Exhibit 99.2







April 5, 2013



Mr. Harrison Blacker

President

Dejour Energy (USA) Corp.

1401 17th Street, Suite 300

Denver, CO 80202



|Subject: | Reserve Estimate and Financial
    Forecast as to Dejour’s Interests in the Kokopelli Field Area, Garfield County, Colorado, and the South Rangely Field
    Area, Rio Blanco County, Colorado- Amended in Response to SEC Comments
|-------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Dear Hal:



As you requested, Gustavson Associates has completed reserves
and economics as to Dejour Energy’s interests in future oil and gas production associated with the Kokopelli Field Area
located in Garfield County, Colorado and the South Rangely Field Area, Rio Blanco County, Colorado. Reserves have been estimated
based on analysis of analogous well production data. Estimates and projections have been made as of January 1, 2012. Reserves
have been estimated in accordance with the US Securities and Exchange Commission’s (SEC) definitions and guidelines, and
was prepared for the purpose of inclusion as an exhibit in a filing made with the SEC. This report was completed on February 15,
2012, with revisions in response to SEC comments completed on the date of this letter, April 5, 2013.



In general, Proved Developed Non Producing
(PDNP) reserves have been assigned to the South Rangely Federal 36-24A well, and Proved Undeveloped (PUD) reserves have been assigned
to 77 total well locations. Of the PUD locations, 72 well locations are in the Kokopelli Field Area and five well locations are
in the South Rangely Field Area. Gustavson is of the opinion that no current regulations, and no anticipated changes to regulations,
would inhibit the ability of Dejour to recover the estimated reserves in the manner projected herein. It is our understanding
that the reserves estimated herein represent all of Dejour’s US reserves.



The estimated net reserves volumes and
associated net cash flow estimates are summarized below.



|5757 Central Ave. | Suite D | Boulder, Co. 80301 USA | 1-303-443-2209 | FAX 1-303-443-3156 | http://www.gustavson.com
|----------------- | ------- | ---------------------- | -------------- | ------------------ | ------------------------











Mr. Harrison Blacker

April 5, 2013

Page 2



Summary of Net Reserves and Projected
Before Tax Cash Flow



|                                                  |  |             |        |  | Net      |  |     | Net      |  |  |          |  |  | Net Present
    Value, |      
|------------------------------------------------- |  | ----------- | ------ |  | -------- |  | --- | -------- |  |  | -------- |  |  | ---------------------- | -----
|                                                  |  |             |        |  | Condensa |  |     | Heavy    |  |  | Net      |  |  | thousands
    of US$   |      
|                                                  |  | Net
    Gas |        |  | te       |  |     | NGL      |  |  | Ethane   |  |  | Discounted
    at      |      
|                                                  |  | Reserves    |        |  | Reserves |  |     | Reserves |  |  | Reserves |  |  |                        |      
|Reserves
    Category                             |  | (MMCF)      |        |  | (MBO)    |  |     | (MBO)    |  |  | (MBO)    |  |  | 0%                     |      
|Proved Developed Non- Producing, Flat
    Pricing |  |             | 158    |  |          |  | 0   |          |  |  | 6        |  |  |                        | 8    
|                                                  |  |             |        |  |          |  |     |          |  |  |          |  |  |                        |      
|Proved Undeveloped, Flat Pricing                  |  |             | 41,156 |  |          |  | 287 |          |  |  | 1,617    |  |  |                        | 2,232
|Total Proved, Flat Pricing                        |  |             | 41,314 |  |          |  | 287 |          |  |  | 1,623    |  |  |                        | 2,240



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



|                     |  |      |          |  | Company Net Proved Reserves |  |        |            |  |  |        |    
|-------------------- |  | ---- | -------- |  | --------------------------- |  | ------ | ---------- |  |  | ------ | ---
|Location of Reserves |  |      |          |  |                             |  |        |            |  |  |        | Oil
|                     |  |      |          |  | Gas                         |  |        | Condensate |  |  | NGL    |    
|Country              |  | Area |          |  | (MMCF)                      |  |        | (MBBL)     |  |  | (MBBL) |    
|United States        |  |      | Colorado |  |                             |  | 41,314 |            |  |  | 287    |    
|Total Company        |  |      |          |  |                             |  |        |            |  |  |        |    



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



Kokopelli Field Area Assumptions, Garfield County, Colorado



Proved Undeveloped (PUD) reserves have
been assigned to locations within the area delineated by successful wells and logged net pay, limited to the number of wells in
Dejour’s five-year plan, comprising 72 locations with a drilling schedule starting with 8 wells drilled in the 4thquarter of 2012, and 16 wells per year in 2013 through 2016. Significant upside to this amount includes an additional 21
locations that could be considered PUD but for the requirement in the latest SEC guidelines for commitment to drill within five
years. The estimated ultimate recovery (EUR) for each location was based on the average performance of 65 wells in the immediate
area. Many of these wells were completed in multiple zones, including Williams Fork, Rollins, Cozette, and Corcoran. The average
EUR was based on the average composite performance of the total well production from each well, 978 MMCF.



This model includes production and revenue
generated from natural gas liquids (NGLs). We have evaluated the gas sample report you provided. We have accounted for gas shrinkage
and lower BTU after processing: all gas reserves volumes tabulated in this report are after shrinkage. We have also forecast NGL
production as a ratio of gas production based on the liquids content displayed in the gas sample report, including 95% of the
ethane and 100% of all heavier hydrocarbons.











Mr. Harrison Blacker

April 5, 2013

Page 3



Drilling was assumed to begin in May 2012,
with expected drilling and completion costs of $1,637M per well. Initially, four wells are assumed to be drilled per month for
two months in the 4th quarter of 2012, coming on line two months after drilling. This program is followed by the drilling
of 16 wells per year in 2013 through 2016.



