.3		0.0		22.8		0.0		13		2,067		0.0		0.0		871.8		395.5		0.0		1,267.3		0.0		799		0.0		799		21,164		573
2016		1,562		130.5		0.0		17.0		0.0		9		1,414		0.0		0.0		871.8		266.5		0.0		1,138.3		56.2		220		0.0		220		21,383		143
2017		137		19.6		0.0		4.5		0.0		18		113		0.0		0.0		40.6		60.5		0.0		101.1		56.2		-44		0.0		-44		21,339		-26
2018		13		1.4		0.0		0.0		0.0		11		11		0.0		0.0		5.4		5.5		0.0		10.9		56.2		-56		0.0		-56		21,283		-30
2019		0		0.0		0.0		0.0		0.0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		461.2		-461		0.0		-461		20,822		-226
2020		0		0.0		0.0		0.0		0.0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0		0.0		0		20,822		0
2021		0		0.0		0.0		0.0		0.0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0		0.0		0		20,822		0
Sub		39,841		8,070.9		0.0		196.9		0.0		21		31,573		0.0		0.0		4,439.6		5,607.3		0.0		10,047.0		704.2		20,822		0.0		20,822		20,822		19,162
Rem		0		0.0		0.0		0.0		0.0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0		0.0		0		20,822		0
Total		39,841		8,070.9		0.0		196.9		0.0		21		31,573		0.0		0.0		4,439.6		5,607.3		0.0		10,047.0		704.2		20,822		0.0		20,822		20,822		19,162

CO. SHARE RESERVES LIFE (years)

Reserves Half Life			1.0
RLI (Principal Product)			1.9
Reserves Life			7.0
RLI (BOE)			1.9

TOTAL RESERVES - SALES

	GROSS		WI		CO SH		NET
Oil (bbl)		529,986		397,489		397,489		317,415
Gas (MMcf)		1,349		987		987		692
Gas (boe)		224,857		164,536		164,536		115,294
*NGL (bbl)		0		0		0		0
Cond (bbl)		3,602		2,630		2,630		1,945
Total (boe)		758,445		564,655		564,655		434,654

*This NGL Value includes only Ethane, Propane and Butane. Condensate and Field Condensate are included in the Condensate line.

NET PRESENT VALUES BEFORE TAX

Discount
Rate	Op Income		Investment		Cash Flow		NPV/BOE
%	M$		M$		M$		$/BOE
0		20,822		0.0		20,822		36.88
5		19,955		0.0		19,955		35.34
10		19,162		0.0		19,162		33.93
12		18,864		0.0		18,864		33.41
15		18,438		0.0		18,438		32.65
20		17,780		0.0		17,780		31.49

CAPITAL (undisc)

		Unrisked		Risked
Cost Of Prod.	$/BOEPD		0.00		0.00
Cost Of Reserves	$/BOE		0.00		0.00
Prob Of Success	%		100.00		100.00
Chance Of	%		100.00		100.00

ECONOMIC INDICATORS

		BTAX						ATAX
		Unrisked			Risked			Unrisked			Risked
Discount Rate	(%)			10.0			10.0			10.0			10.0
Payout	(Yrs)			0.0			0.0			0.0			0.0
Discounted Payout	(Yrs)			0.0			0.0			0.0			0.0
DCF Rate of Return	(%)		>	200.0		>	200.0		>	200.0		>	200.0
NPV/Undisc Invest				0.0			0.0			0.0			0.0
NPV/Disc Invest				0.0			0.0			0.0			0.0
NPV/DIS Cap Exposure				0.0			0.0			0.0			0.0
NPV/BOEPD	(M$/boepd)			23.4			23.4			22.5			17.6

FIRST 12 MONTHS AVG. PERFORMANCE (undisc)

		WI				Co. Share
		Unrisked		Risked		Unrisked		Risked
Production	(BOEPD)		819		819		819		819
Price	($/BOE)		75.06		75.06		75.06		75.06
Royalties	($/BOE)		17.15		17.15		17.15		17.15
Operating Costs	($/BOE)		12.78		12.78		12.78		12.78
NetBack	($/BOE)		45.12		45.12		45.12		45.12
Recycle Ratio	(ratio)		0.00		0.00		0.00		0.00

Dejour Energy (Alberta) Ltd.

