Journey Energy, Inc. · TSX:JOY
Journey Energy — Investor Presentation (May 2026)
30 slides from Journey Energy's investor presentation, May 2026
Slide 1: Unconventional Corporate Presentation May 2026
: JOY : JRNGF Unconventional May 2026 ENERGY INC. Corporate Presentation 1
Slide 2: Journey is UNCONVENTIONAL to the CORE
Journey Is Not Like Other Small Caps World Class Emerging Power Expanding Polymer Stable, low decline Duvernay Shale Business Flood at Medicine predictable base Resource Play Hat production Journey is UNCONVENTIONAL to the CORE Cover Photo: Duvernay Core Montage 2
Slide 3: Snapshot
Snapshot Journey Energy is a uniquely positioned small cap energy company with Highlights exposure to a world class shale resource play that is funded by a low- Guidance decline conventional production base, and complemented by an emerging 2026 Production (boe/d) 10,800 - 11,200 power generation bus
Slide 4: At a Glance
At a Glance Conventional PowerAssets Generation Gilby Duvernay Low base decline (10%) Low decline with minimal Joint Venture with Spartan maintenance capex required Delta Corp. (Journey 30%) across central and southern Transformational asset in the Central Alberta Alberta ~6,500 boe/d light oil wind
Slide 5: Financial Results
Financial Results Four (1.2 net) Duvernay wells were drilled on JV acreage in Q1 2026, with initial production slated to commence in May 2021 2022 2023 2024 2025 2026 Operating Highlights Actual Actual Actual Actual Actual Q1 Actuals Production Average (boe/d) 8,004 9,778 12,415 11,275 11,261 10,456
Slide 6: 2026 Forecast Funds Flow Sensitivity
2026 Forecast Funds Flow Sensitivity The below table depicts 2026 annualized adjusted funds flow price sensitivities as per Journey’s midpoint guidance of 11,000 boe/d (62% liquids) • Funds flow estimate incorporates Q1 actuals and forecasts for the balance of the year, inclusive of current hedges •
Slide 7: Net Asset Value (NAV) per Share
Net Asset Value (NAV) per Share Historically, Journey trades near its PDP NAV. As funds flow increases with Duvernay growth, we see visibility to a revaluation of our share price Duvernay Share of Undeveloped NAV: 41% $14.76 Duvernay Share of Undeveloped NAV: 26% $13.35 Duvernay Share of Undeveloped
Slide 8: Duvernay Joint Venture (Journey 30%, Spartan Delta Corp 70%)
Duvernay Joint Venture (Journey 30%, Spartan Delta Corp 70%) The Duvernay Joint Venture Partners control 113 LEGEND gross sections (~72,000 acres) in a 128-section block. JV Boundary 100% Tier 1 lands in the oil window of the Duvernay Journey JV Land Spartan Delta Shale Grande Prairie Baytex Paramou
Slide 9: Duvernay 2025 Performance & 2026 Budget
Duvernay 2025 Performance & 2026 Budget LEGEND JV Boundary JV Duvernay Performance Single Well Duvernay Economics Journey JV Land Drilled Duvernay Wells 1,000 450,000 bbl Type Curve 2026 Budget Wells 2019 Legacy Duvernay Drills DCET Capex ($ MM) 12 Budgeted Compressor 2024 05-18 Pad Average (2 Wells
Slide 10: Initial Stages of Duvernay Transformation
Initial Stages of Duvernay Transformation • In 2024, the Duvernay contributed 1% of our total annual production and just 2% of our net operating income • In 2025, the Duvernay contributed 14% of our total annual production and 32% of our net operating income • By 2030, high netback Duvernay volumes
Slide 11: Our Unconventional Future
Our Unconventional Future • Potential growth wedge through 2025-2030 shown: GLJ Booked Duvernay Net Asset Value Per Share • 83 gross (24.9 net) wells in the model $5.00 Total: $4.82 • $1 billion gross capital outlay ($300 million net) • Asset becomes self funding in 2027 $4.00 • Peak of 8,000 boe/d
Slide 12: Power Asset Updates
Power Asset Updates Journey's power business is a structural hedge against our largest operating cost, in an improving power macro Countess (2020) Gilby (Commissioning March-May 2026) Mazeppa (ISD 2H 2026)* • 4 MW on stream September 2020 • 14.2 MW capacity • 16.2 MW power plant purchase closed in Q
Slide 13: Macro Tailwinds Support Power Economics
Macro Tailwinds Support Power Economics • 2025 AESO pool price averaged $44/MWh, the lowest since 2017. Low pricing caused by oil sands cogeneration and renewables persists as the market absorbs new capacity (Cascade, Genesee Repower & Suncor Base Plant) • Alberta peak demand set a record of 12,785
Slide 14: Medicine Hat WCS Oil Pool
Medicine Hat WCS Oil Pool Medicine Hat is Journey’s flagship conventional asset, providing stable cash flow with minimal production decline • Acquired in Q4 2022, 72% WI, operated • Multi year development plan, already yielding favourable results • 8 wells drilled by Journey; 34 more locations ident
Slide 15: Medicine Hat Polymer Flood
Medicine Hat Polymer Flood • Pool responds well to waterflood and polymer flood Potential Net Journey Medicine Hat Oil Production Forecast, bbl/d • Existing polymer blending facilities constructed in 2012 and 2015 for $30 million, minimizing additional expense 2,500 to expand the polymer flood 2,000