Operating costs are estimated at $2,000
per well per month based on our experience with similar wells in the area. Abandonment costs of $10,000 were assumed. State and
local production taxes are estimated at 7% of revenue. Oil prices were based on the average of the West Texas Intermediate (WTI)
pricing from the first day of each month of 2011, adjusted each month by the average differential between Colorado pricing1and WTI. Similarly, gas prices were calculated for the posted gas prices at Henry Hub, adjusted for gas processing, transportation,
and the differential to Colorado Interstate Gas (CIG) mainline pricing. Cost and prices were held flat. The price for ethane of
$0.72/gallon was provided by the client and checked against public data sources. Heavier NGL prices were assumed to be 78.7% of
the oil price based on the five year average NGL to crude price ratio reported by Bentek and the fraction of NGL’s indicated
on the gas analysis. Heavier NGL prices were also adjusted by a $0.14/gallon NGL processing fee. Prices are summarized below.



|Product                     |  |   | Price     | 
|--------------------------- |  | - | --------- | 
|Condensate                  |  | $ | 89.19/bbl | 
|Natural Gas                 |  | $ | 3.14/MSCF | 
|Ethane                      |  | $ | 30.24/bbl | 
|Heavier NGLs                |  | $ | 43.18/bbl | 
|Weighted average total NGLs |  | $ | 35.68/bbl | 



Dejour’s interests in the Kokopelli
Field Area are reported to be 71.43% working interest with a 20% royalty burden for net revenue interest of 57.14%.



The estimated net reserves volumes and
associated net cash flow estimates for the Kokopelli Field Area are summarized below.



|                                 |  |          |        |  |          |  |     | Net      |  |  |          |  |  | Net Present Value, |      
|-------------------------------- |  | -------- | ------ |  | -------- |  | --- | -------- |  |  | -------- |  |  | ------------------ | -----
|                                 |  |          |        |  |          |  |     | Heavy    |  |  | Net      |  |  | thousands of US$   |      
|                                 |  | Net Gas  |        |  | Net Oil  |  |     | NGL      |  |  | Ethane   |  |  | Discounted at      |      
|                                 |  | Reserves |        |  | Reserves |  |     | Reserves |  |  | Reserves |  |  |                    |      
|Reserves Category                |  | (MMCF)   |        |  | (MBO)    |  |     | (MBO)    |  |  | (MBO)    |  |  | 0%                 |      
|Proved Undeveloped, Flat Pricing |  |          | 40,235 |  |          |  | 287 |          |  |  | 1,584    |  |  |                    | 2,186








1http://tonto.eia.doe.gov/dnav/pet/pet_pri_dfp1_k_m.htm











Mr. Harrison Blacker

April 5, 2013

Page 4



South Rangely Field Area Assumptions, Rio Blanco County,
Colorado



The South Rangely 36-24A well was drilled
and completed in late December 2011. Colorado wildlife restrictions prevent oil and gas activity until spring of 2012. Dejour
anticipates that the production equipment, pipeline infrastructure and hook-up will be completed in May 2012. We have assumed
that the well will start producing in June 2012. We have assigned Proved Developed Non Producing (PDNP) reserves to the South
Rangely Federal 36-24A well. We have also assigned Proved Undeveloped reserves to 5 well locations that are direct offsets to
the South Rangely 36-24A well.



The estimated ultimate recovery (EUR)
for the South Rangely Federal 36-24A and each of the undeveloped well locations was based on the average decline parameters from
28 wells in the immediate area, 460 MMCF. All of the analog wells are producing from the Mancos B formation and are located within
three miles of the South Rangely Federal 36-24A. The EUR was based on the average decline curve parameters for each well and the
average composite performance of the production from each well.



This evaluation includes production and
revenue generated from natural gas liquids (NGLs). We have evaluated the gas sample report provided by the client. We have accounted
for gas shrinkage and lower BTU after processing: all gas reserves volumes tabulated in this report are after shrinkage. We have
also forecast heavy NGL and ethane production as a ratio of gas production based on the liquids content displayed in the gas sample
report.



It was assumed that the South Rangely
Federal 36-24A well will start producing in June 2012. At your request we have included a capital cost of $175,000 for the pipeline
infrastructure and production equipment. The economics presented for the South Rangely 36-24A well, represent cash flows from
the effective date, and so include Dejour’s share of completion and equipment costs but not drilling costs. It was assumed
that one undeveloped well location would be drilled in April 2013, coming on line two months after drilling. Expected drilling
and completion costs of $800M per well were assumed. That would be followed by the drilling of two wells in April 2014 and two
wells in April 2015. Operating costs are estimated at $1,200 per well per month as provided by the client and supported by our
experience with similar wells in the area.



Abandonment costs of $10,000 were assumed.
State and local production taxes are estimated at 7% of revenue. Oil prices were based on the average of the West Texas Intermediate
(WTI) pricing from the first day of each month of 2011, adjusted each month by the average differential between Colorado pricing2and WTI. Similarly, gas prices were calculated for the posted gas prices at Henry Hub, adjusted for gas processing, transportation,
and CIG differential. Cost and prices were held flat. The price for ethane of $0.72/gallon was provided by the client and checked
against public data sources. Heavier NGL prices were assumed to be 73.9% of the oil price based on the five year average NGL to
crude price ratio reported by Bentek and the fraction of NGL’s indicated on the gas analysis. Heavier NGL prices were also
adjusted by a $0.14/gallon NGL processing fee. Prices are summarized below.








2http://tonto.eia.doe.gov/dnav/pet/pet_pri_dfp1_k_m.htm











Mr. Harrison Blacker

April 5, 2013

Page 5



|Product                     |  |   | Price     | 
|--------------------------- |  | - | --------- | 
|Condensate                  |  | $ | 89.19/bbl | 
|Natural Gas                 |  | $ | 3.14/MSCF | 
|Ethane                      |  | $ | 30.24/bbl | 
|Heavier NGLs                |  | $ | 60.01/bbl | 
|Weighted average total NGLs |  | $ | 42.84/bbl | 



We understand that for the South Rangely
Federal 36-24A well Dejour Energy had a before drilling and completion interest of 50.0%. This includes a carry agreement with
Robert L. Bayless Producer LLC. Dejour’s interests in the South Rangely Federal 36-24A after drilling and completion are
reported to be 42.5% working interest with a 20% royalty burden for net revenue interest of 34.4%. It is our understanding that
the carry agreement only applies to the South Rangely Federal 36-24A well and Dejour’s interests in the South Rangely Field
Area are reported to be 42.5% working interest with a 20% royalty burden for net revenue interest of 34.4%.



The estimated net reserves volumes and
associated net cash flow estimates for the South Rangely Field Area are summarized below.