CASH FLOW TAX POOL

AJM Deloitte SEC December 1 2011 Constant Pricing (CAD)

Selection :Canada
Effective December 31, 2011	Total Proved Developed Producing Reserves

CASH FLOW ATAX

	Income						Federal		Basic		Federal						Federal		Attributed		Provincial		Basic		Provincial		Provincial		Total						CUM		Disc Cash
	Before		Tax Loss		Tax Loss		Taxable		Federal		M&P Tax		Federal		Invest Tax		Income		Royalty		Taxable		Provincial		M&P Tax		Income		Income		BTAX		ATAX		Cash		Flow
	Tax Loss		Generated		Claim		Income		Tax		Credit		Surtax		Credit		Tax		Income		Income		Tax		Credit		Tax		Tax		Cash Flow		Cash Flow		Flow		(10%)
	M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$
2012		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		13,496		13,496		13,496		12,895
2013		2,851.9		0.0		0.0		2,851.9		427.8		0.0		0.0		0.0		427.8		0.0		2,851.9		285.2		0.0		285.2		713.0		4,750		4,037		17,533		3,532
2014		756.5		0.0		0.0		756.5		113.5		0.0		0.0		0.0		113.5		0.0		756.5		75.7		0.0		75.7		189.1		2,119		1,929		19,462		1,536
2015		-204.9		204.9		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		799		799		20,262		573
2016		-521.6		521.6		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		220		220		20,481		143
2017		-591.8		591.8		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		-44		-44		20,437		-26
2018		-461.0		461.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		-56		-56		20,381		-30
2019		-761.0		761.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		-461		-461		19,920		-226
2020		-222.1		222.1		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0		0		19,920		0
2021		-164.7		164.7		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0		0		19,920		0
Sub		681.4		2,927.0		0.0		3,608.4		541.3		0.0		0.0		0.0		541.3		0.0		3,608.4		360.8		0.0		360.8		902.1		20,822		19,920		19,920		18,397
Rem		-481.3		481.3		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0		0		19,920		0
Total		200.1		3,408.3		0.0		3,608.4		541.3		0.0		0.0		0.0		541.3		0.0		3,608.4		360.8		0.0		360.8		902.1		20,822		19,920		19,920		18,397

TAXABLE INCOME

					Plus Non-				Resource						Net		Net Resource		Net Other										Resource
	Resource		Resource		Deduct		Resource		Operating		Resource		Resource		Production		Royalty		Resource								Depletion		Taxable
	Revenue		Royalty		Royalty		Allowance		Cost		CCA		Overhead		Royalty		Income		Income		COGPE		CDE		CEE		Allowance		Income
	M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$
2012		22,448		5,054.0		0.0		0.0		3,822.3		1,792.8		0.0		0.0		-75.9		0.0		2.9		717.0		10,982.9		0.0		0.0
2013		8,831		1,814.3		0.0		0.0		2,221.0		1,344.6		0.0		0.0		-45.9		0.0		2.6		501.9		49.1		0.0		2,851.9
2014		4,486		775.9		0.0		0.0		1,560.4		1,008.4		0.0		0.0		-30.7		0.0		2.3		351.3		0.0		0.0		756.5
2015		2,365		275.3		0.0		0.0		1,267.3		756.3		0.0		0.0		-22.8		0.0		2.1		245.9		0.0		0.0		-204.9
2016		1,562		130.5		0.0		0.0		1,194.5		567.2		0.0		0.0		-17.0		0.0		1.9		172.2		0.0		0.0		-521.6
2017		137		19.6		0.0		0.0		157.4		425.4		0.0		0.0		-4.5		0.0		1.7		120.5		0.0		0.0		-591.8
2018		13		1.4		0.0		0.0		67.2		319.1		0.0		0.0		0.0		0.0		1.5		84.4		0.0		0.0		-461.0
2019		0		0.0		0.0		0.0		461.2		239.3		0.0		0.0		0.0		0.0		1.4		59.0		0.0		0.0		-761.0
2020		0		0.0		0.0		0.0		0.0		179.5		0.0		0.0		0.0		0.0		1.2		41.3		0.0		0.0		-222.1
2021		0		0.0		0.0		0.0		0.0		134.6		0.0		0.0		0.0		0.0		1.1		28.9		0.0		0.0		-164.7
Sub		39,841		8,070.9		0.0		0.0		10,751.2		6,767.2		0.0		0.0		-196.9		0.0		18.9		2,322.5		11,032.0		0.0		681.4
Rem		0		0.0		0.0		0.0		0.0		403.8		0.0		0.0		0.0		0.0		10.0		67.5		0.0		0.0		-481.3
Total		39,841		8,070.9		0.0		0.0		10,751.2		7,171.0		0.0		0.0		-196.9		0.0		28.9		2,390.0		11,032.0		0.0		200.1

