---





February 17, 2015

Mr. David Matheson Chief Financial Officer, CFO Dejour
Energy (USA) Corp. 598, 999 Canada Place Vancouver, BC V6C 3E1
Canada

|Subject: | Reserve Estimate and Financial
      Forecast as to Dejours Interests in the Kokopelli Field Area, Garfield
      County, Colorado.
|-------- | ------------------------------------------------------------------------------------------------------------------------------------
|

Dear David:

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. Reserves
have been estimated based on analysis of analogous well production data.
Estimates and projections have been made as of January 1, 2015. Reserves have
been estimated in accordance with the US Securities and Exchange Commissions
(SEC) definitions and guidelines, and the report was prepared for the purpose of
inclusion as an exhibit in a filing made with the SEC. This report was completed
on February 17, 2015.

In general, Proved Developed Producing (PDP) reserves have been
assigned to the four Kokopelli Federal wells, Proved Developed Non-Producing
reserves were assigned to eight locations, and Proved Undeveloped (PUD) reserves
have been assigned to 131 well locations. 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 in Table 1 below.

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

---

Mr. David Matheson February 17, 2015 Page 2

**Table 1 Summary of Net Reserves and Projected Before Tax
Cash Flow**

Reserves Category
    Net GasReserves,MMcf
    NetCondensate**Reserves(MBO)**
    Net NGLReserves**(MBO)**
    Before Tax
    Net Present Value,thousands of US$ Discounted at0%
    10%
    15%Proved Developed Producing
    136.1
    0.9
    7.9
    $773
    $447
    $376Proved Developed Non-Producing
    1,737.4
    11.8
    100.8
    $9,834
    $4,990
    $4,090Proved Undeveloped
    28,449.3
    193.7
    1,650.2
    $135,079
    $46,965
    $32,135Total Proved
    30,322.8
    206.5
    1,758.9
    $145,686
    $52,402
$36,601


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

Location of
      Reserves
    
    
    
    
    
    ProportionofGas
    Condensate
    NGL
    OilEquivalent
    OilEquiv.Country
    Area
    (MMCF)
    (MBBL)
    (MBBL)
    (MBOE)
    ReservesUnited States
    Colorado
    30,323
    207
    1,758
    7,019
    95%Total Company
    
    
    
    
    7,417
    100%


Gustavson Associates has performed an evaluation of the
reserves associated with both developed and undeveloped locations located in the
Kokopelli Field Project Area, Garfield County, Colorado. Proved Developed
Producing (PDP) Reserves have been assigned to the Federal 6/7-16-21, Federal
6/7-14-21, Federal 6/7-15-21, and Federal 6/7-13-21 wells, which began producing
in July and August of 2013. Proved Developed Non-Producing reserves were
assigned to eight wells which as of the effective date were waiting on
completion. Proved Undeveloped reserves have been assigned to locations within
the area delineated by successful wells and logged net pay, comprising of 131
locations. The 131 PUD locations, eight PDNP locations, and the four PDP
locations are displayed in Figure 1.

---

Mr. David Matheson February 17, 2015 Page 3



Figure 1 Map of Dejour PDP, PDNP, PUD, and Offset Well
Locations

Dejour expects 18 wells to come on line in 2015 (eight PDNP and
ten PUD). For the remainder of the drilling program, they expect 50 wells
drilled per year for 2016 and 2017, and 21 in 2018. Although Coachman Energy is
now the operator of this property, and plans a more conservative drilling
schedule than Dejour, the Joint Operating Agreement (JOA) which has been signed
by the Parties grants Dejour USA the right to nominate independent operations
and continue drilling. The reserves and economic projections in this Report are
based on the assumption that all wells are drilled according to Dejours
schedule and that Coachman elects to participate.

The type curve utilized for the undeveloped locations was the
same as that determined in the Dejour 2012 and 2013 Year End Reserve Report. No
additional wells, other than the Dejour PDNP wells, have been drilled since the
2013 Report. The average EUR was based on the average composite performance of
the total well production from each well. When the economic parameters were
considered, this EUR was found to be approximately 1.15 BCF. This average
reserve per well is dry gas after a shrinkage of 5% is deducted. The Proved
Undeveloped location type curve can be found in Figure 2 below. The estimated
net reserves volumes and associated net cash flow estimates are summarized in
Table 1 above.

---

Mr. David Matheson February 17, 2015Page 4



Figure 2 Composite Type Curve,
Kokopelli Area

Oil and Gas Pricing

In order to determine the flat pricing in accordance with SEC
guidelines, the Dejours revenue statements were analyzed. A differential was
calculated based on the price that Dejour was paid versus the West Texas
Intermediate (WTI) and Henry Hub (HH) spot prices averaged for that given month.
These differentials were then applied to the WTI and HH spot prices for the
first day of each month in 2014 in order to estimate prices for Dejours
products on the first day of the month, per SEC guidelines. These values were
averaged and applied in the cash flows presented herein.

The oil prices were determined to be 11% lower than WTI prices.
Gas prices were determined to be 9% higher than Henry Hub prices. NGLs were
found to be sold at 82% the price of Dejours paid price for oil. The utilized
flat hydrocarbon pricing can be found in the table below.

