Dejour Energy Inc. (TO: DEJ.TO, NYSE MKT: DEJ) entered into subscription agreements for an equity financing to support its Woodrush development in this year’s third quarter, the company said Aug. 11.

The financing will result in US$1.5 million in proceeds, the company said, noting that the agreement was made with three institutional investors.

Exisiting wells will be reworked, and additional wells will be drilled, in the Woodrush project, the company said.

On March 26, Dejour acquired natural gas producing assets and processing facilities adjacent to the Woodrush Field, and closed the acquisition of an additional 24% working interest in its legacy Woodrush operation on July 3, the company said.

Woodrush was producing an average of 475 barrels of oil equivalent per day (boe/d) at the end of the second quarter, the company noted.

In connection with the financing, Dejour will issue 6 million common units priced at 25 cents (U.S.) each. Each unit consists of one common share and one share purchase warrant for one common share, the company added. The warrants are exercisable at 35 cents (U.S.) each until Dec. 31, 2015, the company said.

The offer is scheduled to close Aug. 15, and is subject to NYSE MKT and TSX approval, the company said.

Vancouver, British Columbia-based Dejour Energy Inc. explores and produces North American oil and natural gas.