Journey Enters into New Relationship with a Canadian Chartered Bank to Help Accelerate Future Duvernay Development
Journey Energy (TSX: JOY, OTCQX: JRNGF) has secured new credit facilities worth up to $55 million with a Canadian Chartered bank. The facilities include: a $12.4 million two-year amortizing term-loan to repay AIMCo debt, a $15 million operating facility for working capital, and a $27.6 million delayed-draw term facility for Duvernay development.
The company has approximately $42.6 million of combined undrawn capacity on the New Credit Facilities. In December 2024, Journey commenced production from two initial Duvernay joint venture wells with Spartan Delta Corp., exceeding management's expectations. In 2025, 3 (0.9 net) wells have been drilled with two rigs currently active. The Joint Venture controls about 105 sections of land within the Duvernay oil window, with Journey holding a 30% working interest.
Additionally, Journey's board has approved advance notice provisions for director nominations, requiring shareholders to provide notice 30-65 days before annual meetings and within 15 days of special meeting announcements. These provisions will be submitted for shareholder approval at the May 22, 2025 Annual Meeting.
Journey Energy (TSX: JOY, OTCQX: JRNGF) ha ottenuto nuove linee di credito fino a 55 milioni di dollari con una banca canadese. Le linee includono: un prestito ammortizzabile di 12,4 milioni di dollari con durata di due anni per ripagare il debito di AIMCo, una linea di credito operativa di 15 milioni di dollari per il capitale circolante e una linea di credito a tiraggio ritardato di 27,6 milioni di dollari per lo sviluppo di Duvernay.
L'azienda ha circa 42,6 milioni di dollari di capacità non utilizzata combinata sulle nuove linee di credito. A dicembre 2024, Journey ha avviato la produzione da due pozzi iniziali in joint venture con Spartan Delta Corp., superando le aspettative della direzione. Nel 2025, sono stati perforati 3 pozzi (0,9 netti) con due trivelle attualmente attive. La joint venture controlla circa 105 sezioni di terra all'interno della finestra petrolifera di Duvernay, con Journey che detiene un interesse lavorativo del 30%.
Inoltre, il consiglio di amministrazione di Journey ha approvato disposizioni di preavviso per le nomine dei direttori, richiedendo agli azionisti di fornire preavviso tra i 30 e i 65 giorni prima delle assemblee annuali e entro 15 giorni dagli annunci delle assemblee straordinarie. Queste disposizioni saranno presentate per l'approvazione degli azionisti nell'Assemblea Annuale del 22 maggio 2025.
Journey Energy (TSX: JOY, OTCQX: JRNGF) ha asegurado nuevas líneas de crédito por un valor de hasta 55 millones de dólares con un banco canadiense. Las facilidades incluyen: un préstamo a dos años de 12.4 millones de dólares para pagar la deuda de AIMCo, una línea de crédito operativo de 15 millones de dólares para capital de trabajo y una línea de crédito de 27.6 millones de dólares para el desarrollo de Duvernay.
La empresa tiene aproximadamente 42.6 millones de dólares de capacidad combinada no utilizada en las Nuevas Líneas de Crédito. En diciembre de 2024, Journey comenzó la producción de dos pozos iniciales en asociación con Spartan Delta Corp., superando las expectativas de la dirección. En 2025, se han perforado 3 pozos (0.9 netos) con dos plataformas actualmente activas. La Joint Venture controla alrededor de 105 secciones de tierra dentro de la ventana petrolera de Duvernay, con Journey manteniendo un interés del 30%.
Además, la junta directiva de Journey ha aprobado disposiciones de aviso anticipado para las nominaciones de directores, exigiendo que los accionistas proporcionen aviso de 30 a 65 días antes de las reuniones anuales y dentro de los 15 días posteriores a los anuncios de reuniones especiales. Estas disposiciones se presentarán para la aprobación de los accionistas en la Asamblea Anual del 22 de mayo de 2025.
Journey Energy (TSX: JOY, OTCQX: JRNGF)는 캐나다의 한 은행과 함께 최대 5,500만 달러 규모의 새로운 신용 시설을 확보했습니다. 이 시설에는 AIMCo 부채 상환을 위한 1천240만 달러의 2년 만기 상환 대출, 운영 자본을 위한 1천500만 달러의 운영 시설 및 Duvernay 개발을 위한 2천760만 달러의 지연 인출 조건 대출이 포함됩니다.
