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Journey Energy Inc. Generates $18 Million in Adjusted Funds Flow, Announces Participation in a Duvernay Joint Venture, and Continues Construction of Gilby Power Facility in the First Quarter of 2024
Calgary, Alberta--(Newsfile Corp. - May 9, 2024) - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ...
About this update from Journey Energy, Inc.
[{"type":"text","content":"Journey Energy Inc. Generates $18 Million in Adjusted Funds Flow, Announces Participation in a Duvernay Joint Venture, and Continues Construction of Gilby Power Facility in the First Quarter of 2024Calgary, Alberta--(Newsfile Corp. - May 9, 2024) - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) (\"Journey\" or the \"Company\") announces its financial results for the first quarter of 2024. The complete set of financial statements and management discussion and analysis for the periods ended March 31, 2024 and 2023 are posted on www.sedarplus.ca and on the Company's website www.journeyenergy.ca.Highlights for the first quarter and year to date are as follows:Generated sales volumes of 11,906 boe/d in the first quarter (46% crude oil; 10% NGL's; 44% natural gas).Realized Adjusted Funds Flow of $17.7 million or $0.29 per basic share and $0.27 per diluted share. Closed a $38 million convertible debenture financing on March 20, 2024. The proceeds of the financing were partially utilized to retire the remaining $11 million of vendor-take-back financing and to accelerate a $12.1 million payment to AIMCo. The remainder will be used to expand Journey's 2024 capital program from $41 million to $51 million, as discussed in the March 28, 2024 press release. Guidance for 2024 remains unchanged since incremental volumes are phased in a way that will impact the exit rate but not annual averages.Produced 6,968 megawatt hours of electricity at Journey's power generation facility in Countess, Alberta at an average price of $117.69/MWH. Continued with the construction of the Gilby power generation asset. The generators have been moved into the newly constructed building.On May 7, 2024 Journey announced its participation in a 128 section Joint Venture land block with Spartan Delta Corp. to mutually pursue the development of the west shale basin Duvernay. The initial working interest within the block is 37.5% Journey and 62.5% Spartan Delta Corp. The partners currently control 94 sections within the block. Two wells are planned for later in 2024. Journey's share of these expenditures will be funded through a combination of internally generated cash flows and proceeds from the recent closing of convertible debentures.  Three months ended March 31, Financial ($000's except per share amounts)20242023%change Production revenue52,09858,443(11...