TAX LOSS POOL

	Net						M&P		Other						Non		Other
	Processing		Class 41		Processing		Taxable		Business		Class 1		Class 2		Resource		Taxable		Overhead		Overhead		COGPE		CDE		CEE		Depletion		Acri		Tax Loss
	Income		CCA		Overhead		Income		Income		CCA		CCA		Overhead		Income		to CEE		to CDE		Pool		Pool		Pool		Pool		Pool		Pool
	M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$
2012		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		26.1		1,673.0		49.1		0.0		0.0		0.0
2013		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		23.5		1,171.1		0.0		0.0		0.0		0.0
2014		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		21.1		819.8		0.0		0.0		0.0		0.0
2015		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		19.0		573.8		0.0		0.0		0.0		204.9
2016		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		17.1		401.7		0.0		0.0		0.0		726.5
2017		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		15.4		281.2		0.0		0.0		0.0		1,318.3
2018		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		13.9		196.8		0.0		0.0		0.0		1,779.3
2019		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		12.5		137.8		0.0		0.0		0.0		2,540.2
2020		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		11.2		96.4		0.0		0.0		0.0		2,762.3
2021		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		10.1		67.5		0.0		0.0		0.0		2,927.0
Sub		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		10.1		67.5		0.0		0.0		0.0		2,927.0
Rem		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.1		0.0		0.0		0.0		0.0		3,408.3
Total		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.1		0.0		0.0		0.0		0.0		3,408.3

NET PRESENT VALUES AFTER TAX

Discount
Rate	Op Income		Investment		Cash Flow		NPV/BOE
%	M$		M$		M$		$/BOE
0		19,920		0.0		19,920		35.28
5		19,126		0.0		19,126		33.87
10		18,397		0.0		18,397		32.58
12		18,123		0.0		18,123		32.10
15		17,731		0.0		17,731		31.40
20		17,122		0.0		17,122		30.32

CORPORATE OPENING TAX POOLS (M$)

Class 1 Pool	0.00
Class 2 Pool	0.00
Class 6 Pool	0.00
Class 8 Pool	0.00
Class 10 Pool	0.00
Class 12 Pool	0.00
Class 41 Pool	7,171.00
Class 43 Pool	0.00
Declining Balance Pool	0.00
Declining Balance Rate	0.00
Straight Line Decline Pool	0.00
Straight Line Decline	0.00	%
COGPE Pool	29.00
CDE Pool	2,390.00
CEE Pool	11,032.00
Depletion Pool	0.00
ACRI Pool	0.00
Tax Loss Pool	0.00

Dejour Energy (Alberta) Ltd.

CASH FLOW TAX POOL

AJM Deloitte SEC December 1 2011 Constant Pricing (CAD)