회사는 새로운 신용 시설에서 약 4천260만 달러의 결합된 미사용 용량을 보유하고 있습니다. 2024년 12월, Journey는 Spartan Delta Corp.와의 공동 투자로 두 개의 초기 Duvernay 유정에서 생산을 시작했으며, 이는 경영진의 기대를 초과했습니다. 2025년에는 3개(0.9 순수익)의 유정이 굴착되었으며, 현재 두 개의 굴착기가 활동 중입니다. 이 공동 투자는 Duvernay 석유 창구 내에서 약 105구역의 토지를 통제하고 있으며, Journey는 30%의 작업 이익을 보유하고 있습니다.
또한 Journey의 이사회는 이사 지명을 위한 사전 통지 조항을 승인하여 주주가 연례 회의 30-65일 전에 통지를 제공하고 특별 회의 발표 후 15일 이내에 통지를 제공해야 합니다. 이러한 조항은 2025년 5월 22일 연례 회의에서 주주 승인을 받을 예정입니다.
Journey Energy (TSX: JOY, OTCQX: JRNGF) a sécurisé de nouvelles lignes de crédit d'une valeur allant jusqu'à 55 millions de dollars avec une banque canadienne. Ces lignes comprennent : un prêt amortissable de 12,4 millions de dollars sur deux ans pour rembourser la dette d'AIMCo, une ligne de crédit opérationnelle de 15 millions de dollars pour le fonds de roulement et une ligne de crédit à tirage différé de 27,6 millions de dollars pour le développement de Duvernay.
L'entreprise dispose d'environ 42,6 millions de dollars de capacité non utilisée combinée sur les nouvelles lignes de crédit. En décembre 2024, Journey a commencé la production de deux premiers puits en coentreprise avec Spartan Delta Corp., dépassant les attentes de la direction. En 2025, 3 puits (0,9 net) ont été forés avec deux foreuses actuellement actives. La coentreprise contrôle environ 105 sections de terrain dans la fenêtre pétrolière de Duvernay, Journey détenant un intérêt de 30%.
De plus, le conseil d'administration de Journey a approuvé des dispositions d'avis préalable pour les nominations de directeurs, exigeant que les actionnaires fournissent un avis 30 à 65 jours avant les assemblées annuelles et dans les 15 jours suivant les annonces des assemblées extraordinaires. Ces dispositions seront soumises à l'approbation des actionnaires lors de l'Assemblée Annuelle du 22 mai 2025.
Journey Energy (TSX: JOY, OTCQX: JRNGF) hat neue Kreditlinien im Wert von bis zu 55 Millionen Dollar bei einer kanadischen Bank gesichert. Die Einrichtungen umfassen: ein 12,4 Millionen Dollar umfassendes, zweijähriges, amortisierbares Darlehen zur Rückzahlung von AIMCo-Schulden, eine 15 Millionen Dollar umfassende Betriebseinrichtung für Betriebskapital und eine 27,6 Millionen Dollar umfassende verzögerte Abrufdarlehen für die Entwicklung von Duvernay.
Das Unternehmen verfügt über etwa 42,6 Millionen Dollar an kombinierter ungenutzter Kapazität in den neuen Kreditlinien. Im Dezember 2024 begann Journey mit der Produktion aus zwei anfänglichen Duvernay-Joint-Venture-Brunnen mit Spartan Delta Corp., was die Erwartungen des Managements übertraf. Im Jahr 2025 wurden 3 (0,9 netto) Brunnen gebohrt, mit derzeit zwei aktiven Bohrgeräten. Das Joint Venture kontrolliert etwa 105 Abschnitte Land innerhalb des Duvernay-Ölfensters, wobei Journey einen Arbeitsanteil von 30% hält.
Darüber hinaus hat der Vorstand von Journey Vorausbenachrichtigungsbestimmungen für die Nominierung von Direktoren genehmigt, die von den Aktionären verlangen, 30 bis 65 Tage vor den Jahresversammlungen und innerhalb von 15 Tagen nach Bekanntgabe von Sonderversammlungen eine Benachrichtigung zu geben. Diese Bestimmungen werden zur Genehmigung durch die Aktionäre auf der Hauptversammlung am 22. Mai 2025 eingereicht.
