Journey Posts $15.8 Million of Net Income for 2023 and $66.1 Million of Adjusted Funds Flow

About this update from Journey Energy, Inc.

[{"type":"text","content":"Journey Posts $15.8 Million of Net Income for 2023 and $66.1 Million of Adjusted Funds FlowCalgary, Alberta--(Newsfile Corp. - March 12, 2024) - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) (\"Journey\" or the \"Company\") is pleased to announce its financial and operating results for the three and twelve month periods ending December 31, 2023. The complete set of financial statements and management discussion and analysis for the periods ended December 31, 2023 and 2022 are posted on www.sedarplus.ca and on the Company's website www.journeyenergy.ca.Highlights for 2023 are as follows:Generated net income of $15.8 million for 2023. On a basic, weighted average per share basis, this amounted to $0.26 and $0.24 per diluted share. Realized Adjusted Funds Flow of $66.1 million for the year. On a basic, weighted average per share basis, this amounted to $1.10 and $1.00 per diluted share. Achieved sales volumes of 12,595 boe/d in the fourth quarter of 2023 and 12,415 boe/d for the entire year. Liquids volumes (crude oil and natural gas liquids) accounted for 6,912 boe/d or 55% of total volumes during the quarter and 6,765 boe/d or 54% for the entire year. On March 18, 2023 Journey closed a bought-deal flow-through share financing to issue 3.04 million flow-through shares at a price of $6.62/share resulting in gross proceeds of $20.1 million. Proved developed producing and proved plus probable developed producing reserve life index of 8.4 and 10.8 years respectively, are testaments to Journey's low decline asset base, and the YoY increase in reserve life index demonstrates Journey's ability to grow our base production base while simultaneously reducing our corporate decline rate.Achieved attractive F&D and FD&A recycle ratios of 2.4 and 2.5 respectively for proven reserves, and 8.9 and 8.5 respectively for proven plus probable reserves. The Company continued to advance the emerging power generation business:Generated 24,723 MWH of electricity in 2023 at an average price of $155.69/MWH.Started construction of the 15.1 MW power generation facility in Gilby Alberta, which is currently forecast to be on stream by the fourth quarter of 2024.Purchased a 16.5 MW power generation facility, the land it sits upon and the gas supply pipeline. Continued work on decommissioning non-producing sites. Journey spent $1.2 million in the fourth ...

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