A summary cash flow for each pricing scenario
is included in Tables 1 through 4. Note that ethane and heavier NGLs are summed in these tables, and the NGL prices shown are
average for the entire NGL stream.



|                                              |  |          |       |  |          |  |   | Net Heavy |  |  | Net      |  |  | Net Present Value, |   
|--------------------------------------------- |  | -------- | ----- |  | -------- |  | - | --------- |  |  | -------- |  |  | ------------------ | --
|                                              |  | Net Gas  |       |  | Net Oil  |  |   | NGL       |  |  | Ethane   |  |  | thousands of US$   |   
|                                              |  | Reserves |       |  | Reserves |  |   | Reserves  |  |  | Reserves |  |  | Discounted at      |   
|Reserves Category                             |  | (MMCF)   |       |  | (MBO)    |  |   | (MBO)     |  |  | (MBO)    |  |  | 0%                 |   
|Proved Developed Non- Producing, Flat Pricing |  |          | 158   |  |          |  | 0 |           |  |  | 6        |  |  |                    | 8 
|                                              |  |          |       |  |          |  |   |           |  |  |          |  |  |                    |   
|Proved Undeveloped, Flat Pricing              |  |          | 921   |  |          |  | 0 |           |  |  | 33       |  |  |                    | 46
|Total, Flat Pricing                           |  |          | 1,078 |  |          |  | 0 |           |  |  | 39       |  |  |                    | 53



Limiting Conditions and Disclaimers



The accuracy of any reserve report or
resource evaluation is a function of available data and of engineering and geologic interpretation and judgment. While the evaluation
presented herein is believed to be reasonable, it should be viewed with the understanding that subsequent reservoir performance
or changes in pricing structure, market demand, or other economic parameters may justify its revision. The assumptions, data,
methods, and procedures used are appropriate for the purpose served by the report. Gustavson has used all methods and procedures
as we considered necessary under the circumstances to prepare the report.











Mr. Harrison Blacker

April 5, 2013

Page 6



Gustavson Associates, LLC, holds neither
direct nor indirect financial interest in the subject property, the company operating the subject acreage, or in any other affiliated
companies.



All data and work files utilized in the
preparation of this report are available for examination in our offices. Please contact us if we can be of assistance. We appreciate
the opportunity to be of service and look forward to further serving Dejour Energy (USA) Corp.



Sincerely,



GUSTAVSON ASSOCIATES, LLC





Letha C. Lencioni, P.E.

Vice-President, Petroleum Engineering

Registered Professional Engineer, State of Colorado, # 29506















Table
1 Summary Cash Flow Forecast, Proved Developed Non-Producing Reserves, Flat Pricing



|PROVED
    DEVELOPED NON-PRODUCING RESERVES     | DATE     | : | 2/15/2012      
|----------------------------------------------- | -------- | - | ---------------
|TO THE
    INTEREST OF DEJOUR ENERGY (USA) CORP | TIME     | : | 10:40:00       
|                                                | DBS      | : | Dejour1-12     
|                                                | SETTINGS | : | Dejour         
|                                                | SCENARIO | : | Dejour
    flat



RESERVES
AND ECONOMICS



AS
OF DATE: 01/2012



|END     |  | GROSS OIL  |       |  | GROSS GAS  |  |         | GROSS NGL  |  |  | OIL TO NET |  |  | GAS TO NET |       |  | NGL TO NET |  |         | GROSS PRICES |  |  | REVENUE TO |  |  | NET OPER |   |  | NET TOTAL |  |      | NET INCOME |  |  | CUMULATIVE |  |  | CUM DISC   |         
|------- |  | ---------- | ----- |  | ---------- |  | ------- | ---------- |  |  | ---------- |  |  | ---------- | ----- |  | ---------- |  | ------- | ------------ |  |  | ---------- |  |  | -------- | - |  | --------- |  | ---- | ---------- |  |  | ---------- |  |  | ---------- | --------
|MO-YEAR |  | PRODUCTION |       |  | PRODUCTION |  |         | PRODUCTION |  |  | INTEREST   |  |  | INTEREST   |       |  | INTEREST   |  |         | OIL          |  |  | GAS        |  |  | NGL      |   |  | INTEREST  |  |      | EXPENSES   |  |  | INVESTMENT |  |  | BEFORE FIT |         
|        |  | MB         |       |  | MMF        |  |         | MB         |  |  | MB         |  |  | MMF        |       |  | MB         |  |         | $/B          |  |  | $/M        |  |  | $/B      |   |  | M$        |  |      | M$         |  |  | M$         |  |  | M$         |         
|        |  |            |       |  |            |  |         |            |  |  |            |  |  |            |       |  |            |  |         |              |  |  |            |  |  |          |   |  |           |  |      |            |  |  |            |  |  |            |         
|12-2012 |  |            | 0.000 |  |            |  | 47.306  |            |  |  | 35.167     |  |  |            | 0.000 |  |            |  | 16.261  |              |  |  | 1.395      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 110.825 
|12-2013 |  |            | 0.000 |  |            |  | 55.813  |            |  |  | 270.587    |  |  |            | 0.000 |  |            |  | 19.186  |              |  |  | 1.646      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 130.756 
|12-2014 |  |            | 0.000 |  |            |  | 39.609  |            |  |  | 412.413    |  |  |            | 0.000 |  |            |  | 13.616  |              |  |  | 1.168      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 92.793  
|12-2015 |  |            | 0.000 |  |            |  | 30.685  |            |  |  | 508.459    |  |  |            | 0.000 |  |            |  | 10.548  |              |  |  | 0.905      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 71.886  
|12-2016 |  |            | 0.000 |  |            |  | 25.030  |            |  |  | 583.565    |  |  |            | 0.000 |  |            |  | 8.604   |              |  |  | 0.738      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 58.640  
|        |  |            |       |  |            |  |         |            |  |  |            |  |  |            |       |  |            |  |         |              |  |  |            |  |  |          |   |  |           |  |      |            |  |  |            |  |  |            |         
|12-2017 |  |            | 0.000 |  |            |  | 21.127  |            |  |  | 498.610    |  |  |            | 0.000 |  |            |  | 7.262   |              |  |  | 0.623      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 49.494  
|12-2018 |  |            | 0.000 |  |            |  | 18.270  |            |  |  | 349.965    |  |  |            | 0.000 |  |            |  | 6.280   |              |  |  | 0.539      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 42.802  
|12-2019 |  |            | 0.000 |  |            |  | 16.090  |            |  |  | 284.615    |  |  |            | 0.000 |  |            |  | 5.531   |              |  |  | 0.475      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 37.694  
|12-2020 |  |            | 0.000 |  |            |  | 14.371  |            |  |  | 244.023    |  |  |            | 0.000 |  |            |  | 4.940   |              |  |  | 0.424      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 33.667  
|12-2021 |  |            | 0.000 |  |            |  | 12.981  |            |  |  | 215.539    |  |  |            | 0.000 |  |            |  | 4.462   |              |  |  | 0.383      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 30.412  
|        |  |            |       |  |            |  |         |            |  |  |            |  |  |            |       |  |            |  |         |              |  |  |            |  |  |          |   |  |           |  |      |            |  |  |            |  |  |            |         
|12-2022 |  |            | 0.000 |  |            |  | 11.835  |            |  |  | 194.141    |  |  |            | 0.000 |  |            |  | 4.068   |              |  |  | 0.349      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 27.727  
|12-2023 |  |            | 0.000 |  |            |  | 10.873  |            |  |  | 177.334    |  |  |            | 0.000 |  |            |  | 3.738   |              |  |  | 0.321      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 25.473  
|12-2024 |  |            | 0.000 |  |            |  | 10.055  |            |  |  | 163.704    |  |  |            | 0.000 |  |            |  | 3.456   |              |  |  | 0.297      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 23.556  
|12-2025 |  |            | 0.000 |  |            |  | 9.350   |            |  |  | 152.381    |  |  |            | 0.000 |  |            |  | 3.214   |              |  |  | 0.276      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 21.905  
|12-2026 |  |            | 0.000 |  |            |  | 8.737   |            |  |  | 142.796    |  |  |            | 0.000 |  |            |  | 3.003   |              |  |  | 0.258      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 20.469  
|        |  |            |       |  |            |  |         |            |  |  |            |  |  |            |       |  |            |  |         |              |  |  |            |  |  |          |   |  |           |  |      |            |  |  |            |  |  |            |         
|S TOT   |  |            | 0.000 |  |            |  | 332.132 |            |  |  | 4233.299   |  |  |            | 0.000 |  |            |  | 114.171 |              |  |  | 9.797      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 778.100 
|        |  |            |       |  |            |  |         |            |  |  |            |  |  |            |       |  |            |  |         |              |  |  |            |  |  |          |   |  |           |  |      |            |  |  |            |  |  |            |         
|AFTER   |  |            | 0.000 |  |            |  | 127.388 |            |  |  | 2340.660   |  |  |            | 0.000 |  |            |  | 43.789  |              |  |  | 3.757      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 298.436 
|        |  |            |       |  |            |  |         |            |  |  |            |  |  |            |       |  |            |  |         |              |  |  |            |  |  |          |   |  |           |  |      |            |  |  |            |  |  |            |         
|TOTAL   |  |            | 0.000 |  |            |  | 459.520 |            |  |  | 6573.959   |  |  |            | 0.000 |  |            |  | 157.960 |              |  |  | 13.554     |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 1076.536