---

Mr. David Matheson February 17, 2015 Page 5

Flat Pricing For Effective date of January 1,
      2015Oil, Gas & NGL Pricing Includes
      Differentials2014 Avg
      WTI
    2014
      Avg. HH
    Piceance Oil, $/B
    Piceance Gas,
      **$/MCF**
    Piceance NGL, $/B94.56
    4.55
    84.16
    4.98
    69.01


Expenses

The drilling and completion costs utilized for the undeveloped
locations is $1.53 million per well. Operating expenses for all locations was
estimated at $2,500 per well. This is based on information provided by Dejour
and is consistent with our experience with similar wells in the area. Severance
tax and conservation taxes are deducted at the rate of 1.07% of revenue. County
ad valorem tax was estimated at approximately 3.35% of revenue after discussion
with Garfield County personnel. NGL yield of 55 Bbl/MMCF and condensate/gas
ratio of 6.5 Bbl/MMCF were based on actual 2013 sales. Contractual gas
transportation, gathering, and processing fees of $0.71/MCF were deducted as
operating costs.

Capital and operating costs were held flat. Abandonment costs
of $15,000 per well was assumed. Dejours interests in the PDNP and PUD
properties are reported to be 25.0% working interest with a 20.0% royalty burden
for net revenue interest of 20.0% . Dejour maintains a 7.25% working interest
and 5.80% net revenue interest in the four Kokopelli PDP properties.

Detailed cash flow projections by category are shown in Table
2, Table 3, and Table 4 below.

Note that the NGL volumes shown in these tables
  represent total NGL sales as expected based on the revenue statements provided
  by the Client.1

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.

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.

_______________________________________1 In some
previous reports, ethane and heavier NGLs were reported separately. Here they
are reported together.

---

Mr. David Matheson February 17, 2015 Page 6



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,

Letha C. Lencioni, P.E. GUSTAVSON ASSOCIATES, LLC.
Vice-President, Petroleum Engineering Registered Professional Engineer,
State of Colorado, # 29506

---

Table 2 Summary Cash Flow Forecast, Proved Developed
Producing Reserves

RESERVESANDECONOMICS

|TOTALPROVEDDEVELOPEDPRODUCING | **DATE**     | **: 01/13/2015**
|----------------------------- | ------------ | ----------------
|KOKOPELLIFIELD                | **TIME**     | **: 17:24:53**  
|GARFIELDCOUNTY,COLORADO       | **DBS**      | **: Dejour1-12**
|TOTHEINTERESTSOFDEJOURENERGY  | **SETTINGS** | **: SETDATA**   
|                              | **SCENARIO** | **: Dejourflat**

EFFDATE :01/2015PWDATE
:01/2015

|--END-- MO-YEAR | GROSS OIL
      PRODUCTION---MBBLS--- | GROSS GAS
      PRODUCTION---MMCF--- | GROSS
      NGLPRODUCTION---MBBLS--- | NET
      OILPRODUCTION ---MBBLS-- | NET
      GASPRODUCTION----MMCF--- | **NET
      NGLRPODUCTION---MBBLS--** | NET OIL
      REVENUE ---M$--- | NET GAS
      REVENUE ---M$--- | NET NGL
      REVENUE ---M$--- | TOTAL
      REVENUE ----M$---
|--------------- | ------------------------------------- | ------------------------------------ | ------------------------------------ | ---------------------------------- | ---------------------------------- | ------------------------------------- | ------------------------------ | ------------------------------ | ------------------------------ | -----------------------------
|                |                                       |                                      |                                      |                                    |                                    |                                       |                                |                                |                                |                              
|12-2015         | 1.818                                 | 281.560                              | 15.486                               | 0.105                              | 15.485                             | 0.898                                 | 8.875                          | 77.113                         | 61.983                         | 147.971                      
|12-2016         | 1.351                                 | 209.223                              | 11.507                               | 0.078                              | 11.506                             | 0.667                                 | 6.595                          | 57.302                         | 46.059                         | 109.955                      
|12-2017         | 1.097                                 | 169.933                              | 9.346                                | 0.064                              | 9.346                              | 0.542                                 | 5.356                          | 46.541                         | 37.409                         | 89.306                       
|12-2018         | 0.935                                 | 144.729                              | 7.960                                | 0.054                              | 7.959                              | 0.462                                 | 4.562                          | 39.638                         | 31.861                         | 76.061                       
|12-2019         | 0.820                                 | 126.978                              | 6.984                                | 0.048                              | 6.983                              | 0.405                                 | 4.002                          | 34.776                         | 27.953                         | 66.732                       
|                |                                       |                                      |                                      |                                    |                                    |                                       |                                |                                |                                |                              
|12-2020         | 0.734                                 | 113.696                              | 6.253                                | 0.043                              | 6.253                              | 0.363                                 | 3.584                          | 31.139                         | 25.029                         | 59.752                       
|12-2021         | 0.667                                 | 103.328                              | 5.683                                | 0.039                              | 5.683                              | 0.330                                 | 3.257                          | 28.299                         | 22.747                         | 54.303                       
|12-2022         | 0.613                                 | 94.975                               | 5.224                                | 0.036                              | 5.223                              | 0.303                                 | 2.994                          | 26.012                         | 20.908                         | 49.913                       
|12-2023         | 0.569                                 | 88.080                               | 4.844                                | 0.033                              | 4.844                              | 0.281                                 | 2.776                          | 24.123                         | 19.390                         | 46.289                       
|12-2024         | 0.531                                 | 82.276                               | 4.525                                | 0.031                              | 4.525                              | 0.262                                 | 2.593                          | 22.534                         | 18.112                         | 43.239                       
|                |                                       |                                      |                                      |                                    |                                    |                                       |                                |                                |                                |                              
|12-2025         | 0.499                                 | 77.313                               | 4.252                                | 0.029                              | 4.252                              | 0.247                                 | 2.437                          | 21.174                         | 17.020                         | 40.631                       
|12-2026         | 0.471                                 | 73.013                               | 4.016                                | 0.027                              | 4.015                              | 0.233                                 | 2.301                          | 19.997                         | 16.073                         | 38.371                       
|12-2027         | 0.447                                 | 69.238                               | 3.808                                | 0.026                              | 3.808                              | 0.221                                 | 2.182                          | 18.963                         | 15.242                         | 36.387                       
|12-2028         | 0.425                                 | 65.773                               | 3.617                                | 0.025                              | 3.617                              | 0.210                                 | 2.073                          | 18.014                         | 14.479                         | 34.566                       
|12-2029         | 0.403                                 | 62.484                               | 3.437                                | 0.023                              | 3.436                              | 0.199                                 | 1.969                          | 17.113                         | 13.755                         | 32.838                       
|                |                                       |                                      |                                      |                                    |                                    |                                       |                                |                                |                                |                              
|S TOT           | 11.381                                | 1762.597                             | 96.943                               | 0.660                              | 96.935                             | 5.623                                 | 55.556                         | 482.737                        | 388.022                        | 926.315                      
|                |                                       |                                      |                                      |                                    |                                    |                                       |                                |                                |                                |                              
|AFTER           | 4.602                                 | 712.633                              | 39.195                               | 0.267                              | 39.192                             | 2.273                                 | 22.462                         | 195.175                        | 156.880                        | 374.517                      
|                |                                       |                                      |                                      |                                    |                                    |                                       |                                |                                |                                |                              
|TOTAL           | 15.983                                | 2475.230                             | 136.138                              | 0.927                              | 136.127                            | 7.896                                 | 78.018                         | 677.912                        | 544.902                        | 1300.832                     