Selection :Canada
Effective December 31, 2011	Total Proved Reserves

OIL, GAS & SULPHUR SUMMARY

			COMPANY OIL												COMPANY SALES GAS														SULPHUR				TOTAL
			Pool		Pool		WI		RI								Pool		Pool		WI		RI						Co. Share				WI		Co. Share
			Rates		Volumes		Volume		Volume		Price		Revenue				Rates		Volumes		Volume		Volume		Price		Revenue		Volume		Price		Rates		Rates
	Wells		bbl/d		bbl		bbl		bbl		$/bbl		M$		Wells		Mcf/d		MMcf		MMcf		MMcf		$/Mcf		M$		lt		$/lt		boe/d		boe/d
2012		3.0		841		307,961.2		230,970.9		0.0		90.15		20,822		5.0		1,497		548.0		402.7		0.0		3.82		1,538		0.0		0.00		817		817
2013		3.0		321		117,009.4		87,757.1		0.0		90.15		7,911		5.0		1,108		404.5		254.6		0.0		3.84		979		0.0		0.00		361		361
2014		3.0		157		57,404.1		43,053.1		0.0		90.15		3,881		4.0		722		263.7		166.5		0.0		3.84		640		0.0		0.00		197		197
2015		3.0		79		28,818.2		21,613.7		0.0		90.15		1,948		4.0		495		180.5		114.3		0.0		3.84		439		0.0		0.00		113		113
2016		3.0		51		18,792.8		14,094.6		0.0		90.15		1,271		4.0		345		126.3		79.9		0.0		3.84		307		0.0		0.00		76		76
2017		0.0		0		0.0		0.0		0.0		0.00		0		3.0		184		67.2		39.7		0.0		3.85		153		0.0		0.00		19		19
2018		0.0		0		0.0		0.0		0.0		0.00		0		2.0		21		7.6		4.1		0.0		3.87		16		0.0		0.00		2		2
2019		0.0		0		0.0		0.0		0.0		0.00		0		0.0		0		0.0		0.0		0.0		0.00		0		0.0		0.00		0		0
2020		0.0		0		0.0		0.0		0.0		0.00		0		0.0		0		0.0		0.0		0.0		0.00		0		0.0		0.00		0		0
2021		0.0		0		0.0		0.0		0.0		0.00		0		0.0		0		0.0		0.0		0.0		0.00		0		0.0		0.00		0		0
Sub						529,985.8		397,489.3		0.0		90.15		35,834						1,597.8		1,061.8		0.0		3.84		4,072		0.0		0.00
Rem						0.0		0.0		0.0		0.00		0						0.0		0.0		0.0		0.00		0		0.0		0.00
Total						529,985.8		397,489.3		0.0		90.15		35,834						1,597.8		1,061.8		0.0		3.84		4,072		0.0		0.00

NGL SUMMARY

	CONDENSATE								ETHANE								PROPANE								BUTANE								TOTAL NGL
	WI		RI				Co. Share		WI		RI				Co. Share		WI		RI				Co. Share		WI		RI				Co. Share		WI		RI		CS Net
	Volume		Volume		Price		Revenue		Volume		Volume		Price		Revenue		Volume		Volume		Price		Revenue		Volume		Volume		Price		Revenue		Volume		Volumes		Volumes
	bbl		bbl		$/bbl		M$		bbl		bbl		$/bbl		M$		bbl		bbl		$/bbl		M$		bbl		bbl		$/bbl		M$		bbl		bbl		bbl
2012		990.5		0.0		89.01		88.2		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		990.5		0.0		731.0
2013		975.9		0.0		91.88		89.7		0.0		0.0		0.00		0.0		341.2		0.0		48.43		16.5		289.6		0.0		77.58		22.5		1,606.7		0.0		1,255.3
2014		637.0		0.0		91.79		58.5		0.0		0.0		0.00		0.0		215.8		0.0		48.43		10.4		183.1		0.0		77.58		14.2		1,035.9		0.0		645.3
2015		436.9		0.0		91.72		40.1		0.0		0.0		0.00		0.0		144.3		0.0		48.43		7.0		122.4		0.0		77.58		9.5		703.6		0.0		438.4
2016		305.9		0.0		91.72		28.1		0.0		0.0		0.00		0.0		101.0		0.0		48.43		4.9		85.7		0.0		77.58		6.6		492.5		0.0		306.0
2017		172.1		0.0		92.48		15.9		0.0		0.0		0.00		0.0		72.8		0.0		48.43		3.5		61.8		0.0		77.58		4.8		306.7		0.0		188.3
2018		21.9		0.0		93.75		2.1		0.0		0.0		0.00		0.0		12.6		0.0		48.43		0.6		10.7		0.0		77.58		0.8		45.3		0.0		26.9
2019		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.0
2020		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.0
2021		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.0
Sub		3,540.1		0.0		91.07		322.4		0.0		0.0		0.00		0.0		887.6		0.0		48.43		43.0		753.4		0.0		77.58		58.4		5,181.1		0.0		3,591.1
Rem		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.00		0.0		0.0		0.0		0.0
Total		3,540.1		0.0		91.07		322.4		0.0		0.0		0.00		0.0		887.6		0.0		48.43		43.0		753.4		0.0		77.58		58.4		5,181.1		0.0		3,591.1