|                     |  | OIL |   |  | GAS | 
|-------------------- |  | --- | - |  | --- | 
|GROSS WELLS          |  |     | 0 |  |     | 
|GROSS ULT., MB & MMF |  |     | 0 |  |     | 
|GROSS CUM., MB & MMF |  |     | 0 |  |     | 
|GROSS RES., MB & MMF |  |     | 0 |  |     | 
|NET RES., MB & MMF   |  |     | 0 |  |     | 
|NET REVENUE, M$      |  |     | 0 |  |     | 
|INITIAL PRICE, $     |  |     | 0 |  |     | 
|INITIAL N.I., PCT.   |  |     | 0 |  |     | 



|                          |  |  |       |  | P.W. % |  |     | P.W., M$ | 
|------------------------- |  |  | ----- |  | ------ |  | --- | -------- | 
|LIFE, YRS.                |  |  | 40.42 |  |        |  | 5   |          | 
|DISCOUNT %                |  |  | 10    |  |        |  | 10  |          | 
|UNDISCOUNTED PAYOUT, YRS. |  |  | 1.65  |  |        |  | 15  |          | 
|DISCOUNTED PAYOUT, YRS.   |  |  | 1.73  |  |        |  | 20  |          | 
|UNDISCOUNTED NET/INVEST.  |  |  | 4.22  |  |        |  | 25  |          | 
|DISCOUNTED NET/INVEST.    |  |  | 2.67  |  |        |  | 30  |          | 
|RATE-OF-RETURN, PCT.      |  |  | 100   |  |        |  | 40  |          | 
|INITIAL W.I., PCT.        |  |  | 42.5  |  |        |  | 60  |          | 
|                          |  |  |       |  |        |  | 80  |          | 
|                          |  |  |       |  |        |  | 100 |          | 











Table
2 Summary Cash Flow Forecast, All Proved Undeveloped, Flat Pricing



|PROVED
    UNDEVELOPED RESERVES                 | DATE     | : | 2/15/2012  
|----------------------------------------------- | -------- | - | -----------
|TO THE INTEREST
    OF DEJOUR ENERGY (USA) CORP | TIME     | : | 10:39:59   
|                                                | DBS      | : | Dejour1-12 
|                                                | SETTINGS | : | Dejour     
|                                                | SCENARIO | : | Dejour flat



