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Journey Energy Inc. announced its financial results for the first quarter of 2024, generating sales volumes of 11,906 boe/d and Adjusted Funds Flow of $17.7 million. The company closed a $38 million convertible debenture financing, continued construction of the Gilby power facility, and participated in a Duvernay Joint Venture with Spartan Delta Corp. Journey's Joint Venture aims to develop the Duvernay west shale basin with two planned wells in 2024. Financially, the company posted net income of $3.2 million, with net capital expenditures totaling $14.3 million. The outlook includes guidance for daily sales volumes, Adjusted Funds Flow, capital spending, and net debt for 2024.
Journey Energy Inc. has entered into a joint venture with Spartan Delta Corp. to develop 128 sections of land in the Duvernay oil and liquids fairway. Spartan will be the operator of the JV, with initial working interests at 62.5% for Spartan and 37.5% for Journey. The JV aims to tap into the extensive production history of existing Duvernay wells and liquid-rich glauconitic production. Expenditures within the block are capped at $30 million in 2024 and $100 million for 2025. Journey recently closed a $38 million convertible debenture to fund the JV commitments and other projects.