- Secured new $55M credit facilities with better terms and no prepayment penalties
- Initial Duvernay wells production exceeding management expectations
- $42.6M undrawn credit capacity available for future development
- Clear funding visibility for 2026 and beyond
- Transformation towards higher netback operations
- Significant capital expenditure required for Duvernay development
- Only 30% working interest in the Duvernay joint venture
Calgary, Alberta--(Newsfile Corp. - March 19, 2025) - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ("Journey" or the "Company") is pleased to announce it has entered into a new lending relationship with a Canadian Chartered bank.
Journey has secured a new credit facility with a Canadian Chartered Bank, for up to
In December of 2024 Journey commenced production from the initial two wells drilled within the Duvernay joint venture with Spartan Delta Corp. (the "Joint Venture"). Production from these wells have exceeded management's expectations and the next phase of Duvernay development is underway. In 2025 to date, 3 (0.9 net) wells have been drilled and two rigs are currently active. All wells are forecast to be finished drilling by early in the second quarter. Completion operations are forecast to begin in April. This investment is expected to provide a significant increase in production and cash flow starting in mid-2025.
The Joint Venture controls approximately 105 sections of land within the oil window of the Duvernay in the west shale basin. Journey's current working interest in the Joint Venture is
ADVANCE NOTICE BYLAW AND ANNUAL GENERAL MEETING
Journey today announces the approval and adoption by its board of directors (the "Board") of amendments to its bylaws to include advance notice provisions (the "Advance Notice Provisions"), the purpose of which is to require advance notice to be provided to the Company in circumstances where nominations of persons for election to the Board are made by shareholders of the Company other than pursuant to: (i) a requisition of a meeting of shareholders made pursuant to the provisions of the Business Corporations Act (Alberta) (the "Act"); or (ii) a shareholder proposal made pursuant to the provisions of the Act.
The purpose of the Advance Notice Provision is to provide shareholders, directors and management of the Company with a clear framework for nominating directors. Among other things, the Advance Notice Provision will fix a deadline by which shareholders of the Company must submit nominations to the Company prior to any annual or special meeting of the shareholders, and sets forth the minimum information that a shareholder must include in the notice to the Company for the notice to be in proper written form (the "Notice").
In the case of an annual meeting of shareholders ("Annual Meeting"), the Notice must be delivered to the Company no fewer than 30 days and no more than 65 days prior to the date of the Annual Meeting (except that, if the Annual Meeting is called for a date that is less than 50 days after the first public filing or announcement of the date of the Annual Meeting (the "Notice Date"), the Notice must be delivered no more than 10 days after the Notice Date).
In the case of a special meeting of shareholders (which is not also an Annual Meeting) called for the purpose of electing directors (whether or not called for other purposes), the Notice must be delivered to the Company not later than 15 days following the day on which the first public filing or announcement of the date of the special meeting was made.
The Advance Notice Provisions are effective immediately. In accordance with the Act, the Company will submit the Bylaw to its shareholders at the next Annual and Special Meeting to be held on May 22, 2025. The Bylaw is also subject to approval by the TSX Exchange ("TSX"), and the Company will submit the Bylaw to the TSX for its consideration. A copy of the Advance Notice Provision has been filed under the Company's profile at www.sedarplus.com.
About the Company
Journey is a Canadian exploration and production company focused on conventional, oil-weighted operations in western Canada. Journey's strategy is to grow its production base by drilling on its existing core lands, implementing water flood projects, executing on accretive acquisitions. Journey seeks to optimize its legacy oil pools on existing lands through the application of best practices in horizontal drilling and, where feasible, with water floods.
For further information contact:
| Alex G. Verge | or | Gerry Gilewicz |
| President and Chief Executive Officer | Chief Financial Officer | |
| 403-303-3232 | 403-303-3238 | |
| alex.verge@journeyenergy.ca | gerry.gilewicz@journeyenergy.ca |
Journey Energy Inc.