RESERVES
AND ECONOMICS



AS
OF DATE: 01/2012



|END     |  | GROSS OIL  |         |  | GROSS GAS  |  |           | GROSS NGL  |  |  | OIL TO NET |  |  | GAS TO NET |         |  | NGL TO NET |  |           | GROSS PRICES |  |  | REVENUE TO |  |  | NET OPER |       |  | NET TOTAL |  |      | NET INCOME |  |  | CUMULATIVE |  |  | CUM DISC   |           
|------- |  | ---------- | ------- |  | ---------- |  | --------- | ---------- |  |  | ---------- |  |  | ---------- | ------- |  | ---------- |  | --------- | ------------ |  |  | ---------- |  |  | -------- | ----- |  | --------- |  | ---- | ---------- |  |  | ---------- |  |  | ---------- | ----------
|MO-YEAR |  | PRODUCTION |         |  | PRODUCTION |  |           | PRODUCTION |  |  | INTEREST   |  |  | INTEREST   |         |  | INTEREST   |  |           | OIL          |  |  | GAS        |  |  | NGL      |       |  | INTEREST  |  |      | EXPENSES   |  |  | INVESTMENT |  |  | BEFORE FIT |           
|        |  | MB         |         |  | MMF        |  |           | MB         |  |  | MB         |  |  | MMF        |         |  | MB         |  |           | $/B          |  |  | $/M        |  |  | $/B      |       |  | M$        |  |      | M$         |  |  | M$         |  |  | M$         |           
|        |  |            |         |  |            |  |           |            |  |  |            |  |  |            |         |  |            |  |           |              |  |  |            |  |  |          |       |  |           |  |      |            |  |  |            |  |  |            |           
|12-2012 |  |            | 2.688   |  |            |  | 376.686   |            |  |  | 35.169     |  |  |            | 1.536   |  |            |  | 215.238   |              |  |  | 20.165     |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.68      |  |  |            | 1532.264  
|12-2013 |  |            | 20.678  |  |            |  | 2945.619  |            |  |  | 274.657    |  |  |            | 11.816  |  |            |  | 1672.358  |              |  |  | 156.554    |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.74      |  |  |            | 11900.443 
|12-2014 |  |            | 31.517  |  |            |  | 4567.871  |            |  |  | 425.336    |  |  |            | 18.009  |  |            |  | 2575.838  |              |  |  | 240.922    |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.81      |  |  |            | 18321.482 
|12-2015 |  |            | 38.857  |  |            |  | 5692.066  |            |  |  | 529.575    |  |  |            | 22.203  |  |            |  | 3209.938  |              |  |  | 299.966    |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.88      |  |  |            | 22821.543 
|12-2016 |  |            | 44.596  |  |            |  | 6472.222  |            |  |  | 602.597    |  |  |            | 25.482  |  |            |  | 3663.674  |              |  |  | 342.525    |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.84      |  |  |            | 26053.461 
|        |  |            |         |  |            |  |           |            |  |  |            |  |  |            |         |  |            |  |           |              |  |  |            |  |  |          |       |  |           |  |      |            |  |  |            |  |  |            |           
|12-2017 |  |            | 38.104  |  |            |  | 5506.346  |            |  |  | 512.842    |  |  |            | 21.773  |  |            |  | 3119.891  |              |  |  | 291.765    |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.82      |  |  |            | 22189.555 
|12-2018 |  |            | 26.744  |  |            |  | 3881.116  |            |  |  | 361.353    |  |  |            | 15.282  |  |            |  | 2196.222  |              |  |  | 205.336    |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.84      |  |  |            | 15618.249 
|12-2019 |  |            | 21.750  |  |            |  | 3159.164  |            |  |  | 294.116    |  |  |            | 12.428  |  |            |  | 1787.094  |              |  |  | 167.078    |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.84      |  |  |            | 12708.468 
|12-2020 |  |            | 18.648  |  |            |  | 2708.670  |            |  |  | 252.175    |  |  |            | 10.656  |  |            |  | 1532.145  |              |  |  | 143.241    |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.84      |  |  |            | 10895.488 
|12-2021 |  |            | 16.472  |  |            |  | 2391.774  |            |  |  | 222.677    |  |  |            | 9.412   |  |            |  | 1352.942  |              |  |  | 126.491    |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.84      |  |  |            | 9621.235  
|        |  |            |         |  |            |  |           |            |  |  |            |  |  |            |         |  |            |  |           |              |  |  |            |  |  |          |       |  |           |  |      |            |  |  |            |  |  |            |           
|12-2022 |  |            | 14.836  |  |            |  | 2153.393  |            |  |  | 200.491    |  |  |            | 8.477   |  |            |  | 1218.203  |              |  |  | 113.898    |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.84      |  |  |            | 8663.178  
|12-2023 |  |            | 13.552  |  |            |  | 1966.002  |            |  |  | 183.050    |  |  |            | 7.744   |  |            |  | 1112.315  |              |  |  | 103.999    |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.84      |  |  |            | 7910.292  
|12-2024 |  |            | 12.510  |  |            |  | 1813.975  |            |  |  | 168.902    |  |  |            | 7.148   |  |            |  | 1026.425  |              |  |  | 95.973     |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.83      |  |  |            | 7299.602  
|12-2025 |  |            | 11.645  |  |            |  | 1687.662  |            |  |  | 157.147    |  |  |            | 6.654   |  |            |  | 955.069   |              |  |  | 89.304     |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.83      |  |  |            | 6792.248  
|12-2026 |  |            | 10.912  |  |            |  | 1580.722  |            |  |  | 147.196    |  |  |            | 6.235   |  |            |  | 894.661   |              |  |  | 83.659     |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.83      |  |  |            | 6362.736  
|        |  |            |         |  |            |  |           |            |  |  |            |  |  |            |         |  |            |  |           |              |  |  |            |  |  |          |       |  |           |  |      |            |  |  |            |  |  |            |           
|S TOT   |  |            | 323.510 |  |            |  | 46903.285 |            |  |  | 4367.283   |  |  |            | 184.854 |  |            |  | 26532.010 |              |  |  | 2480.876   |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.83      |  |  |            | 188690.219
|        |  |            |         |  |            |  |           |            |  |  |            |  |  |            |         |  |            |  |           |              |  |  |            |  |  |          |       |  |           |  |      |            |  |  |            |  |  |            |           
|AFTER   |  |            | 178.874 |  |            |  | 25809.479 |            |  |  | 2404.093   |  |  |            | 102.209 |  |            |  | 14623.746 |              |  |  | 1367.750   |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.81      |  |  |            | 104014.812
|        |  |            |         |  |            |  |           |            |  |  |            |  |  |            |         |  |            |  |           |              |  |  |            |  |  |          |       |  |           |  |      |            |  |  |            |  |  |            |           
|TOTAL   |  |            | 502.384 |  |            |  | 72712.758 |            |  |  | 6771.376   |  |  |            | 287.062 |  |            |  | 41155.758 |              |  |  | 3848.626   |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.82      |  |  |            | 292705.031



|                     |  | OIL |           |  | GAS | 
|-------------------- |  | --- | --------- |  | --- | 
|GROSS WELLS          |  |     | 0         |  |     | 
|GROSS ULT., MB & MMF |  |     | 502.384   |  |     | 
|GROSS CUM., MB & MMF |  |     | 0         |  |     | 
|GROSS RES., MB & MMF |  |     | 502.384   |  |     | 
|NET RES., MB & MMF   |  |     | 287.062   |  |     | 
|NET REVENUE, M$      |  |     | 25603.068 |  |     | 
|INITIAL PRICE, $     |  |     | 89.19     |  |     | 
|INITIAL N.I., PCT.   |  |     | 56.85     |  |     | 



|                          |  |  |       |  | P.W. % |  |     | P.W., M$ | 
|------------------------- |  |  | ----- |  | ------ |  | --- | -------- | 
|LIFE, YRS.                |  |  | 44.92 |  |        |  | 5   |          | 
|DISCOUNT %                |  |  | 10    |  |        |  | 10  |          | 
|UNDISCOUNTED PAYOUT, YRS. |  |  | 5.72  |  |        |  | 15  |          | 
|DISCOUNTED PAYOUT, YRS.   |  |  | 6.31  |  |        |  | 20  |          | 
|UNDISCOUNTED NET/INVEST.  |  |  | 2.55  |  |        |  | 25  |          | 
|DISCOUNTED NET/INVEST.    |  |  | 1.49  |  |        |  | 30  |          | 
|RATE-OF-RETURN, PCT.      |  |  | 28.66 |  |        |  | 40  |          | 
|INITIAL W.I., PCT.        |  |  | 71.07 |  |        |  | 60  |          | 
|                          |  |  |       |  |        |  | 80  |          | 
|                          |  |  |       |  |        |  | 100 |          | 











