Journey Energy Inc. announces implementation of dividend policy, drip and stock dividend program and declaration of monthly dividend for July 2014

About this update from Journey Energy, Inc.

[{"type":"text","content":"\n\nCALGARY, July 15, 2014 /CNW/ - Journey Energy Inc. (JOY – TSX) (\"Journey\" or the \"Company\") is pleased to announce that it has adopted a dividend payment policy and in connection therewith has also adopted a dividend reinvestment plan (the \"DRIP\") and a stock dividend program (the \"SDP\"). Eligible shareholders may elect to participate in the DRIP and/or the SDP commencing with the dividend to be paid on August 15, 2014 to shareholders of record as of July 31, 2014. Participation in the DRIP and the SDP is optional and will not affect shareholders' cash dividends unless they elect to participate in the DRIP or the SDP.\n\nDividend Policy\n\nJourney's board of directors (the \"Board\") has approved a current dividend policy of $0.06 per common share and restricted voting share, per month for the third quarter of 2014. Journey's long-term objective is to set a dividend policy at prudent levels while withholding sufficient funds to finance capital expenditures required to grow its production base by a target rate of 7% to 10% annually. This in turn, is expected to provide a solid cash flow base which will support its future dividends. Journey's dividend policy is reviewed monthly and is based on a number of factors including current and future commodity prices, foreign exchange rates, the Company's hedging program, current operations including production levels, operating costs, royalty burdens and debt service requirements, available investment opportunities and the satisfaction of applicable corporate liquidity and solvency tests for the declaration and payment of dividends. \n\nJourney has declared its first monthly dividend of $0.06 per common share and restricted voting share to be paid on August 15, 2014 to shareholders of record on July 31, 2014 with an ex-dividend date of July 29, 2014. The Board has declared the dividend payable in either cash or common shares at the election of the shareholder. In order to receive the dividend in common shares, an eligible shareholder must elect to participate in the DRIP and/or the SDP by delivering the requisite form to Computershare Trust Company of Canada (the \"Plan Agent\") no later than 3:00 p.m. (Calgary time) on July 30, 2014, as more particularly described below. The dividend has been designated as an \"eligible dividend\" for Canadian income tax purposes.\n\nT...

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