CASH FLOW BTAX

											Total		Net Rev				Sask		Fixed		Variable				Total		Abandon		Net				NET		CUM		Disc Cash
	Company		Crown		Freehold		ORR		Mineral		Royalty		After		Other		Corp		Oper		Operating		Other		Operating		Cost &		Operating		Total		Cash		Cash		Flow
	Revenue		Royalty		Royalty		Royalty		Tax		Burden		Royalties		Income		Cap Tax		Expense		Expense		Expenses		Costs		Salvage		Income		Investment		Flow		Flow		(10%)
	M$		M$		M$		M$		M$		%		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$
2012		22,448		5,054.0		0.0		75.9		0.0		23		17,318		0.0		0.0		897.8		2,924.5		0.0		3,822.3		0.0		13,496		150.0		13,346		13,346		12,758
2013		9,019		1,823.0		0.0		59.9		0.0		21		7,136		0.0		0.0		896.3		1,292.0		0.0		2,188.3		74.2		4,874		0.0		4,874		18,219		4,256
2014		4,604		787.9		0.0		37.8		0.0		18		3,779		0.0		0.0		887.5		704.9		0.0		1,592.4		0.0		2,186		0.0		2,186		20,405		1,738
2015		2,444		281.3		0.0		26.3		0.0		13		2,137		0.0		0.0		887.5		406.4		0.0		1,293.9		0.0		843		0.0		843		21,248		604
2016		1,617		133.0		0.0		18.5		0.0		9		1,466		0.0		0.0		887.5		274.2		0.0		1,161.7		56.2		248		0.0		248		21,496		161
2017		177		20.3		0.0		5.0		0.0		14		152		0.0		0.0		56.4		66.0		0.0		122.4		56.2		-27		0.0		-27		21,469		-16
2018		20		1.4		0.0		0.0		0.0		7		18		0.0		0.0		8.8		6.5		0.0		15.3		56.2		-53		0.0		-53		21,416		-29
2019		0		0.0		0.0		0.0		0.0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		461.2		-461		0.0		-461		20,955		-226
2020		0		0.0		0.0		0.0		0.0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0		0.0		0		20,955		0
2021		0		0.0		0.0		0.0		0.0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0		0.0		0		20,955		0
Sub		40,330		8,100.9		0.0		223.4		0.0		21		32,005		0.0		0.0		4,521.8		5,674.5		0.0		10,196.2		704.2		21,105		150.0		20,955		20,955		19,247
Rem		0		0.0		0.0		0.0		0.0		0		0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0		0.0		0		20,955		0
Total		40,330		8,100.9		0.0		223.4		0.0		21		32,005		0.0		0.0		4,521.8		5,674.5		0.0		10,196.2		704.2		21,105		150.0		20,955		20,955		19,247

CO. SHARE RESERVES LIFE (years)

Reserves Half Life			1.0
RLI (Principal Product)			1.9
Reserves Life			7.0
RLI (BOE)			1.9

TOTAL RESERVES - SALES

	GROSS		WI		CO SH		NET
Oil (bbl)		529,986		397,489		397,489		317,415
Gas (MMcf)		1,598		1,062		1,062		752
Gas (boe)		266,297		176,968		176,968		125,338
*NGL (bbl)		5,470		1,641		1,641		1,100
Cond (bbl)		6,635		3,540		3,540		2,491
Total (boe)		808,388		579,638		579,638		446,344

*This NGL Value includes only Ethane, Propane and Butane. Condensate and Field Condensate are included in the Condensate line.

NET PRESENT VALUES BEFORE TAX

Discount
Rate	Op Income		Investment		Cash Flow		NPV/BOE
%	M$		M$		M$		$/BOE
0		21,105		150.0		20,955		36.15
5		20,204		143.1		20,061		34.61
10		19,384		136.9		19,247		33.20
12		19,077		134.6		18,942		32.68
15		18,638		131.2		18,507		31.93
20		17,960		126.0		17,834		30.77

CAPITAL (undisc)

		Unrisked		Risked
Cost Of Prod.	$/BOEPD		183.19		183.19
Cost Of Reserves	$/BOE		0.26		0.26
Prob Of Success	%		100.00		100.00
Chance Of	%		100.00		100.00

