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Journey Energy Inc. Announces Guidance for 2016 and Suspension of Quarterly Dividend
Journey Energy Inc. Announces Guidance for 2016 and Suspension of Quarterly Dividend ...
About this update from Journey Energy, Inc.
[{"type":"text","content":"\n\n\n\nJourney Energy Inc. Announces Guidance for 2016 and Suspension of Quarterly Dividend\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nBORDER-BOTTOM:black 1pt solid; BORDER-LEFT:black 1pt solid; PADDING-LEFT:0.50em; PADDING-RIGHT:0.50em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 1pt solid; BORDER-RIGHT:black 1pt solid\n}\n.prntbls{\nBORDER-BOTTOM: black 1px solid; BORDER-LEFT: black 1px solid; BORDER-COLLAPSE: collapse; BORDER-TOP: black 1px solid; BORDER-RIGHT: black 1px solid\n}\n\n\n\n\n\n\nJourney Energy Inc. Announces Guidance for 2016 and Suspension of Quarterly Dividend\nCanada NewsWire\nCALGARY, Dec. 14, 2015\n\n\n\nCALGARY, Dec. 14, 2015 /CNW/ - Journey Energy Inc. (JOY – TSX) (\"Journey\" or the \"Company\") announces its capital plan and guidance for 2016 as well as the suspension of its quarterly dividend.\n\nFOURTH QUARTER OPERATIONAL UPDATE\n\nJourney has completed its fourth quarter drilling program with 4 (3.1 net) wells drilled.  3 (2.5 net) wells were drilled in Countess-Brooks and 1 (0.6 net) well was drilled in Matziwin.  The results of these wells have exceeded our expectations.  All wells are anticipated to be on production prior to the end of the year, at which time Journey forecasts production climbing to over 10,000 BOE/D (55% liquids).\n\n2016 GUIDANCE\n\nGiven the extended downturn in both oil and natural gas prices, Journey has chosen to minimize its capital spending for 2016.  This budget is designed to reduce our net debt below our currently projected 2015 exit level.\n\nJourney's guidance for 2016 is as follows:\n\n\n\n\nAnnual average production\n\n\n9,000 to 9,500 BOE/d (56% liquids)\n\n\n\nCapital program (excluding acquisitions)\n\n\n$25 million\n\n\n\nCash flow\n\n\n$29 - $31 million\n\n\n\nYear end net debt\n\n\n$101 to $103 million\n\n\n\nCash flow per basic, weighted average share\n\n\n$0.67 - $0.71\n\n\nJourney's 2016 capital program is currently forecast to yield annual production volumes in the 9,000 to 9,500 BOE/d range and includes an increase in liquids content from the 54% realized to date ...