Welcome to our dedicated page for Journey Energy news (Ticker: JRNGF), a resource for investors and traders seeking the latest updates and insights on Journey Energy stock.
Journey Energy Inc. reports operating and financial developments for a Canadian oil and gas producer with crude oil, natural gas liquids and natural gas sales. Recurring updates cover production volumes, adjusted funds flow, net income, commodity hedging effects, reserves evaluations and the company’s mix of liquids and natural gas output.
Company news also includes Duvernay light oil development and joint venture activity, power generation projects such as Gilby and Mazeppa, non-core asset divestments, normal course issuer bid activity, convertible debenture disclosures and other capital-structure matters tied to its upstream energy operations.
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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