ECONOMIC INDICATORS

		BTAX				ATAX
		Unrisked		Risked		Unrisked		Risked
Discount Rate	(%)		10.0		10.0		10.0		10.0
Payout	(Yrs)		0.0		0.0		0.0		0.0
Discounted Payout	(Yrs)		0.0		0.0		0.0		0.0
DCF Rate of Return	(%)	>	200.0	>	200.0	>	200.0	>	200.0
NPV/Undisc Invest			128.3		128.3		123.1		96.4
NPV/Disc Invest			140.6		140.6		134.8		105.6
NPV/DIS Cap Exposure			140.6		140.6		134.8		105.6
NPV/BOEPD	(M$/boepd)		23.5		23.5		22.5		17.7

FIRST 12 MONTHS AVG. PERFORMANCE (undisc)

		WI				Co. Share
		Unrisked		Risked		Unrisked		Risked
Production	(BOEPD)		819		819		819		819
Price	($/BOE)		75.06		75.06		75.06		75.06
Royalties	($/BOE)		17.15		17.15		17.15		17.15
Operating Costs	($/BOE)		12.78		12.78		12.78		12.78
NetBack	($/BOE)		45.12		45.12		45.12		45.12
Recycle Ratio	(ratio)		174.37		174.37		174.37		174.37

Dejour Energy (Alberta) Ltd.

CASH FLOW TAX POOL

AJM Deloitte SEC December 1 2011 Constant Pricing (CAD)

Selection :Canada
Effective December 31, 2011	Total Proved Reserves

CASH FLOW ATAX

	Income						Federal		Basic		Federal						Federal		Attributed		Provincial		Basic		Provincial		Provincial		Total						CUM		Disc Cash
	Before		Tax Loss		Tax Loss		Taxable		Federal		M&P Tax		Federal		Invest Tax		Income		Royalty		Taxable		Provincial		M&P Tax		Income		Income		BTAX		ATAX		Cash		Flow
	Tax Loss		Generated		Claim		Income		Tax		Credit		Surtax		Credit		Tax		Income		Income		Tax		Credit		Tax		Tax		Cash Flow		Cash Flow		Flow		(10%)
	M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$
2012		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		13,346		13,346		13,346		12,758
2013		2,923.9		0.0		0.0		2,923.9		438.6		0.0		0.0		0.0		438.6		0.0		2,923.9		292.4		0.0		292.4		731.0		4,874		4,143		17,488		3,624
2014		799.5		0.0		0.0		799.5		119.9		0.0		0.0		0.0		119.9		0.0		799.5		79.9		0.0		79.9		199.9		2,186		1,986		19,475		1,581
2015		-180.0		180.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		843		843		20,317		604
2016		-507.3		507.3		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		248		248		20,565		161
2017		-584.5		584.5		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		-27		-27		20,539		-16
2018		-466.2		466.2		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		-53		-53		20,485		-29
2019		-766.8		766.8		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		-461		-461		20,024		-226
2020		-226.4		226.4		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0		0		20,024		0
2021		-168.0		168.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0		0		20,024		0
Sub		824.1		2,899.2		0.0		3,723.4		558.5		0.0		0.0		0.0		558.5		0.0		3,723.4		372.3		0.0		372.3		930.8		20,955		20,024		20,024		18,459
Rem		-491.2		491.2		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0		0		20,024		0
Total		332.9		3,390.4		0.0		3,723.4		558.5		0.0		0.0		0.0		558.5		0.0		3,723.4		372.3		0.0		372.3		930.8		20,955		20,024		20,024		18,459

