Journey Energy – Introduction To A Growing Oil And Gas Producer Operating In The Duvernay West Shale Basin
Alex Verge, President and CEO of Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF), joins us for a comprehensive introduction to this exploration and production company focused on conventional, oil-weighted operations in the Duvernay West Shale Basin of Alberta, Canada.
We have Alex outline the key production metrics on its existing core lands, with 12,000 boe/day and 55% liquids (crude oil and NGL’s), and a low corporate decline rate of 13%. Then we moved into areas for growth in their production base where they have drilled and will be drilling more wells, and also implementing water flood projects as part of their $51 million Capital Program for 2024. Alex reviewed their accretive acquisition of their Medicine Hat property back in 2022, and the upside they still have for development of this land. We also discussed their joint venture with Spartan Delta Corp on a land block along the thick Duvernay oil fairway, where Journey Energy maintains a 37.5% working interest.
In addition, Journey is seeking to grow its power generation business. Journey currently produces approximately 4 MW of electricity and with the recently announced facility acquisitions is anticipating to expand its productive capacity to approximately 36 MW within the next year.
If you have any questions for Alex regarding Journey Energy, then please email them into us at either Fleck@kereport.com or Shad@kereport.com.
