Journey Energy, Inc. · TSX:JOY
Journey Energy — Investor Presentation (August 2025)
30 slides from Journey Energy's investor presentation, August 2025
Slide 1: Unconventional Corporate Presentation
: JOY : JRNGF Unconventional August 2025 ENERGY INC. Corporate Presentation 1
Slide 2: Journey is UNCONVENTIONAL to the CORE
Journey Is Not Like Other Microcaps 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 Uniquely positioned microcap energy company with exposure to a world Highlights class shale resource play that is funded by a low-decline conventional Guidance production base, and complimented by an emerging power generation business to hedge volatility in operating costs 2025 Production (
Slide 4: At a Glance
At a Glance Conventional PowerAssets Generation Gilby Duvernay Low base XYZ 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
Slide 5: Financial Results
Financial Results 2021 2022 2023 2024 H1 2025 Operating Highlights Actual Actual Actual Actual Actual Production Average (boe/d) 8,004 9,778 12,415 11,275 10,973 Oil and NGLs (%) 47% 49% 54% 57% 60% Corporate Decline Rate (%) 14% 14% 13% 13% 13% Reference Prices Natural Gas AECO ($/mcf) $3.64 $5.43
Slide 6: 2025 Adjusted Funds Flow Estimates at Various Prices
2025 Adjusted Funds Flow Estimates at Various Prices Based upon Journey’s published guidance of 10,800 – 11,200 boe/d (60% liquids), incorporating first half actuals Full Year FULL YEAR 2025 AVG WTI ($USD/BBL) Adjusted Funds Flow ($MM) $63.00 $64.00 $65.00 $66.00 $67.00 $68.00 $69.00 $70.00 $71.00 $
Slide 7: Year End 2024 Reserves Highlights
Year End 2024 Reserves Highlights Journey Year End 2024 GLJ Reserves Evaluation FDC, Oil Gas NGLs Oil Equivalent BTNPV10 Category RLI Undiscounted (MMbbl) (Bcf) (MMbbl) (MMboe) ($MM, CAD)(1) ($MM)(2) Proved Developed 17.1 89 3.7 35.5 8.9 $350 $29 Producing Total Proved 25.4 119 5.1 50.4 11.0 $538 $1
Slide 8: Net Asset Value (NAV) per Share
Net Asset Value (NAV) per Share Journey’s $1.90/share price (end June 2025) on the TSX is a 56% discount to its YE 2024 third party PDP NAV/share $12.65 $12.27 $10.78 $7.67 $7.14 $6.14 Legend $5.90 $5.53 P+P $4.56 $4.33 $3.17 $3.26 P+PDP $2.34 PDP $0.79 $-0.25 Period YE 2020 YE 2021 YE 2022 YE 2023
Slide 9: Shifting Focus to Revalue Journey Shares
Shifting Focus to Revalue Journey Shares Problem: Journey is long on NAV but short on operating income YE2024 EV/2024 Operating Income Multiple Peers trade at a similar multiples of operating income, but… YE2024 NAV/2024 Operating Income Multiple 8.0 5.0 JOY 4.3x 6.0 4.0 3.0 4.0 Average: 3.4x JOY 2.
Slide 10: Duvernay Joint Venture
Duvernay Joint Venture Journey (30% working interest) announced a • 2024 saw the initial two net wells on the Gilby Duvernay Joint Venture with Spartan Delta Joint Venture block drilled and completed Corp. (70%) in 2024. The companies control • Activity in 2025: 8 (2.4 net) wells drilled, 7 (2.1 111
Slide 11: Duvernay Performance
Duvernay Performance 1,200 1,000 800 450,000 bbl Type Curve Oil Rate (bbl/d) 2019 Legacy Duvernay Drills 2024 05-18 Pad (2 Wells) 600 2025 06-04 Pad (3 Wells) 400 200 0 0 100,000 200,000 300,000 400,000 500,000 Cumulative Oil Produced (bbls) Industry activity has significantly increased in the West
Slide 12: Our Unconventional Future
Our Unconventional Future Single Well Duvernay Economics • Potential growth wedge through 2030 shown: • 7 gross (2.1 net) wells in 2025 DCET Capex ($,000) 12,500 • 12 gross (3.6 net) wells in 2026 Reserves (Mboe) 750 • 16 gross (4.8 wells) annually thereafter to 2030 Oil Reserves (Mbbl) 450 • $1 bil
Slide 13: Power Business Update
Power Business Update Countess (2020) • 4 MW on stream September 2020 • Fuel gas supplied by long life natural gas (Countess field) • Connected to Alberta power grid • Project has paid out original investment • Countess running intermittently based upon pricing Gilby (ISD October 2025)* • 15.1 MW ca
Slide 14: Future Cash Flow From Power Projects
Future Cash Flow From Power Projects • Over 75% of the capital to bring our projects online has already been spent • Power prices are currently below break-even generation cost provincially and below the $68/MWh historical average • Larger players will adjust load over time to return power prices to
Slide 15: 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 • 34 undrilled locations currently identified • Drill
Slide 16: Medicine Hat Polymer Flood
Medicine Hat Polymer Flood • Medicine Hat’s 2P YE booked reserve value is $67 million ($1.00/share) higher than our PDP value • Existing polymer blending facilities constructed in 2012 and 2015 for $30 million, minimizing additional expense to expand the polymer flood • Unbooked polymer expansion up
Slide 17: Base Business
Base Business Skiff field: Southern Alberta Sawtooth Fm. Waterflood Characteristics: • Low decline with predictable production profiles • Well financed • Undercapitalized • Undervalued • Low risk drilling/well optimization to maintain production • Funding vehicle for Duvernay development Ante Creek
Slide 18: Conventional Resource = Future Target
Conventional Resource = Future Target 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 84% of oil is left behind Journey can double its Target Resource PDP oil reserves by recovering 2.0% more
Slide 19: Drilling Inventory Growing in Unconventional Ways
Drilling Inventory Growing in Unconventional Ways • Journey has identified 477 gross (283 net) Drilling Locations(1) horizontal drilling locations across its asset base % Booked(2) in Total(1) Reserve Report • Our booked development wedge generates a 97% rate of return at year end 2024 pricing(3) Re
Slide 20: Play Economics
Play Economics Comparative Economics Versus Oil Price - IRR% Comparative Economics Versus Oil Price - Payout 160 Duvernay HZ (MSW) 6.0 Crystal HZ (MSW) Matziwin HZ (MSW) Westerose HZ (MSW) Medicine Hat HZ (WCS) Skiff 2 HZ WF Pattern (WCS) 140 Cherhill HZ (MSW) 5.0 Medicine Hat HZ (WCS) Skiff 2 HZ WF
Slide 21: Post COVID Share Issuance History
Post COVID Share Issuance History 1 Q3 2021: Issuance of 3.5MM shares at $1.06 to acquire low decline Why did Journey’s basic share count increase in October of 2024, while our Foothills assets fully diluted share count remained unchanged? 2 Q1 2022: CDE Flow-Through Share Issuance of 2.5MM shares a
Slide 22: 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 23: Appendix
Appendix Gilby Power Plant: Wärtsilä gas fired engine units (total 21,000 hp) Management Directors ESG Forward Looking Statements Oil and Gas Advisory Power Advisory Corporate Information 23
Slide 24: 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 25: 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
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 (
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 Investor Relations Contact Banking Her