Document:

THIS REVISED SETTLEMENT
AGREEMENT made as of December 31, 2009.

    

    Between:

    

    HODGKINSON
EQUITIES CORPORATION, a corporation duly incorporated under the laws of
the Province of British Columbia

    

    (herein
called "HEC ")

    

    -and-

    

    DEJOUR
ENTERPRISES LTD. a corporation duly
incorporated under the laws of British Columbia

    

    (herein
called (‘Dejour”)

    

    WHEREAS HEC and Dejour entered
into an Amending Agreement dated September 30, 2009 (the “Amending Agreement”)
whereby Dejour issued HEC a 14 month Demand Promissory Note (the “Note”) in the
amount of $1,350,000, at an interest rate of 12% per annum with a due date of
November 1, 2010;

    

    WHEREAS Dejour and HEC desire
to extend the due date for the Note from November 1, 2010 to January 1,
2011.

    

    WHEREAS Dejour is required to
pay a 3% fee on any outstanding balance on the Note as at December 31, 2009,
pursuant to the Amending Agreement;

    

    WHEREAS HEC and Dejour Energy
(Alberta) Ltd. (“DEAL”) entered into a Purchase and Sale Agreement (“P&S
Agreement”) dated December 31, 2009 whereby HEC purchased a 5% working interest
in DEAL’s Drake / Woodrush property for purchase price of $900,000.00, effective
June 1, 2009 and the total balance due on the purchase after taxes and
adjustments is $911,722.64, as stated in the attached interim statement of
adjustments;

    

    WHEREAS Dejour now wishes to
reduce the Note as a result of the purchase by HEC of the 5% interest in DEAL’S
Drake/Woodrush property and pay HEC the 3% fee.

    

    NOW THEREFORE THIS AGREEMENT
WITNESSETH that in consideration of the premises and for other good and
valuable consideration and the payment of ten dollars ($10.00) by each party to
the other, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby covenant and agree each with the other as
follows:

    

    TERMS
OF SETTLEMENT AGREEMENT

    

    
      	
              1.

            	
              As
      payment for purchasing 5% Working Interest in Drake / Woodrush from DEAL
      under the P&S Agreement, Dejour shall reduce the Note balance by the
      balance due by HEC   pursuant to the P&S Agreement on
      the purchase after taxes and adjustments of $911,722.64. The inter-company
      loan balance due from DEAL to Dejour is reduced by $911,722.64
      accordingly.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              2.

            	
              HEC
      shall repay Dejour the interest of $50,350.68 that Dejour paid HEC on the
      $900,000 portion of promissory note since June 1, 2009. This interest is
      settled by reducing the Note balance by $50,350.68 because HEC’s purchase
      of DEAL’s 5% interest in Drake/Woodrush was made effective June 1,
      2009.

            

    

    

    
      	
              3.

            	
              As
      a result of the changes in item 1. and 2. above, the outstanding
      promissory note balance is $387,926.68 as at Dec 31, 2009. In accordance
      with the Amending Agreement dated September 30, 2009, Dejour will pay a 3%
      fee on Dec 31, 2009 outstanding balance for a fee of
      $11,637.80.

            

    

    

    
      	
              4.

            	
              The
      Note due date of November 1, 2010 is extended to January 1,
      2011.

            

    

    

    NOTICE

    

    
      	
              5.

            	
              (a)
      Any notice or any other communication which is hereunder required must be
      in writing and transmitted by fax or hand
  delivered:

            

    

    

    to HEC:

    

    Hodgkinson Equities
Corporation

    3437 Osler St.

    Vancouver BC V6H 2W4

    

    to Dejour:

    

    Dejour Enterprises Ltd.

    598-999 Canada Place

    Vancouver BC V6C 3E1

    

    or, with
respect to each party, to any other address or fax number that may be designated
by a party by a written notice given to the other party.

    

    (b) the
notices or communications provided for in subparagraph 5(a) above shall be
presumed to have been received the day they are sent, if delivered by hand or if
transmitted by fax during normal business hours; failing this, the fax
transmission shall be deemed to have been received the next business day in the
jurisdiction of the recipient.

    

    GENERAL

    

    
      	
              6.

            	
              The
      headings of the paragraphs of this Agreement are inserted for convenience
      of reference only and shall not affect the meaning or construction
      hereof.