TAXABLE INCOME

					Plus Non-				Resource						Net		Net Resource		Net Other										Resource
	Resource		Resource		Deduct		Resource		Operating		Resource		Resource		Production		Royalty		Resource								Depletion		Taxable
	Revenue		Royalty		Royalty		Allowance		Cost		CCA		Overhead		Royalty		Income		Income		COGPE		CDE		CEE		Allowance		Income
	M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$
2012		22,448		5,054.0		0.0		0.0		3,822.3		1,811.5		0.0		0.0		-75.9		0.0		2.9		717.0		10,964.2		0.0		0.0
2013		9,019		1,823.0		0.0		0.0		2,262.5		1,377.4		0.0		0.0		-59.9		0.0		2.6		501.9		67.8		0.0		2,923.9
2014		4,604		787.9		0.0		0.0		1,592.4		1,033.0		0.0		0.0		-37.8		0.0		2.3		351.3		0.0		0.0		799.5
2015		2,444		281.3		0.0		0.0		1,293.9		774.8		0.0		0.0		-26.3		0.0		2.1		245.9		0.0		0.0		-180.0
2016		1,617		133.0		0.0		0.0		1,217.9		581.1		0.0		0.0		-18.5		0.0		1.9		172.2		0.0		0.0		-507.3
2017		177		20.3		0.0		0.0		178.6		435.8		0.0		0.0		-5.0		0.0		1.7		120.5		0.0		0.0		-584.5
2018		20		1.4		0.0		0.0		71.5		326.9		0.0		0.0		-0.0		0.0		1.5		84.4		0.0		0.0		-466.2
2019		0		0.0		0.0		0.0		461.2		245.1		0.0		0.0		0.0		0.0		1.4		59.0		0.0		0.0		-766.8
2020		0		0.0		0.0		0.0		0.0		183.9		0.0		0.0		0.0		0.0		1.2		41.3		0.0		0.0		-226.4
2021		0		0.0		0.0		0.0		0.0		137.9		0.0		0.0		0.0		0.0		1.1		28.9		0.0		0.0		-168.0
Sub		40,330		8,100.9		0.0		0.0		10,900.5		6,907.3		0.0		0.0		-223.4		0.0		18.9		2,322.5		11,032.0		0.0		824.1
Rem		0		0.0		0.0		0.0		0.0		413.7		0.0		0.0		0.0		0.0		10.0		67.5		0.0		0.0		-491.2
Total		40,330		8,100.9		0.0		0.0		10,900.5		7,321.0		0.0		0.0		-223.4		0.0		28.9		2,390.0		11,032.0		0.0		332.9

TAX LOSS POOL

	Net						M&P		Other						Non		Other
	Processing		Class 41		Processing		Taxable		Business		Class 1		Class 2		Resource		Taxable		Overhead		Overhead		COGPE		CDE		CEE		Depletion		Acri		Tax Loss
	Income		CCA		Overhead		Income		Income		CCA		CCA		Overhead		Income		to CEE		to CDE		Pool		Pool		Pool		Pool		Pool		Pool
	M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$		M$
2012		0.0		18.8		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		26.1		1,673.0		67.8		0.0		0.0		0.0
2013		0.0		32.8		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		23.5		1,171.1		0.0		0.0		0.0		0.0
2014		0.0		24.6		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		21.1		819.8		0.0		0.0		0.0		0.0
2015		0.0		18.5		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		19.0		573.8		0.0		0.0		0.0		180.0
2016		0.0		13.8		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		17.1		401.7		0.0		0.0		0.0		687.3
2017		0.0		10.4		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		15.4		281.2		0.0		0.0		0.0		1,271.8
2018		0.0		7.8		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		13.9		196.8		0.0		0.0		0.0		1,738.0
2019		0.0		5.8		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		12.5		137.8		0.0		0.0		0.0		2,504.9
2020		0.0		4.4		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		11.2		96.4		0.0		0.0		0.0		2,731.3
2021		0.0		3.3		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		10.1		67.5		0.0		0.0		0.0		2,899.2
Sub		0.0		140.1		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		10.1		67.5		0.0		0.0		0.0		2,899.2
Rem		0.0		9.9		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.1		0.0		0.0		0.0		0.0		3,390.4
Total		0.0		150.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.0		0.1		0.0		0.0		0.0		0.0		3,390.4

NET PRESENT VALUES AFTER TAX

Discount
Rate	Op Income		Investment		Cash Flow		NPV/BOE
%	M$		M$		M$		$/BOE
0		20,174		150.0		20,024		34.55
5		19,350		143.1		19,207		33.14
10		18,596		136.9		18,459		31.85
12		18,313		134.6		18,178		31.36
15		17,908		131.2		17,777		30.67
20		17,282		126.0		17,156		29.60

CORPORATE OPENING TAX POOLS (M$)

Class 1 Pool	0.00
Class 2 Pool	0.00
Class 6 Pool	0.00
Class 8 Pool	0.00
Class 10 Pool	0.00
Class 12 Pool	0.00
Class 41 Pool	7,171.00
Class 43 Pool	0.00
Declining Balance Pool	0.00
Declining Balance Rate	0.00
Straight Line Decline Pool	0.00
Straight Line Decline	0.00	%
COGPE Pool	29.00
CDE Pool	2,390.00
CEE Pool	11,032.00
Depletion Pool	0.00
ACRI Pool	0.00
Tax Loss Pool	0.00