700, 517 - 10th Avenue SW
Calgary, AB T2R 0A8
403-294-1635
www.journeyenergy.ca
ADVISORIES
This press release contains forward-looking statements and forward-looking information (collectively "forward looking information") within the meaning of applicable securities laws relating to the Company's plans and other aspects of the anticipated future operations, management focus, strategies, financial, operating and production results, industry conditions, commodity prices and business opportunities. In addition, and without limiting the generality of the foregoing, this press release contains forward-looking information regarding decline rates, anticipated netbacks, drilling inventory, estimated average drill, complete and equip and tie-in costs, anticipated potential of the Assets including, but not limited to, EOR performance and opportunities, capacity of infrastructure, potential reduction in operating costs, production guidance, total payout ratio, capital program and allocation thereof, future production, decline rates, funds flow, net debt, net debt to funds flow, exchange rates, reserve life, development and drilling plans, well economics, future cost reductions, potential growth, and the source of funding Journey's capital spending. Forward-looking information typically uses words such as "anticipate", "believe", "project", "expect", "goal", "plan", "intend" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future.
The forward-looking information is based on certain key expectations and assumptions made by management, including expectations and assumptions concerning prevailing commodity prices and differentials, exchange rates, interest rates, applicable royalty rates and tax laws; future production rates and estimates of operating costs; performance of existing and future wells; reserve and resource volumes; anticipated timing and results of capital expenditures; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the state of the economy and the exploration and production business; results of operations; performance; business prospects and opportunities; the availability and cost of financing, labour and services; the impact of increasing competition; the ability to efficiently integrate assets and employees acquired through acquisitions, including the Acquisition, the ability to market oil and natural gas successfully and the ability to access capital. Although we believe that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Journey can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature they involve inherent risks and uncertainties. The actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that we will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release in order to provide security holders with a more complete perspective on future operations and such information may not be appropriate for other purposes.
Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other factors that could affect the operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).These forward looking statements are made as of the date of this press release and we disclaim any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about Journeys prospective results of operations, funds flow, netbacks, debt, payout ratio well economics and components thereof, all of which are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraphs. FOFI contained in this press release was made as of the date of this press release and was provided for providing further information about Journey's anticipated future business operations. Journey disclaims any intention or obligation to update or revise any FOFI contained in this press release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this press release should not be used for purposes other than for which it is disclosed herein. Information in this press release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws, which involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Journey, including, without limitation, those listed under "Risk Factors" and "Forward Looking Statements" in the Annual Information Form filed on www.SEDAR.com on March 28, 2024. Forward-looking information may relate to the future outlook and anticipated events or results and may include statements regarding the business strategy and plans and objectives. Particularly, forward-looking information in this press release includes, but is not limited to, information concerning Journey's drilling and other operational plans, production rates, and long-term objectives. Journey cautions investors in Journey's securities about important factors that could cause Journey's actual results to differ materially from those projected in any forward-looking statements included in this press release. Information in this press release about Journey's prospective funds flows and financial position is based on assumptions about future events, including economic conditions and courses of action, based on management's assessment of the relevant information currently available. Readers are cautioned that information regarding Journey's financial outlook should not be used for purposes other than those disclosed herein. Forward-looking information contained in this press release is based on current estimates, expectations and projections, which we believe are reasonable as of the current date. No assurance can be given that the expectations set out in the Prospectus or herein will prove to be correct and accordingly, you should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time except as required by applicable securities law.
Measurements
All dollar figures included herein are presented in Canadian dollars, unless otherwise noted.
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 nine (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 factor is an industry accepted norm and is not based on either energy content or current prices. References to "oil" in this press release include light, medium and heavy crude oil, combined. NI 51-101 includes condensate within the product type of "natural gas liquids". References to "natural gas liquids" or "NGLs" include pentane, butane, propane, and ethane. References to "gas" or "natural gas" relates to conventional natural gas. References to "liquids" includes crude oil, condensate and NGLs.
All volumes in this press release refer to the sales volumes of crude oil, natural gas and associated by-products measured at the point of sale to third-party purchasers. For natural gas, this occurs after the removal of natural gas liquids.
All volumes in this press release refer to the sales volumes of crude oil, natural gas and associated by-products measured at the point of sale to third-party purchasers. For natural gas, this occurs after the removal of natural gas liquids.
No securities regulatory authority has either approved or disapproved of the contents of this press release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/245289
FAQ
What are the terms of Journey Energy's (JRNGF) new $55 million credit facilities?
How many Duvernay wells has Journey Energy (JRNGF) drilled in 2025?
What is Journey Energy's (JRNGF) working interest in the Duvernay joint venture?
When will Journey Energy (JRNGF) hold its Annual Meeting to approve the new advance notice provisions?
