CALGARY, AB, April 4, 2022 /CNW/ - Journey Energy Inc. (TSX:
JOY) (OTCQX: JRNGF) ("Journey" or the "Company")
reports that it has closed the previously announced private company
("PrivateCo") acquisition.
The acquisition price was paid via the issuance of 1.75 million
Journey shares plus $8.0 million of
cash. Production from PrivateCo's producing wells the period
March 13-26 was approximately 660
boe/d (54% light crude oil and NGL's). The new Ellerslie horizontal well drilled by PrivateCo
in the first quarter (31% working interest) has now been connected
to PrivateCo's production facility and commenced production on
April 1. This well is forecast to add
approximately 75-100 boe/d net to
Journey.
Journey Energy Inc.
700, 517 – 10th Avenue
SW
Calgary, AB T2R 0A8
www.journeyenergy.ca
Advisories:
Barrel of Oil Equivalents and
Volumes
Where amounts are expressed in a barrel of oil equivalent
("boe"), or barrel of oil equivalent per day ("boe/d"), natural gas
volumes have been converted to barrels of oil equivalent at six (6)
thousand cubic feet ("Mcf") to one (1) barrel. Use of the term BOE
may be misleading particularly if used in isolation. The boe
conversion ratio of 6 Mcf to 1 barrel ("Bbl") of oil or natural gas
liquids is based on an energy equivalency conversion methodology
primarily applicable at the burner tip, and does not represent a
value equivalency at the wellhead. This conversion conforms to the
Canadian Securities Regulators' National Instrument 51-101 –
Standards of Disclosure for Oil and Gas Activities.
No securities regulatory authority has either approved or
disapproved of the contents of this press release.
Forward-Looking
Statement:
This news release includes statements containing certain
"forward-looking information" within the meaning of applicable
securities law ("forward-looking statements").
Forward-looking-statements in this release include, but are not
limited to, the opinions and beliefs of management. Forward-looking
statements are frequently characterized by words such as "plan",
"continue", "expect", "project", "intend", "believe", "anticipate",
"estimate", "may", "will", "potential", "proposed", "forecast" and
other similar words, or statements that certain events or
conditions "may" or "will" occur. These statements are only
predictions. Various assumptions were used in drawing the
conclusions or making the projections contained in the
forward-looking statements throughout this news release.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made, and are subject
to a variety of risks and uncertainties and other factors that
could cause actual events or results to differ materially from
those projected in the forward-looking statements. Journey is under
no obligation, and expressly disclaims any intention or obligation,
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
expressly required by applicable law.
SOURCE Journey Energy Inc.