|--END--
      MO-YEAR------- | NET
      OILPRICE ---M$--- | NET
      GASPRICE ---M$--- | SEVERANCE
      TAXES -----M$---- | AD VALOREM
      TAXES -----M$---- | NET OPER
      EXPENSES ----M$---- | **OPERATINGCASH
      FLOW ----M$----** | EQUITY
      **INVESTMENT----M$----** | UNDISC NET
      CASH FLOW -----M$---- | DISC NET
      CASH FLOW -----M$----
|---------------------------- | --------------------------- | --------------------------- | --------------------------------- | ---------------------------------- | ---------------------------------- | --------------------------------------- | ------------------------------------- | -------------------------------------- | ------------------------------------
|                             |                             |                             |                                   |                                    |                                    |                                         |                                       |                                        |                                     
|12-2015                      | 84.16                       | 4.98                        | 1.583                             | 4.904                              | 22.794                             | 118.690                                 | 0.000                                 | 118.690                                | 113.166                             
|12-2016                      | 84.16                       | 4.98                        | 1.177                             | 3.644                              | 19.444                             | 85.690                                  | 0.000                                 | 85.690                                 | 74.275                              
|12-2017                      | 84.16                       | 4.98                        | 0.956                             | 2.960                              | 17.711                             | 67.680                                  | 0.000                                 | 67.680                                 | 53.331                              
|12-2018                      | 84.16                       | 4.98                        | 0.814                             | 2.521                              | 16.670                             | 56.057                                  | 0.000                                 | 56.057                                 | 40.156                              
|12-2019                      | 84.16                       | 4.98                        | 0.714                             | 2.212                              | 15.995                             | 47.811                                  | 0.000                                 | 47.811                                 | 31.136                              
|                             |                             |                             |                                   |                                    |                                    |                                         |                                       |                                        |                                     
|12-2020                      | 84.16                       | 4.98                        | 0.639                             | 1.980                              | 15.543                             | 41.589                                  | 0.000                                 | 41.589                                 | 24.622                              
|12-2021                      | 84.16                       | 4.98                        | 0.581                             | 1.800                              | 15.237                             | 36.686                                  | 0.000                                 | 36.686                                 | 19.744                              
|12-2022                      | 84.16                       | 4.98                        | 0.534                             | 1.654                              | 15.033                             | 32.692                                  | 0.000                                 | 32.692                                 | 15.995                              
|12-2023                      | 84.16                       | 4.98                        | 0.495                             | 1.534                              | 14.904                             | 29.356                                  | 0.000                                 | 29.356                                 | 13.057                              
|12-2024                      | 84.16                       | 4.98                        | 0.463                             | 1.433                              | 14.833                             | 26.510                                  | 0.000                                 | 26.510                                 | 10.720                              
|                             |                             |                             |                                   |                                    |                                    |                                         |                                       |                                        |                                     
|12-2025                      | 84.16                       | 4.98                        | 0.435                             | 1.347                              | 14.807                             | 24.042                                  | 0.000                                 | 24.042                                 | 8.838                               
|12-2026                      | 84.16                       | 4.98                        | 0.411                             | 1.272                              | 14.597                             | 22.091                                  | 0.000                                 | 22.091                                 | 7.383                               
|12-2027                      | 84.16                       | 4.98                        | 0.389                             | 1.206                              | 14.413                             | 20.379                                  | 0.000                                 | 20.379                                 | 6.191                               
|12-2028                      | 84.16                       | 4.98                        | 0.370                             | 1.146                              | 14.244                             | 18.807                                  | 0.000                                 | 18.807                                 | 5.194                               
|12-2029                      | 84.16                       | 4.98                        | 0.351                             | 1.088                              | 14.083                             | 17.315                                  | 0.000                                 | 17.315                                 | 4.347                               
|                             |                             |                             |                                   |                                    |                                    |                                         |                                       |                                        |                                     
|S TOT                        | 84.16                       | 4.98                        | 9.912                             | 30.700                             | 240.310                            | 645.394                                 | 0.000                                 | 645.394                                | 428.156                             
|                             |                             |                             |                                   |                                    |                                    |                                         |                                       |                                        |                                     
|AFTER                        | 84.16                       | 4.98                        | 4.007                             | 12.412                             | 226.263                            | 131.834                                 | 4.350                                 | 127.484                                | 19.167                              
|                             |                             |                             |                                   |                                    |                                    |                                         |                                       |                                        |                                     
|TOTAL                        | 84.16                       | 4.98                        | 13.919                            | 43.112                             | 466.573                            | 777.228                                 | 4.350                                 | 772.878                                | 447.323                             