Evaluation procedure

Definitions and methodology

Effective as of December 2011

Table of Contents

Definitions

· Procedure
· Reserve evaluation
· Reserve classification

Reserve estimation methodology

Production forecasts

Land schedules and maps

Geology

Royalties and taxes

Capital and operating considerations

Pricing overview

Procedure

AJM Deloitte has prepared estimates of reserves in accordance with the SEC Regulation S-K, 229.1202 and Regulation S-X, 210.4-10.

Reserve evaluation

A “Reserves evaluation” is the process whereby a qualified reserves evaluator estimates the quantities and values of oil and gas reserves by interpreting and assessing all available pertinent data. The value of an oil and gas asset is a function of the ability or potential ability of that asset to generate future net revenue, and it is measured using a set of forward-looking assumptions regarding reserves, production, prices, and costs. Evaluations of oil and gas reserves, include a discounted cash flow analysis of estimated future net revenue.

Reserve classification

Reserves are classified by AJM Deloitte in accordance with the definitions that are described in the United States Securities and Exchange Commission Regulation S-X Part 210.4-10(a).

Reserve estimation methodology

AJM Deloitte has assigned all reserves via deterministic methods.

Production forecasts

Production forecasts are based on historical trends or by comparison with other wells in the immediate area producing from analogous reservoirs. Non-producing gas reserves were forecast to come on-stream within the first two years from the effective date under direct sales pricing and deliverability assumptions, if a tie-in point to an existing gathering system was in close proximity (approximately two miles). If the tie-in point was of a greater distance (and dependent on the reserve volume and risk) the reserves were forecast to come on-stream in years three or four from the effective date. These on-stream dates were used when the company could not provide specific on-stream date information.

Land schedule and maps

The Company provided schedules of land ownership which included lessor and lessee royalty burdens. The land data was accepted as factual and no investigation of title by AJM Deloitte was made to verify the records.

Well maps included within this report represent all of the Company’s interests that were evaluated in the specified area.

Geology

An initial review of each property is undertaken to establish the produced maturity of the reservoir being evaluated. Where extensive production history exists a geologic analysis is not conducted since the remaining hydrocarbons can be determined by productivity analysis.

For properties that are not of a mature production nature a geologic review is conducted. This work consists of:

	·	developing a regional understanding of the play,

	·	assessing reservoir parameters from the nearest analogous production,

	·	analysis of all relevant well data including logs, cores, and tests to measure net formation thickness (pay), porosity, and initial water saturation,

auditing of client mapping or developing maps to meet AJM Deloitte’s need to establish volumetric hydrocarbons-in-place.

Procedures specific to the individual properties are discussed in the body of the property report.

Royalties and taxes

All royalties and taxes, including the lessor and overriding royalties, are based on government regulations, negotiated leases or farmout agreements, that were in effect as of the evaluation effective date. If regulations change, the net after royalty recoverable reserve volumes may differ materially.

AJM Deloitte utilizes a variety of reserves and valuation products in determining the result sets.

Capital and operating considerations

Reserves estimated to meet the standards for constant prices and costs, are based on Regulation S-X 210.4-10(a).

Capital costs were provided by the Company and reviewed by AJM Deloitte for reasonableness.

Operating costs were determined from historical data on the property as provided by the evaluated Company.

Pricing overview

The following table contains the constant dollar evaluation of the Company. Prices were calculated in accordance with the definition (22)(v) of Regulation S-X, 210.4-10(a) and were determined by taking the un-weighted average of the prices on the first day of the month for the preceding 12 months.

The effects of derivative instruments designated as price hedges of oil and gas quantities if any, are not reflected in AJM Deloitte’s individual property evaluations.

			Weighted average
		Benchmark price	realized report price
	Benchmark	($CAD)	($CAD)
Oil	NYMEX WTI @ Cushing	$96.27/bbl	$90.15/bbl
Gas	NYMEX Henry Hub LA	$4.15/MMbtu	$3.84/Mcf
Condensate	Condensate US	$96.27/bbl	$91.07/bbl

DXI Capital (DXIEF) 20-F/A2011 FY Annual report (foreign) (amended)