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Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) is a Canadian exploration and production company focused on conventional, oil-weighted operations in western Canada. With a strategy to grow its production base through drilling on existing lands, implementing water flood projects, and executing accretive acquisitions, Journey aims to optimize its legacy oil pools through best practices in horizontal drilling and water floods. The company recently entered into a joint venture with Spartan Delta Corp. to jointly develop a block of land in the west shale basin of the Duvernay oil and liquids fairway, marking a significant opportunity for resource capture and capital expenditures. Furthermore, with expansion plans for power generation business, including the completion of the Gilby power project and re-energizing the Mazeppa power project, Journey is poised for growth and increased revenue streams.
Journey Energy has reported encouraging results from its Duvernay Joint Venture operations, where it holds a 31.38% working interest across 104 sections. Two wells drilled from the 05-18-042-03W5 surface location have shown excellent initial test rates. The 03-26-042-04W5 well and 09-05-042-03W5 well, completed with 71 and 74 stages respectively, began flowing on November 25, 2024.
The wells have demonstrated strong 30-day production rates, with the 09-05 well producing 865 bbls/d of oil and the 03-26 well producing 1,019 bbls/d, both significantly exceeding internal type curve expectations. Production rates are materially better than previous wells drilled in 2018 and 2019, leading to increased type curve expectations for Duvernay wells.
The Joint Venture's initial gross capital expenditures are capped at $30 million for 2024 and $100 million for 2025. Journey plans to participate in 6-8 wells in 2025, with majority being drilled from three well pads to maximize efficiency.
Journey Energy (TSX: JOY, OTCQX: JRNGF) has announced the publication of a new corporate presentation, which is now available on their company website and on sedarplus.ca. The company also indicated its intention to provide 2025 guidance before the end of January 2025.
Journey Energy reported Q3 2024 financial results with sales volumes of 11,152 boe/d (47% crude oil, 9% NGL's, 44% natural gas). The company achieved Adjusted Funds Flow of $13.6 million ($0.22 per basic share) and reduced Net Debt to $52.7 million, a 15% decrease from year-end 2023. Two Duvernay wells were drilled in partnership with Spartan Delta, with completion operations underway. The company faced challenges from low natural gas prices, realizing only $0.51/mcf, and experienced production impacts from third-party shut-ins at Stolberg property. Journey divested Central Alberta assets producing 130 boe/d, which is expected to reduce end-of-life-costs by over $20 million.
Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) has announced updates on its term debt rescheduling and operations. Key points include:
1. Agreement with AIMCo to amend repayment terms of outstanding balance, extending debt maturity to August 29, 2025.
2. Divestment of assets in Berrymoor and Keystone, Alberta, with sales volumes of approximately 130 boe/d.
3. Gilby Power Project progressing towards March 2025 in-service-date.
4. Spartan Delta Corp. drilling two Duvernay wells with Journey's 31.38% working interest.
5. Third quarter production guidance between 10,900-11,100 boe/d (55% liquids).
6. Adjusted Funds Flow for Q3 forecast at $13-14 million.
7. Continued focus on prudent business expansion and debt repayment.
Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) has received approval from the Toronto Stock Exchange (TSX) to initiate a normal course issuer bid. The company plans to purchase up to 4,666,445 common shares, representing approximately 10% of its public float. The bid period runs from August 26, 2024, to August 25, 2025. Purchases will be made through TSX facilities and alternative trading platforms in Canada at market prices. The maximum daily purchase limit is set at 29,310 common shares, 25% of the average daily trading volume for the previous six months. Journey's Board believes this move will protect and enhance shareholder value when the share price doesn't adequately reflect the company's value.
Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) announced its Q2 2024 financial results:
- Sales volumes: 11,235 boe/d (45% crude oil, 9% NGL's, 46% natural gas)
- Adjusted Funds Flow: $9.5 million ($0.15 per basic share, $0.14 per diluted share)
- Net loss: $2.3 million ($0.04 per basic and diluted share)
- Capital expenditures: $4.7 million
- Net debt reduced to $55.5 million
The company revised its 2024 guidance:Annual average daily sales volumes: 11,200-11,500 boe/dAdjusted Funds Flow: $60-62 millionCapital spending: $48 million2024 ending Net Debt: $46-48 million
Journey announced participation in a Duvernay joint venture with Spartan Delta Corp. and plans to implement a Normal Course Issuer Bid (NCIB).
Journey Energy announced the results of its 2024 Annual Shareholders Meeting held on May 23, 2024.
Shareholders approved all resolutions, including fixing the number of directors at six. Each director nominee received more than 85% of votes in favor, with Craig H. Hansen, Jenna M. Kaye, Thomas J. Mullane, Reginald S. Smith, Scott A. Treadwell, and Alex G. Verge elected.
KPMG LLP was appointed as the auditor with 99.46% support. The meeting followed Section 11.3 of National Instrument 51-102.
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.
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