|                           | OIL       | GAS       |  |                                 |         | P.W. % | P.W., M$
|-------------------------- | --------- | --------- |  | ------------------------------- | ------- | ------ | --------
|                           | --------- | --------- |  |                                 |         | ------ | --------
|GROSS WELLS                | 0.0       | 4.0       |  | LIFE, YRS.                      | 39.33   | 5.00   | 562.113 
|GROSS ULT., MB &
      MMF | 20.854    | 3369.340  |  | DISCOUNT %                      | 10.00   | 9.00   | 465.777 
|GROSS CUM.,
      MB & MMF | 4.871     | 894.109   |  | UNDISCOUNTED
      PAYOUT, YRS. | 0.00    | 10.00  | 447.323 
|GROSS RES., MB &
      MMF | 15.983    | 2475.230  |  | DISCOUNTED PAYOUT, YRS.         | 0.00    | 15.00  | 376.174 
|NET RES., MB
      & MMF   | 0.927     | 136.127   |  | UNDISCOUNTED
      NET/INVEST.  | 178.67  | 20.00  | 327.775 
|NET REVENUE, M$            | 78.018    | 677.912   |  | DISCOUNTED NET/INVEST.          | 2055.59 | 25.00  | 292.579 
|INITIAL
      PRICE, $     | 84.160    | 4.980     |  | RATE-OF-RETURN, PCT.            | 90.00   | 35.00  | 244.424 
|INITIAL N.I., PCT.         | 5.800     | 5.800     |  | INITIAL W.I., PCT.              | 7.250   | 50.00  | 200.428 
|                           |           |           |  |                                 |         |        | 70.00   
|                           |           |           |  |                                 |         |        | 90.00   

---

Table 3 Summary Cash Flow Forecast, Proved Developed
Non-Producing Reserves

|TOTAL PROVED DEVELOPED NON-PRODUCING | DATE                   | : 01/13/2015
|------------------------------------ | ---------------------- | ------------
|KOKOPELLI FIELD                      | TIME                   | : 17:24:55  
|GARFIELD COUNTY, COLORADO            | DBS                    | : Dejour1-12
|TO THE INTERESTS OF DEJOUR ENERGY    | SETTINGS : SETDATA    
|                                     | SCENARIO : Dejour flat