Table
3 Summary Cash Flow Forecast, Proved Undeveloped, Kokopelli Field Area, Flat Pricing



|PROVED
    UNDEVELOPED RESERVES                 | DATE     | : | 2/10/2012 
|----------------------------------------------- | -------- | - | ----------
|TO THE INTEREST
    OF DEJOUR ENERGY (USA) CORP | DATE     | : | 2/10/2012 
|KOKOPELLI FIELD
    AREA                        | TIME     | : | 15:32:21  
|                                                | DBS      | : | Dejour1-12
|                                                | SETTINGS | : | SETDATA   



RESERVES
AND ECONOMICS



AS
OF DATE: 01/2012



|END     |  | GROSS OIL  |         |  | GROSS GAS  |  |           | GROSS NGL  |  |  | OIL TO NET |  |  | GAS TO NET |         |  | NGL TO NET |  |           | GROSS PRICES |  |  | REVENUE TO |  |  | NET OPER |       |  | NET TOTAL |  |      | NET INCOME |  |  | CUMULATIVE |  |  | CUM DISC   |           
|------- |  | ---------- | ------- |  | ---------- |  | --------- | ---------- |  |  | ---------- |  |  | ---------- | ------- |  | ---------- |  | --------- | ------------ |  |  | ---------- |  |  | -------- | ----- |  | --------- |  | ---- | ---------- |  |  | ---------- |  |  | ---------- | ----------
|MO-YEAR |  | PRODUCTION |         |  | PRODUCTION |  |           | PRODUCTION |  |  | INTEREST   |  |  | INTEREST   |         |  | PRODUCTION |  |           | OIL          |  |  | GAS        |  |  | NGL      |       |  | INTEREST  |  |      | EXPENSES   |  |  | INVESTMENT |  |  | BEFORE FIT |           
|        |  | MB         |         |  | MMF        |  |           | MB         |  |  | MB         |  |  | MMF        |         |  | MB         |  |           | $/B          |  |  | $/M        |  |  | $/B      |       |  | M$        |  |      | M$         |  |  | M$         |  |  | M$         |           
|        |  |            |         |  |            |  |           |            |  |  |            |  |  |            |         |  |            |  |           |              |  |  |            |  |  |          |       |  |           |  |      |            |  |  |            |  |  |            |           
|12-2012 |  |            | 2.688   |  |            |  | 376.686   |            |  |  | 35.169     |  |  |            | 1.536   |  |            |  | 215.238   |              |  |  | 20.165     |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.68      |  |  |            | 1532.264  
|12-2013 |  |            | 20.678  |  |            |  | 2898.314  |            |  |  | 270.598    |  |  |            | 11.816  |  |            |  | 1656.097  |              |  |  | 155.159    |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.68      |  |  |            | 11789.618 
|12-2014 |  |            | 31.517  |  |            |  | 4417.446  |            |  |  | 412.430    |  |  |            | 18.009  |  |            |  | 2524.129  |              |  |  | 236.485    |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.68      |  |  |            | 17969.078 
|12-2015 |  |            | 38.857  |  |            |  | 5446.219  |            |  |  | 508.481    |  |  |            | 22.203  |  |            |  | 3111.969  |              |  |  | 291.560    |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.68      |  |  |            | 22153.863 
|12-2016 |  |            | 44.596  |  |            |  | 6250.693  |            |  |  | 583.590    |  |  |            | 25.482  |  |            |  | 3571.644  |              |  |  | 334.629    |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.68      |  |  |            | 25426.256 
|        |  |            |         |  |            |  |           |            |  |  |            |  |  |            |         |  |            |  |           |              |  |  |            |  |  |          |       |  |           |  |      |            |  |  |            |  |  |            |           
|12-2017 |  |            | 38.104  |  |            |  | 5340.729  |            |  |  | 498.632    |  |  |            | 21.773  |  |            |  | 3051.691  |              |  |  | 285.913    |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.68      |  |  |            | 21724.756 
|12-2018 |  |            | 26.744  |  |            |  | 3748.559  |            |  |  | 349.980    |  |  |            | 15.282  |  |            |  | 2141.926  |              |  |  | 200.677    |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.68      |  |  |            | 15248.208 
|12-2019 |  |            | 21.750  |  |            |  | 3048.580  |            |  |  | 284.628    |  |  |            | 12.428  |  |            |  | 1741.959  |              |  |  | 163.205    |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.68      |  |  |            | 12400.867 
|12-2020 |  |            | 18.648  |  |            |  | 2613.787  |            |  |  | 244.034    |  |  |            | 10.656  |  |            |  | 1493.518  |              |  |  | 139.927    |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.68      |  |  |            | 10632.238 
|12-2021 |  |            | 16.472  |  |            |  | 2308.683  |            |  |  | 215.548    |  |  |            | 9.412   |  |            |  | 1319.181  |              |  |  | 123.594    |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.68      |  |  |            | 9391.151  
|        |  |            |         |  |            |  |           |            |  |  |            |  |  |            |         |  |            |  |           |              |  |  |            |  |  |          |       |  |           |  |      |            |  |  |            |  |  |            |           
|12-2022 |  |            | 14.836  |  |            |  | 2079.490  |            |  |  | 194.150    |  |  |            | 8.477   |  |            |  | 1188.221  |              |  |  | 111.326    |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.68      |  |  |            | 8458.848  
|12-2023 |  |            | 13.552  |  |            |  | 1899.463  |            |  |  | 177.341    |  |  |            | 7.744   |  |            |  | 1085.353  |              |  |  | 101.686    |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.68      |  |  |            | 7726.542  
|12-2024 |  |            | 12.510  |  |            |  | 1753.469  |            |  |  | 163.711    |  |  |            | 7.148   |  |            |  | 1001.932  |              |  |  | 93.872     |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.68      |  |  |            | 7132.682  
|12-2025 |  |            | 11.645  |  |            |  | 1632.190  |            |  |  | 152.388    |  |  |            | 6.654   |  |            |  | 932.633   |              |  |  | 87.379     |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.68      |  |  |            | 6639.345  
|12-2026 |  |            | 10.912  |  |            |  | 1529.515  |            |  |  | 142.802    |  |  |            | 6.235   |  |            |  | 873.965   |              |  |  | 81.883     |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.68      |  |  |            | 6221.689  
|        |  |            |         |  |            |  |           |            |  |  |            |  |  |            |         |  |            |  |           |              |  |  |            |  |  |          |       |  |           |  |      |            |  |  |            |  |  |            |           
|S TOT   |  |            | 323.510 |  |            |  | 45343.824 |            |  |  | 4233.482   |  |  |            | 184.854 |  |            |  | 25909.455 |              |  |  | 2427.460   |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.68      |  |  |            | 184447.422
|        |  |            |         |  |            |  |           |            |  |  |            |  |  |            |         |  |            |  |           |              |  |  |            |  |  |          |       |  |           |  |      |            |  |  |            |  |  |            |           
|AFTER   |  |            | 178.874 |  |            |  | 25071.340 |            |  |  | 2340.761   |  |  |            | 102.209 |  |            |  | 14325.764 |              |  |  | 1342.183   |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.68      |  |  |            | 101983.992
|        |  |            |         |  |            |  |           |            |  |  |            |  |  |            |         |  |            |  |           |              |  |  |            |  |  |          |       |  |           |  |      |            |  |  |            |  |  |            |           
|TOTAL   |  |            | 502.384 |  |            |  | 70415.172 |            |  |  | 6574.243   |  |  |            | 287.062 |  |            |  | 40235.219 |              |  |  | 3769.643   |  |  |          | 89.19 |  |           |  | 3.14 |            |  |  | 35.68      |  |  |            | 286431.438