            

    

    

    
      	
              7.

            	
              Words
      referring to one gender shall include reference to any other
      gender.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              8.

            	
              The
      parties to this Agreement undertake toward each other to make, do or
      execute, at any time, any deed, thing or document necessary or useful to
      give full effect to this Agreement.

            

    

    

    
      	
              9.

            	
              No
      modification or amendments to this Agreement shall be valid and binding
      unless set forth in writing and duly executed by all parties hereto and no
      waiver of any breach of any term or provision of this Agreement shall be
      effective or binding unless made in writing and signed by the party
      purporting to give same and, unless otherwise provided, shall be limited
      to the specific breach waived.

            

    

    

    
      	
              10.

            	
              Time
      is of the essence in this
Agreement.

            

    

    

    
      	
              11.

            	
              This
      Agreement shall be construed in accordance with the laws of the Province
      of British Columbia.

            

    

    

    
      	
              12.

            	
              This
      Agreement shall be binding upon and enure to the benefit of the parties
      hereto and their respective successors and permitted
    assigns.

            

    

    

    
      	
              13.

            	
              This
      Agreement may be executed by the parties hereto at different times and in
      different places without the parties hereto being in each other’s
      presence.

            

    

    

    IN WITNESS WHEREOF the parties
hereto have executed this Agreement in duplicate on the date first above
written.

    

    
      
        
          
            
              	
                      SIGNED,
      SEALED and DELIVERED

                    	 
      	 
      
	
                      in
      the presence of

                    	
                      HODGKINSON
      EQUITY CORPORATION

                    	 
      
	 
      	 
      	 
      
	 
      	
                      Per:

                    	 
      	 
      
	 
      	 
      	 
      
	
                       
      

                    	      
                      DEJOUR
      ENTERPRISES LTD.

                    	 
      
	 
      	 
      	 
      
	 
      	
                      Per:

                    	 
      	 
      
	 
      	 
      	 
      
	 
      	
                      Acknowledged
      and Agreed:

                    	 
      
	 
      	 
      	 
      
	
                        
      

                    	      
                      DEJOUR
      ENERGY (ALBERTA) LTD.

                    	 
      
	 
      	 
      	 
      
	 
      	
                      Per:THIS EXTENSION AGREEMENT made
as of the September 30, 2009.

    

    AMONG:

    

    BROWNSTONE VENTURES (US) INC.,
a corporation duly incorporated under the laws of the State of
Delaware

    

    (herein
called "Brownstone US ")

    

    -and-

    

    BROWNSTONE VENTURES INC. a
corporation duly incorporated under the laws of the Province of
Ontario

    

    (herein
called (“Brownstone Canada”)

    

    -and-

    

    DEJOUR ENTERPRISES LTD. a
corporation duly incorporated under the laws of British Columbia

    

    (herein
called (‘Dejour Canada”)

    

    -and-

    

    DEJOUR ENERGY (USA)
CORP., a
corporation duly incorporated under the laws of the State of Nevada

    

    (herein
called "Dejour US")

    

    WHEREAS Brownstone US and
Dejour US entered into a Loan Agreement (the “Loan Agreement”) dated June 18th,
2008 in the amount of US$4,000,000 (Four million U.S. dollars 00/100) (the
“Loan;

    

    AND WHEREAS Brownstone US and
Dejour US entered into a Settlement Agreement dated June 22, 2009 (the
“Settlement Agreement”) whereby both parties  agreed to cancel the
Loan Agreement by converting US$2,000,000 (two million U.S. dollars 00/100) to
both common shares of Dejour Canada and share purchase warrants of Dejour Canada
and to amend the terms and conditions of the remaining balance of the loan, in
the amount of US$1,780,000 by amending its  terms and conditions
provisions as specified in the Settlement Agreement;

    

    AND
WHEREAS Brownstone Canada and Dejour Canada wish to extend the due date to
November 1, 2010 for the New Loan as defined in the Settlement
Agreement;

    

    NOW THEREFORE THIS AGREEMENT
WITNESSETH that in consideration of the premises and for other good and
valuable consideration and the payment of one dollar ($1.00) by each party to
the other, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby covenant and agree each with the other as
follows:

    

    TERMS
OF SETTLEMENT AGREEMENT

    

    
      	
              1.