R E S E R V E S A N D E C O N O M I C S

EFF DATE :      01/2015 PW DATE
:      01/2015

|--END-- MO-YEAR | GROSS OIL
      PRODUCTION---MBBLS--- | GROSS GAS
      PRODUCTION----MMCF--- | GROSS
      NGLPRODUCTION---MBBLS--- | NET
      OILPRODUCTION---MBBLS-- | NET
      GASPRODUCTION----MMCF--- | **NET
      NGLPRODUCTION--------MBBLS----** | NET OIL
      REVENUE ---M$--- | NET GAS
      REVENUE ---M$--- | NET NGL
      REVENUE ---M$--- | TOTAL
      REVENUE ----M$---
|--------------- | ------------------------------------- | ------------------------------------- | ------------------------------------ | --------------------------------- | ---------------------------------- | -------------------------------------------- | ------------------------------ | ------------------------------ | ------------------------------ | -----------------------------
|                |                                       |                                       |                                      |                                   |                                    |                                              |                                |                                |                                |                              
|12-2015         | 10.324                                | 1598.792                              | 87.934                               | 2.065                             | 303.195                            | 17.587                                       | 173.769                        | 1509.911                       | 1213.658                       | 2897.338                     
|12-2016         | 5.611                                 | 868.888                               | 47.789                               | 1.122                             | 164.776                            | 9.558                                        | 94.437                         | 820.585                        | 659.582                        | 1574.604                     
|12-2017         | 3.832                                 | 593.446                               | 32.640                               | 0.766                             | 112.541                            | 6.528                                        | 64.500                         | 560.455                        | 450.491                        | 1075.447                     
|12-2018         | 3.000                                 | 464.584                               | 25.552                               | 0.600                             | 88.104                             | 5.110                                        | 50.495                         | 438.757                        | 352.671                        | 841.922                      
|12-2019         | 2.502                                 | 387.519                               | 21.314                               | 0.500                             | 73.489                             | 4.263                                        | 42.119                         | 365.976                        | 294.170                        | 702.264                      
|                |                                       |                                       |                                      |                                   |                                    |                                              |                                |                                |                                |                              
|12-2020         | 2.166                                 | 335.447                               | 18.450                               | 0.433                             | 63.614                             | 3.690                                        | 36.459                         | 316.799                        | 254.641                        | 607.899                      
|12-2021         | 1.921                                 | 297.547                               | 16.365                               | 0.384                             | 56.427                             | 3.273                                        | 32.340                         | 281.005                        | 225.871                        | 539.216                      
|12-2022         | 1.734                                 | 268.538                               | 14.770                               | 0.347                             | 50.926                             | 2.954                                        | 29.187                         | 253.609                        | 203.850                        | 486.645                      
|12-2023         | 1.585                                 | 245.510                               | 13.503                               | 0.317                             | 46.559                             | 2.701                                        | 26.684                         | 231.862                        | 186.369                        | 444.915                      
|12-2024         | 1.464                                 | 226.719                               | 12.470                               | 0.293                             | 42.995                             | 2.494                                        | 24.642                         | 214.116                        | 172.105                        | 410.862                      
|                |                                       |                                       |                                      |                                   |                                    |                                              |                                |                                |                                |                              
|12-2025         | 1.363                                 | 211.049                               | 11.608                               | 0.273                             | 40.023                             | 2.322                                        | 22.938                         | 199.317                        | 160.210                        | 382.464                      
|12-2026         | 1.277                                 | 197.751                               | 10.876                               | 0.255                             | 37.502                             | 2.175                                        | 21.493                         | 186.758                        | 150.115                        | 358.365                      
|12-2027         | 1.203                                 | 186.302                               | 10.247                               | 0.241                             | 35.330                             | 2.049                                        | 20.249                         | 175.945                        | 141.424                        | 337.618                      
|12-2028         | 1.139                                 | 176.338                               | 9.699                                | 0.228                             | 33.441                             | 1.940                                        | 19.166                         | 166.535                        | 133.860                        | 319.561                      
|12-2029         | 1.094                                 | 169.458                               | 9.320                                | 0.219                             | 32.136                             | 1.864                                        | 18.418                         | 160.037                        | 128.637                        | 307.092                      
|                |                                       |                                       |                                      |                                   |                                    |                                              |                                |                                |                                |                              
|S TOT           | 40.215                                | 6227.889                              | 342.534                              | 8.043                             | 1181.058                           | 68.507                                       | 676.894                        | 5881.667                       | 4727.651                       | 11286.212                    
|                |                                       |                                       |                                      |                                   |                                    |                                              |                                |                                |                                |                              
|AFTER           | 18.942                                | 2933.473                              | 161.341                              | 3.788                             | 556.304                            | 32.268                                       | 318.832                        | 2770.396                       | 2226.828                       | 5316.057                     
|                |                                       |                                       |                                      |                                   |                                    |                                              |                                |                                |                                |                              
|TOTAL           | 59.157                                | 9161.362                              | 503.875                              | 11.831                            | 1737.362                           | 100.775                                      | 995.726                        | 8652.063                       | 6954.480                       | 16602.268                    

