Journey Energy Inc. reports its second quarter financial and operating results

About this update from Journey Energy, Inc.

[{"type":"text","content":"\n\nCALGARY, Aug. 12, 2014 /CNW/ - Journey Energy Inc. (JOY – TSX) (\"Journey\" or the \"Company\") is pleased to announce its second quarter 2014 results.  Journey achieved record production during the quarter, a direct result of our major acquisition from a senior producer, which closed in March. The highlights of our second quarter results are shown below. Copies of the complete financial statements and management's discussion and analysis in respect thereof for the three months and six months ended June 30, 2014 will be available, through www.sedar.com or by visiting Journey's website at www.journeyenergy.ca. \n\nSECOND QUARTER HIGHLIGHTS\n\n\n\nJourney completed its transition into a dividend paying Corporation through a successful Initial Public Offering, raising $166 million of proceeds, net to Journey. The proceeds reduced corporate net debt to approximately one times trailing cash flow. \nStarted trading on the Toronto Stock Exchange on June 19. \nIncreased cash flow from operations by 97% to $22.1 million in the second quarter of 2014 as compared to the same quarter in 2013. \nAchieved record production of 11,151 boe/d for the second quarter, an increase of 120% from the same quarter in 2013. \nInvested $17.0 million in exploration and development capital in the quarter representing 77% of cash flow. \nReduced general and administrative costs by 41% to $3.18 per boe in the second quarter from $5.38 per boe in the comparable period from 2013. \nInitiated the most active drilling program in our history. \nEstablished productivity in the glauconite formation in East Matziwin and Countess, two pools containing over 30 unbooked 100% working interest drilling locations.\n\n\n\n\nThree Months ended\n\n June 30,\n\n\nSix months ended\n\n June 30,\n\n\n\nFinancial ($000's except per share amounts)\n\n\n\n2014\n\n\n \n\n2013\n\n\n%\n\nchange\n\n\n\n2014\n\n\n \n\n2013\n\n\n%\n\nchange\n\n\n\nProduction revenue\n\n\n63,448\n\n\n24,425\n\n\n160\n\n\n106,139\n\n\n46,192\n\n\n130\n\n\n\nCash flow from operations\n\n\n22,096\n\n\n11,206\n\n\n97\n\n\n42,677\n\n\n20,543\n\n\n108\n\n\n\n    Per basic share\n\n\n0.78\n\n\n0.43\n\n\n81\n\n\n1.57\n\n\n0.78\n\n\n101\n\n\n\n    Per diluted share\n\n\n0.74\n\n\n0.39\n\n\n90\n\n\n1.49\n\n\n0.71\n\n\n110\n\n\n\nNet income\n\n\n3,480\...

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