|                     |  | OIL |           |  | GAS | 
|-------------------- |  | --- | --------- |  | --- | 
|GROSS WELLS          |  |     | 0         |  |     | 
|GROSS ULT., MB & MMF |  |     | 502.384   |  |     | 
|GROSS CUM., MB & MMF |  |     | 0         |  |     | 
|GROSS RES., MB & MMF |  |     | 502.384   |  |     | 
|NET RES., MB & MMF   |  |     | 287.062   |  |     | 
|NET REVENUE, M$      |  |     | 25603.068 |  |     | 
|INITIAL PRICE, $     |  |     | 89.19     |  |     | 
|INITIAL N.I., PCT.   |  |     | 57.14     |  |     | 



|                          |  |  |       |  | P.W. % |  |     | P.W., M$ | 
|------------------------- |  |  | ----- |  | ------ |  | --- | -------- | 
|LIFE, YRS.                |  |  | 44.92 |  |        |  | 5   |          | 
|DISCOUNT %                |  |  | 10    |  |        |  | 10  |          | 
|UNDISCOUNTED PAYOUT, YRS. |  |  | 5.71  |  |        |  | 15  |          | 
|DISCOUNTED PAYOUT, YRS.   |  |  | 6.29  |  |        |  | 20  |          | 
|UNDISCOUNTED NET/INVEST.  |  |  | 2.56  |  |        |  | 25  |          | 
|DISCOUNTED NET/INVEST.    |  |  | 1.49  |  |        |  | 30  |          | 
|RATE-OF-RETURN, PCT.      |  |  | 28.84 |  |        |  | 40  |          | 
|INITIAL W.I., PCT.        |  |  | 71.43 |  |        |  | 60  |          | 
|                          |  |  |       |  |        |  | 80  |          | 
|                          |  |  |       |  |        |  | 100 |          | 











Table
4 Summary Cash Flow Forecast, Proved Undeveloped, South Rangely Field Area, Flat Pricing



|PROVED
    UNDEVELOPED RESERVES                 | DATE     | : | 2/15/2012  
|----------------------------------------------- | -------- | - | -----------
|TO THE INTEREST
    OF DEJOUR ENERGY (USA) CORP | TIME     | : | 15:32:17   
|SOUTH RANGELY
    FIELD AREA                    | DBS      | : | Dejour1-12 
|                                                | SETTINGS | : | Dejour     
|                                                | SCENARIO | : | Dejour flat