|--END-- MO-YEAR ------- | **NET
      OILPRICE---M$---** **** | **NET
      GASPRICE---M$---** **** | **NET NGL---M$---** | SEVERANCE TAXES
      -----M$---- | AD VALOREM TAXES
      -----M$---- | NET OPER EXPENSES
      ----M$---- | OPERATINGCASH FLOW----M$---- | EQUITY
      **INVESTMENT----M$----** | UNDISC NET CASH FLOW
      -----M$---- | DISC NET CASH FLOW
      -----M$----
|----------------------- | ----------------------------------- | ----------------------------------- | ------------------- | --------------------------------- | ---------------------------------- | ---------------------------------- | ---------------------------- | ------------------------------------- | -------------------------------------- | ------------------------------------
|                        |                                     |                                     |                     |                                   |                                    |                                    |                              |                                       |                                        |                                     
|12-2015                 | 84.16                               | 4.98                                | 69.01               | 31.002                            | 96.022                             | 321.106                            | 2449.210                     | 1500.000                              | 949.209                                | 816.755                             
|12-2016                 | 84.16                               | 4.98                                | 69.01               | 16.848                            | 52.185                             | 209.911                            | 1295.660                     | 0.000                                 | 1295.660                               | 1123.057                            
|12-2017                 | 84.16                               | 4.98                                | 69.01               | 11.507                            | 35.642                             | 164.826                            | 863.471                      | 0.000                                 | 863.471                                | 680.403                             
|12-2018                 | 84.16                               | 4.98                                | 69.01               | 9.009                             | 27.903                             | 144.437                            | 660.574                      | 0.000                                 | 660.574                                | 473.202                             
|12-2019                 | 84.16                               | 4.98                                | 69.01               | 7.514                             | 23.274                             | 132.791                            | 538.685                      | 0.000                                 | 538.685                                | 350.806                             
|                        |                                     |                                     |                     |                                   |                                    |                                    |                              |                                       |                                        |                                     
|12-2020                 | 84.16                               | 4.98                                | 69.01               | 6.505                             | 20.147                             | 125.379                            | 455.869                      | 0.000                                 | 455.869                                | 269.886                             
|12-2021                 | 84.16                               | 4.98                                | 69.01               | 5.770                             | 17.870                             | 120.378                            | 395.197                      | 0.000                                 | 395.197                                | 212.697                             
|12-2022                 | 84.16                               | 4.98                                | 69.01               | 5.207                             | 16.128                             | 116.902                            | 348.408                      | 0.000                                 | 348.408                                | 170.468                             
|12-2023                 | 84.16                               | 4.98                                | 69.01               | 4.761                             | 14.745                             | 114.460                            | 310.949                      | 0.000                                 | 310.949                                | 138.309                             
|12-2024                 | 84.16                               | 4.98                                | 69.01               | 4.396                             | 13.617                             | 112.761                            | 280.089                      | 0.000                                 | 280.089                                | 113.257                             
|                        |                                     |                                     |                     |                                   |                                    |                                    |                              |                                       |                                        |                                     
|12-2025                 | 84.16                               | 4.98                                | 69.01               | 4.092                             | 12.675                             | 111.615                            | 254.081                      | 0.000                                 | 254.081                                | 93.401                              
|12-2026                 | 84.16                               | 4.98                                | 69.01               | 3.835                             | 11.877                             | 109.377                            | 233.277                      | 0.000                                 | 233.277                                | 77.957                              
|12-2027                 | 84.16                               | 4.98                                | 69.01               | 3.613                             | 11.189                             | 107.450                            | 215.366                      | 0.000                                 | 215.366                                | 65.429                              
|12-2028                 | 84.16                               | 4.98                                | 69.01               | 3.419                             | 10.591                             | 105.773                            | 199.778                      | 0.000                                 | 199.778                                | 55.175                              
|12-2029                 | 84.16                               | 4.98                                | 69.01               | 3.286                             | 10.178                             | 104.615                            | 189.014                      | 0.000                                 | 189.014                                | 47.457                              
|                        |                                     |                                     |                     |                                   |                                    |                                    |                              |                                       |                                        |                                     
|S TOT                   | 84.16                               | 4.98                                | 69.01               | 120.762                           | 374.043                            | 2101.782                           | 8689.627                     | 1500.000                              | 7189.627                               | 4688.261                            
|                        |                                     |                                     |                     |                                   |                                    |                                    |                              |                                       |                                        |                                     
|AFTER                   | 84.16                               | 4.98                                | 69.01               | 56.882                            | 176.182                            | 2408.765                           | 2674.228                     | 30.000                                | 2644.228                               | 301.339                             
|                        |                                     |                                     |                     |                                   |                                    |                                    |                              |                                       |                                        |                                     
|TOTAL                   | 84.16                               | 4.98                                | 69.01               | 177.644                           | 550.225                            | 4510.547                           | 11363.855                    | 1530.000                              | 9833.855                               | 4989.600                            

|                           | OIL       | GAS       |  |                                 |        | P.W. % | P.W., M$
|-------------------------- | --------- | --------- |  | ------------------------------- | ------ | ------ | --------
|                           | --------- | --------- |  |                                 |        | ------ | --------
|GROSS WELLS                | 0.0       | 8.0       |  | LIFE, YRS.                      | 40.17  | 5.00   | 6531.031
|GROSS ULT., MB &
      MMF | 59.157    | 9161.361  |  | DISCOUNT %                      | 10.00  | 9.00   | 5228.272
|GROSS CUM.,
      MB & MMF | 0.000     | 0.000     |  | UNDISCOUNTED
      PAYOUT, YRS. | 0.61   | 10.00  | 4989.601
|GROSS RES., MB &
      MMF | 59.157    | 9161.361  |  | DISCOUNTED PAYOUT, YRS.         | 0.65   | 15.00  | 4089.732
|NET RES., MB
      & MMF   | 11.831    | 1737.362  |  | UNDISCOUNTED
      NET/INVEST.  | 7.43   | 20.00  | 3484.615
|NET REVENUE, M$            | 995.726   | 8652.065  |  | DISCOUNTED NET/INVEST.          | 4.32   | 25.00  | 3040.378
|INITIAL
      PRICE, $     | 84.160    | 4.980     |  | RATE-OF-RETURN, PCT.            | 90.00  | 35.00  | 2416.311
|INITIAL N.I., PCT.         | 20.000    | 20.000    |  | INITIAL W.I., PCT.              | 25.000 | 50.00  | 1817.933
|                           |           |           |  |                                 |        |        | 70.00   
|                           |           |           |  |                                 |        |        | 90.00   

---

Table 4 Summary Cash Flow Forecast, Proved Undeveloped
Reserves

|TOTAL PROVED UNDEVELOPED          | DATE     | : 01/13/2015     
|--------------------------------- | -------- | -----------------
|KOKOPELLI FIELD                   | TIME     | : 17:25:21       
|GARFIELD COUNTY, COLORADO         | DBS      | : Dejour1-12     
|TO THE INTERESTS OF DEJOUR ENERGY | SETTINGS | **: SETDATA**    
|                                  | SCENARIO | **: Dejour flat**