            	
              The
      principle amount still owing on the New Loan is now CDN $2,070,140(Two
      million, seventy thousand, one hundred and forty) as of September 30,
      2009;

            

    

    

    
      	
              2.

            	
              The
      New Loan due of July 1, 2010 is extended to November 1, 2010. Dejour
      Canada may re-pay any amount of the Loan and interest at any time prior to
      the due date without penalty;

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              3. 

            	
              All
      of the other terms and conditions of the New Loan shall remain in full
      force and effect during the term of this
  agreement.

            

    

    

    NOTICE

    

    
      	
              3.

            	
              (a)
      Any notice or any other communication which is hereunder required must be
      in writing and transmitted by fax or hand
  delivered:

            

    

    

    to Brownstone Canada and Brownstone
USA:

    

    Brownstone Ventures (US)
Inc.

    The Exchange Tower

    130 King Street West

    Suite 2500

    Toronto, Ontario

    M5X 1A9

    

    Fax:     (416)
941-1090

    

    to Dejour USA:

    

    Dejour Energy (Energy) USA
Corp.

    1401
17th
Street, Suite 300

    Denver,
CO. 80202.

     

    Fax:     (604)
638-5051

    

    To Dejour Canada:

    

    Dejour Enterprises Ltd.

    Suite 598-999 Canada Place

    Vancouver BC V6C 3E1

    

    Fax:     (604)
648-5051

    

    or, with
respect to each party, to any other address or fax number that may be designated
by a party by a written notice given to the other party.

    

    (b) the
notices or communications provided for in subparagraph 6(a) above shall be
presumed to have been received the day they are sent, if delivered by hand or if
transmitted by fax during normal business hours; failing this, the fax
transmission shall be deemed to have been received the next business day in the
jurisdiction of the recipient.

    

    GENERAL

    

    
      	
              4.

            	
              The
      headings of the paragraphs of this Agreement are inserted for convenience
      of reference only and shall not affect the meaning or construction
      hereof.

            

    

    

    
      	
              5.

            	
              Words
      referring to one gender shall include reference to any other
      gender.

            

    

    

    
      	
              6.

            	
              The
      parties to this Agreement undertake to execute, at any time, any deed, and
      thing or document necessary or required to give full effect to this
      Agreement.

            

    

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	
              7.

            	
              No
      modification or amendments to this Agreement shall be valid and binding
      unless set forth in writing and duly executed by all parties hereto and no
      waiver of any breach of any term or provision of this Agreement shall be
      effective or binding unless made in writing and signed by the party
      purporting to give same and, unless otherwise provided, shall be limited
      to the specific breach waived.

            

    

    

    
      	
              8.

            	
              Time
      is of the essence in this
Agreement.

            

    

    

    
      	
              9.

            	
              This
      Agreement shall be construed in accordance with the laws of the Province
      of British Columbia.

            

    

    

    
      	
              10.

            	
              This
      Agreement shall be binding upon and enure to the benefit of the parties
      hereto and their respective successors and permitted
    assigns.

            

    

    

    
      	
              11.

            	
              This
      Agreement may be executed by the parties hereto at different times and in
      different places without the parties hereto being in each other’s
      presence.

            

    

    

    IN WITNESS WHEREOF the parties
hereto have executed this Agreement in duplicate on the date first above
written.

    

    
      
        
          
            
              
                
                  	 
      	
                          BROWNSTONE
      VENTURES (US) INC.

                        	 
      
	 
      	 
      	 
      
	 
      	
                          Per:

                        	 
      	 
      
	 
      	 
      	 
      
	 
      	
                          BROWNSTONE
      VENTURES INC.

                        	 
      
	 
      	 
      	 
      
	 
      	
                          Per:

                        	 
      	 
      
	 
      	 
      	 
      
	 
      	
                          DEJOUR
      ENERGY (USA) CORP.

                        	 
      
	 
      	 
      	 
      
	 
      	
                          Per:

                        	 
      	 
      
	 
      	 
      	 
      
	 
      	
                          DEJOUR
      ENTERPRISES LTD.

                        	 
      
	 
      	 
      	 
      
	 
      	
                          Per:

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