RESERVES
AND ECONOMICS



AS
OF DATE: 01/2012



|END     |  | GROSS OIL  |       |  | GROSS GAS  |  |          | GROSS NGL  |  |  | OIL TO NET |  |  | GAS TO NET |       |  | NGL TO NET |  |         | GROSS PRICES |  |  | REVENUE TO |  |  | NET OPER |   |  | NET TOTAL |  |      | NET INCOME |  |  | CUMULATIVE |  |  | CUM DISC   |         
|------- |  | ---------- | ----- |  | ---------- |  | -------- | ---------- |  |  | ---------- |  |  | ---------- | ----- |  | ---------- |  | ------- | ------------ |  |  | ---------- |  |  | -------- | - |  | --------- |  | ---- | ---------- |  |  | ---------- |  |  | ---------- | --------
|MO-YEAR |  | PRODUCTION |       |  | PRODUCTION |  |          | PRODUCTION |  |  | INTEREST   |  |  | INTEREST   |       |  | INTEREST   |  |         | OIL          |  |  | GAS        |  |  | NGL      |   |  | INTEREST  |  |      | EXPENSES   |  |  | INVESTMENT |  |  | BEFORE FIT |         
|        |  | MB         |       |  | MMF        |  |          | MB         |  |  | MB         |  |  | MMF        |       |  | MB         |  |         | $/B          |  |  | $/M        |  |  | $/B      |   |  | M$        |  |      | M$         |  |  | M$         |  |  | M$         |         
|        |  |            |       |  |            |  |          |            |  |  |            |  |  |            |       |  |            |  |         |              |  |  |            |  |  |          |   |  |           |  |      |            |  |  |            |  |  |            |         
|12-2012 |  |            | 0.000 |  |            |  | 0.000    |            |  |  | 0.000      |  |  |            | 0.000 |  |            |  | 0.000   |              |  |  | 0.000      |  |  |          | 0 |  |           |  | 0    |            |  |  | 0          |  |  |            | 0.000   
|12-2013 |  |            | 0.000 |  |            |  | 47.306   |            |  |  | 4.059      |  |  |            | 0.000 |  |            |  | 16.261  |              |  |  | 1.395      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 110.825 
|12-2014 |  |            | 0.000 |  |            |  | 150.425  |            |  |  | 12.906     |  |  |            | 0.000 |  |            |  | 51.709  |              |  |  | 4.437      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 352.407 
|12-2015 |  |            | 0.000 |  |            |  | 245.847  |            |  |  | 21.094     |  |  |            | 0.000 |  |            |  | 97.968  |              |  |  | 8.406      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 667.679 
|12-2016 |  |            | 0.000 |  |            |  | 221.529  |            |  |  | 19.007     |  |  |            | 0.000 |  |            |  | 92.029  |              |  |  | 7.896      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 627.203 
|        |  |            |       |  |            |  |          |            |  |  |            |  |  |            |       |  |            |  |         |              |  |  |            |  |  |          |   |  |           |  |      |            |  |  |            |  |  |            |         
|12-2017 |  |            | 0.000 |  |            |  | 165.618  |            |  |  | 14.210     |  |  |            | 0.000 |  |            |  | 68.200  |              |  |  | 5.852      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 464.798 
|12-2018 |  |            | 0.000 |  |            |  | 132.557  |            |  |  | 11.373     |  |  |            | 0.000 |  |            |  | 54.296  |              |  |  | 4.659      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 370.042 
|12-2019 |  |            | 0.000 |  |            |  | 110.584  |            |  |  | 9.488      |  |  |            | 0.000 |  |            |  | 45.134  |              |  |  | 3.873      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 307.602 
|12-2020 |  |            | 0.000 |  |            |  | 94.883   |            |  |  | 8.141      |  |  |            | 0.000 |  |            |  | 38.627  |              |  |  | 3.314      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 263.250 
|12-2021 |  |            | 0.000 |  |            |  | 83.090   |            |  |  | 7.129      |  |  |            | 0.000 |  |            |  | 33.760  |              |  |  | 2.897      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 230.084 
|        |  |            |       |  |            |  |          |            |  |  |            |  |  |            |       |  |            |  |         |              |  |  |            |  |  |          |   |  |           |  |      |            |  |  |            |  |  |            |         
|12-2022 |  |            | 0.000 |  |            |  | 73.902   |            |  |  | 6.341      |  |  |            | 0.000 |  |            |  | 29.981  |              |  |  | 2.572      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 204.331 
|12-2023 |  |            | 0.000 |  |            |  | 66.540   |            |  |  | 5.709      |  |  |            | 0.000 |  |            |  | 26.962  |              |  |  | 2.313      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 183.749 
|12-2024 |  |            | 0.000 |  |            |  | 60.506   |            |  |  | 5.191      |  |  |            | 0.000 |  |            |  | 24.492  |              |  |  | 2.101      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 166.921 
|12-2025 |  |            | 0.000 |  |            |  | 55.472   |            |  |  | 4.759      |  |  |            | 0.000 |  |            |  | 22.435  |              |  |  | 1.925      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 152.903 
|12-2026 |  |            | 0.000 |  |            |  | 51.207   |            |  |  | 4.394      |  |  |            | 0.000 |  |            |  | 20.696  |              |  |  | 1.776      |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 141.047 
|        |  |            |       |  |            |  |          |            |  |  |            |  |  |            |       |  |            |  |         |              |  |  |            |  |  |          |   |  |           |  |      |            |  |  |            |  |  |            |         
|S TOT   |  |            | 0.000 |  |            |  | 1559.467 |            |  |  | 133.801    |  |  |            | 0.000 |  |            |  | 622.552 |              |  |  | 53.416     |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 4242.842
|        |  |            |       |  |            |  |          |            |  |  |            |  |  |            |       |  |            |  |         |              |  |  |            |  |  |          |   |  |           |  |      |            |  |  |            |  |  |            |         
|AFTER   |  |            | 0.000 |  |            |  | 738.134  |            |  |  | 63.332     |  |  |            | 0.000 |  |            |  | 297.982 |              |  |  | 25.567     |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 2030.817
|        |  |            |       |  |            |  |          |            |  |  |            |  |  |            |       |  |            |  |         |              |  |  |            |  |  |          |   |  |           |  |      |            |  |  |            |  |  |            |         
|TOTAL   |  |            | 0.000 |  |            |  | 2297.600 |            |  |  | 197.133    |  |  |            | 0.000 |  |            |  | 920.534 |              |  |  | 78.983     |  |  |          | 0 |  |           |  | 3.14 |            |  |  | 42.84      |  |  |            | 6273.659



|                     |  | OIL |        |  | GAS | 
|-------------------- |  | --- | ------ |  | --- | 
|GROSS WELLS          |  |     | 0      |  |     | 
|GROSS ULT., MB & MMF |  |     | 0      |  |     | 
|GROSS CUM., MB & MMF |  |     | 0      |  |     | 
|GROSS RES., MB & MMF |  |     | 0      |  |     | 
|NET RES., MB & MMF   |  |     | 0      |  |     | 
|NET REVENUE, M$      |  |     | 0      |  |     | 
|INITIAL PRICE, $     |  |     | 0      |  |     | 
|INITIAL N.I., PCT.   |  |     | 40.065 |  |     | 



|                          |  |  |       |  | P.W. % |  |     | P.W., M$ | 
|------------------------- |  |  | ----- |  | ------ |  | --- | -------- | 
|LIFE, YRS.                |  |  | 43.42 |  |        |  | 5   |          | 
|DISCOUNT %                |  |  | 10    |  |        |  | 10  |          | 
|UNDISCOUNTED PAYOUT, YRS. |  |  | 6.13  |  |        |  | 15  |          | 
|DISCOUNTED PAYOUT, YRS.   |  |  | 7.39  |  |        |  | 20  |          | 
|UNDISCOUNTED NET/INVEST.  |  |  | 2.18  |  |        |  | 25  |          | 
|DISCOUNTED NET/INVEST.    |  |  | 1.35  |  |        |  | 30  |          | 
|RATE-OF-RETURN, PCT.      |  |  | 21.66 |  |        |  | 40  |          | 
|INITIAL W.I., PCT.        |  |  | 49.78 |  |        |  | 60  |          | 
|                          |  |  |       |  |        |  | 80  |          | 
|                          |  |  |       |  |        |  | 100 |          |