R E S E R V E S A N D E C O N O M I C S

EFF DATE:      01/2015 PW
DATE  :     01/2015

|--END--
      MO-YEAR | GROSS OIL PRODUCTION---MBBLS--- | GROSS GAS PRODUCTION----MMCF--- | GROSS NGLPRODUCTION---MBBLS--- | **NET OILPRODUCTION---MBBLS--** | NET GAS**PRODUCTION----MMCF----** | **NET NGL**
      **PRODUCTION---MBBLS---** | NET OIL REVENUE ---M$--- | NET GAS REVENUE ---M$--- | NET NGLREVENUE ---M$--- | TOTAL REVENUE----M$---
|--------------------- | ------------------------------- | ------------------------------- | ------------------------------ | ------------------------------- | --------------------------------- | ------------------------------------------- | ------------------------ | ------------------------ | ----------------------- | ----------------------
|
|                      |                                 |                                 |                                |                                 |                                   |                                             |                          |                          |                         |                       
|12-2015               | 7.107                           | 1100.595                        | 60.533                         | 1.421                           | 208.717                           | 12.107                                      | 119.621                  | 1039.411                 | 835.472                 | 1994.504              
|12-2016               | 50.897                          | 7882.173                        | 433.520                        | 10.179                          | 1494.777                          | 86.704                                      | 856.694                  | 7443.986                 | 5983.433                | 14284.113             
|12-2017               | 93.482                          | 14477.158                       | 796.243                        | 18.696                          | 2745.452                          | 159.249                                     | 1573.487                 | 13672.347                | 10989.758               | 26235.586             
|12-2018               | 103.700                         | 16059.593                       | 883.278                        | 20.740                          | 3045.545                          | 176.656                                     | 1745.478                 | 15166.811                | 12190.998               | 29103.293             
|12-2019               | 66.600                          | 10314.058                       | 567.273                        | 13.320                          | 1955.959                          | 113.455                                     | 1121.009                 | 9740.679                 | 7829.499                | 18691.197             
|                      |                                 |                                 |                                |                                 |                                   |                                             |                          |                          |                         |                       
|12-2020               | 50.354                          | 7798.125                        | 428.897                        | 10.071                          | 1478.838                          | 85.779                                      | 847.559                  | 7364.614                 | 5919.633                | 14131.805             
|12-2021               | 41.508                          | 6428.142                        | 353.548                        | 8.302                           | 1219.034                          | 70.709                                      | 698.659                  | 6070.786                 | 4879.663                | 11649.107             
|12-2022               | 35.736                          | 5534.318                        | 304.388                        | 7.147                           | 1049.529                          | 60.878                                      | 601.512                  | 5226.656                 | 4201.158                | 10029.321             
|12-2023               | 31.607                          | 4894.853                        | 269.217                        | 6.321                           | 928.261                           | 53.843                                      | 532.010                  | 4622.738                 | 3715.732                | 8870.479              
|12-2024               | 28.477                          | 4410.133                        | 242.557                        | 5.695                           | 836.338                           | 48.511                                      | 479.326                  | 4164.967                 | 3347.774                | 7992.063              
|                      |                                 |                                 |                                |                                 |                                   |                                             |                          |                          |                         |                       
|12-2025               | 26.007                          | 4027.657                        | 221.521                        | 5.201                           | 763.806                           | 44.304                                      | 437.757                  | 3803.754                 | 3057.435                | 7298.943              
|12-2026               | 24.000                          | 3716.773                        | 204.423                        | 4.800                           | 704.849                           | 40.885                                      | 403.967                  | 3510.154                 | 2821.440                | 6735.560              
|12-2027               | 22.330                          | 3458.222                        | 190.202                        | 4.466                           | 655.818                           | 38.040                                      | 375.866                  | 3265.974                 | 2625.171                | 6267.008              
|12-2028               | 20.916                          | 3239.228                        | 178.158                        | 4.183                           | 614.288                           | 35.632                                      | 352.064                  | 3059.155                 | 2458.932                | 5870.149              
|12-2029               | 19.707                          | 3051.928                        | 167.856                        | 3.941                           | 578.768                           | 33.571                                      | 331.707                  | 2882.267                 | 2316.750                | 5530.725              
|                      |                                 |                                 |                                |                                 |                                   |                                             |                          |                          |                         |                       
|S TOT                 | 622.428                         | 96392.969                       | 5301.611                       | 124.486                         | 18279.979                         | 1060.323                                    | 10476.715                | 91034.289                | 73172.844               | 174683.844            
|                      |                                 |                                 |                                |                                 |                                   |                                             |                          |                          |                         |                       
|AFTER                 | 346.263                         | 53624.324                       | 2949.338                       | 69.253                          | 10169.327                         | 589.868                                     | 5828.298                 | 50643.254                | 40706.770               | 97178.320             
|                      |                                 |                                 |                                |                                 |                                   |                                             |                          |                          |                         |                       
|TOTAL                 | 968.691                         | 150017.297                      | 8250.949                       | 193.738                         | 28449.305                         | 1650.190                                    | 16305.014                | 141677.531               | 113879.609              | 271862.156            

