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Journey Energy Inc. Announces Year-End 2024 Reserves; Begins Transformation to Higher Netback Liquids
Calgary, Alberta--(Newsfile Corp. - February 24, 2025) - Journey Energy Inc. (TSX: JOY) (OTCQX: J...
About this update from Journey Energy, Inc.
[{"type":"text","content":"Journey Energy Inc. Announces Year-End 2024 Reserves; Begins Transformation to Higher Netback LiquidsCalgary, Alberta--(Newsfile Corp. - February 24, 2025) - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) (\"Journey\" or the \"Company\") is pleased to report its year-end 2024 oil and gas reserves evaluation. 2024 Reserve Report Highlights:Proved developed producing reserves decreased 4% to 35.5 MMboe, with a corresponding decrease of 3% in NPV@10% to $350.3 million. The PDP reserve life index increased to 8.9 years from 8.4 years.Total proved reserves increased 1% to 50.4 MMboe, with a corresponding increase of 7% in NPV@10% to $538.4 million.Total proved plus probable reserves increased 6% to 85.4 MMboe, with a corresponding increase of 14% in NPV@10% to $882.7 million.Technical reserve revisions for 2024 were positive. These positive revisions were offset by negative economic revisions primarily to natural gas properties due to a reduction in forecasted pricing. Proved developed producing and proved plus probable developed producing reserve life indices increased to 8.9 and 11.1 years, from 8.4 and 10.8 years respectively. Journey's history of positive revisions and the increase in producing RLI are testaments to Journey's low decline and predictable asset base.Realized attractive F&D and FD&A of $13.27/boe and $16.80/boe respectively for total proved reserves; and $16.95/boe and $20.12/boe respectively for total proved plus probable reserves.73% of 2024 TPP reserve additions were attributed to higher netback oil and liquids; 49% light oil; 13% heavy oil; 11% NGL's. 2024 PDP reserve additions had an even higher liquid weighting.Reduced total undiscounted, end-of-life liability costs by over $21 million in 2024, through asset sales and capital investments.Achieved a significant increase in reserve bookings associated with Journey's participation in the Duvernay Joint Venture. 2024 year-end TPP reserves included 5 gross (1.5 net) producing wells and 44 gross (13.2 net) locations, resulting in a TPP value of $151 million. Current bookings represent less than 25% of identified locations. The vast majority of Journey's growth capital over the next two years will be allocated to the Duvernay joint venture. GLJ's forecasted 2025 operating netback for the Duvernay in the 2024 reserve report is approximately of $50/boe yielding ...