Slide 16: Inventory Growing in Unconventional Ways
Inventory Growing in Unconventional Ways • Journey has identified 436 gross (274 net) Drilling Locations(1) horizontal drilling locations across its asset base % Booked(2) in Total(1) Reserve Report • Our booked development wedge generates a 125% rate of return at year-end 2025 pricing(3) Region Gro
Slide 17: Play Economics
Play Economics Comparative Economics Versus Oil Price - IRR% Comparative Economics Versus Oil Price - Payout 350 Duvernay HZ (MSW) 6.0 Crystal HZ (MSW) Matziwin HZ (MSW) Westerose HZ (MSW) Medicine Hat HZ (WCS) Skiff 2 HZ WF Pattern (WCS) 300 Cherhill HZ (MSW) 5.0 Medicine Hat HZ (WCS) Skiff 2 HZ WF
Slide 18: Base Business: Conventional Assets
Base Business: Conventional Assets Stable free cash flow funds Duvernay growth program Skiff field: Southern Alberta Sawtooth Fm. Waterflood • Diverse suite of assets in Southern and Central Alberta (Exposure to light/heavy oil and liquids rich gas) • Waterflood expansion/optimization and low-risk d
Slide 19: Conventional Resource: Future Target
Conventional Resource: Future Target Journey can double its PDP oil reserves by recovering 2.0% more of the oil left behind 1.0 Billion net barrels of DOOIP(1,3) 3.0% of booked recovery 84.0% of oil left behind Ultimate 13.0% recovered to date(2) Recovery 16.0% ultimate recovery How We Get There: •
Slide 20: Journey's Unconventional Recipe for Success
Journey’s Unconventional Recipe for Success AFF/share Sustainability Net Asset Cost Value Structure Duvernay netbacks Cash flow from Duvernay and Rationalize high are 3X JOY Power offsets JOY’s Power add NAV cost assets while Corporate netback largest operating without adding ARO growing low cost co
Slide 21: Appendix
Appendix Management Gilby Power Plant: Wärtsilä gas fired engine units (total 21,000 hp) Directors Reserves Highlights Risk Management ESG Forward Looking Statements Oil and Gas Advisory Power Advisory Corporate Information 21
Slide 22: Management
Management Alex G. Verge, P.Eng., M.Eng. President and Chief Executive Officer, and Director – Previously President and CEO of NuVista Energy, VP Engineering at Bonavista, and senior positions at Poco Petroleums, Rising Resources, Shell, and Gulf Gerry N. Gilewicz, CPA, CMA Chief Financial Officer –
Slide 23: Board of Directors
Board of Directors Craig Hansen Chairman of the Board – Independent businessman, Former President and Chief Executive Officer of Zargon Oil & Gas Ltd. and its predecessor, Zargon Energy Trust Thomas Mullane Reserves Committee Chair – Independent businessman and former President and Chief Executive O
Slide 24: Year-End 2025 Reserves Highlights
Year-End 2025 Reserves Highlights The results of our year-end 2025 GLJ Reserves Evaluation are below • 2026 – 2030 average WTI price forecast used: $68.12/bbl (USD) • 2026 – 2030 average AECO natural gas price forecast used: $3.40/MMBtu (CAD) Journey Year-End 2025 GLJ Reserves Evaluation FDC, Oil Ga
Slide 25: Risk Management
Risk Management Journey will proactively manage commodity price risk by hedging to protect its capital program and mitigate downside Quarterly Crude Oil Hedged Prices & Volumes (as of May 7, 2026) Q2 to Q4/27 Volume Instrument Floor ($/bbl) Ceiling ($/bbl) Q2/26 Volume (bbl/d) Q3/26 Volume (bbl/d) Q
Slide 26: ESG
ESG Environmental • Journey is striving to reduce direct emissions intensity from year end 2022 levels for scope 1 and 2 emissions. We chose this time period for this target to focus on new reductions rather than accounting for reductions already achieved • We reuse 99.9% of our water withdrawals (f
Slide 27: Forward Looking Statements
Forward Looking Statements This presentation contains “forward-looking statements” including estimates of future production, cash flows and reserves, business plans for drilling and exploration, the estimated amounts and timing of capital expenditures, the assumptions upon which estimates are based
Slide 28: Oil and Gas Advisory
Oil and Gas Advisory The crude oil, natural gas and natural gas liquid reserves and related future net revenue of Journey presented herein were evaluated by GLJ, Journey’s independent reserves evaluators, in accordance with the requirements of National Instrument 51-101 (“NI 51-101”) and the Canadia
Slide 29: Power Advisory
Power Advisory Power generated is calculated by multiplying the capacity by the number of hours in a particular year, for purposes of the annual cashflow we have assumed 100% runtime. The amount of natural gas consumed in power generation is calculated by multiplying gas consumption by the power gen
Slide 30: Corporate Information
Corporate Information Head Office Engineering Consultants Journey Energy Inc. GLJ Ltd. 517 10 Ave SW #700 Calgary, AB Calgary, AB T2R 0A8 Legal Counsel McCarthy Tétrault Phone Calgary, AB (403) 294-1635 Auditors Website KPMG LLP www.journeyenergy.ca Calgary, AB Herronton field Investor Relations Con