|--END-- MO-YEAR | NET OILPRICE | NET GASPRICE | NET NGLPRICE | SEVERANCE
      TAXES -----M$---- | AD VALOREM
      TAXES -----M$---- | NET OPER
      EXPENSES ----M$---- | **OPERATINGCASH
      FLOW ----M$----** | EQUITY
      **INVESTMENT----M$----** | UNDISC NET
      CASH FLOW -----M$---- | DISC NET
      CASH FLOW -----M$----
|--------------- | ------------ | ------------ | ------------ | --------------------------------- | ---------------------------------- | ---------------------------------- | --------------------------------------- | ------------------------------------- | -------------------------------------- | ------------------------------------
|                |              |              |              |                                   |                                    |                                    |                                         |                                       |                                        |                                     
|12-2015         | 84.16        | 4.98         | 69.01        | 21.341                            | 66.101                             | 214.498                            | 1692.564                                | 5355.000                              | -3662.436                              | -3450.662                           
|12-2016         | 84.16        | 4.98         | 69.01        | 152.840                           | 473.398                            | 1589.927                           | 12067.955                               | 19125.000                             | -7057.045                              | -6199.698                           
|12-2017         | 84.16        | 4.98         | 69.01        | 280.721                           | 869.489                            | 3111.077                           | 21974.305                               | 19125.000                             | 2849.305                               | 2169.974                            
|12-2018         | 84.16        | 4.98         | 69.01        | 311.405                           | 964.528                            | 3744.206                           | 24083.162                               | 6502.500                              | 17580.662                              | 12423.097                           
|12-2019         | 84.16        | 4.98         | 69.01        | 199.996                           | 619.455                            | 2842.368                           | 15029.364                               | 0.000                                 | 15029.364                              | 9787.539                            
|                |              |              |              |                                   |                                    |                                    |                                         |                                       |                                        |                                     
|12-2020         | 84.16        | 4.98         | 69.01        | 151.210                           | 468.350                            | 2441.051                           | 11071.193                               | 0.000                                 | 11071.193                              | 6554.428                            
|12-2021         | 84.16        | 4.98         | 69.01        | 124.645                           | 386.069                            | 2233.048                           | 8905.350                                | 0.000                                 | 8905.350                               | 4792.901                            
|12-2022         | 84.16        | 4.98         | 69.01        | 107.314                           | 332.387                            | 2105.636                           | 7483.988                                | 0.000                                 | 7483.988                               | 3661.743                            
|12-2023         | 84.16        | 4.98         | 69.01        | 94.914                            | 293.982                            | 2021.494                           | 6460.093                                | 0.000                                 | 6460.093                               | 2873.430                            
|12-2024         | 84.16        | 4.98         | 69.01        | 85.515                            | 264.869                            | 1963.865                           | 5677.820                                | 0.000                                 | 5677.820                               | 2295.889                            
|                |              |              |              |                                   |                                    |                                    |                                         |                                       |                                        |                                     
|12-2025         | 84.16        | 4.98         | 69.01        | 78.099                            | 241.898                            | 1923.925                           | 5055.027                                | 0.000                                 | 5055.027                               | 1858.232                            
|12-2026         | 84.16        | 4.98         | 69.01        | 72.070                            | 223.227                            | 1871.601                           | 4568.658                                | 0.000                                 | 4568.658                               | 1526.768                            
|12-2027         | 84.16        | 4.98         | 69.01        | 67.057                            | 207.698                            | 1828.086                           | 4164.168                                | 0.000                                 | 4164.168                               | 1265.085                            
|12-2028         | 84.16        | 4.98         | 69.01        | 62.811                            | 194.546                            | 1791.227                           | 3821.566                                | 0.000                                 | 3821.566                               | 1055.455                            
|12-2029         | 84.16        | 4.98         | 69.01        | 59.179                            | 183.297                            | 1759.704                           | 3528.543                                | 0.000                                 | 3528.543                               | 885.935                             
|                |              |              |              |                                   |                                    |                                    |                                         |                                       |                                        |                                     
|S TOT           | 84.16        | 4.98         | 69.01        | 1869.118                          | 5789.294                           | 31441.715                          | 135583.750                              | 50107.500                             | 85476.258                              | 41500.121                           
|                |              |              |              |                                   |                                    |                                    |                                         |                                       |                                        |                                     
|AFTER           | 84.16        | 4.98         | 69.01        | 1039.808                          | 3220.640                           | 42823.906                          | 50093.957                               | 491.250                               | 49602.703                              | 5464.974                            
|                |              |              |              |                                   |                                    |                                    |                                         |                                       |                                        |                                     
|TOTAL           | 84.16        | 4.98         | 69.01        | 2908.926                          | 9009.934                           | 74265.625                          | 185677.703                              | 50598.754                             | 135078.953                             | 46965.094                           

|                           | OIL       | GAS        |  |                                 |        | P.W. % | P.W., M$ 
|-------------------------- | --------- | ---------- |  | ------------------------------- | ------ | ------ | ---------
|                           | --------- | ---------  |  |                                 |        | ------ | -------- 
|GROSS WELLS                | 0.0       | 131.0      |  | LIFE, YRS.                      | 43.42  | 5.00   | 74002.109
|GROSS ULT., MB &
      MMF | 968.692   | 150017.297 |  | DISCOUNT %                      | 10.00  | 9.00   | 51044.828
|GROSS CUM.,
      MB & MMF | 0.000     | 0.000      |  | UNDISCOUNTED
      PAYOUT, YRS. | 3.45   | 10.00  | 46965.062
|GROSS RES., MB &
      MMF | 968.692   | 150017.297 |  | DISCOUNTED PAYOUT, YRS.         | 3.60   | 15.00  | 32135.258
|NET RES., MB
      & MMF   | 193.738   | 28449.275  |  | UNDISCOUNTED
      NET/INVEST.  | 3.67   | 20.00  | 22871.256
|NET REVENUE, M$            | 16305.020 | 141677.781 |  | DISCOUNTED NET/INVEST.          | 2.13   | 25.00  | 16607.828
|INITIAL
      PRICE, $     | 84.160    | 4.980      |  | RATE-OF-RETURN, PCT.            | 66.07  | 35.00  | 8868.545 
|INITIAL N.I., PCT.         | 20.000    | 20.000     |  | INITIAL W.I., PCT.              | 25.000 | 50.00  | 2977.239 
|                           |           |            |  |                                 |        |        | 70.00    
|                           |           |            |  |                                 |        |        | 90.00    

---