Brief: Journey Energy Announces Extension To Forbearance Agreement With Banking Syndicate

Journey Energy

01/06/2020 24:33

May 31 (Reuters) - Journey Energy Inc  JOY.TO :
    * JOURNEY ENERGY INC. ANNOUNCES AN EXTENSION TO ITS
FORBEARANCE
AGREEMENT WITH ITS BANKING SYNDICATE
    * REACHED AN AGREEMENT WITH SYNDICATE TO EXTEND CURRENT
FORBEARANCE UNTIL JUNE 30, 2020
    * JOURNEY ENERGY - EXTENSION OF FORBEARANCE PERIOD WILL
ALLOW
JOURNEY TO KEEP PURSUING A SOLUTION TO DECLINE IN ITS BORROWING
BASE WITH ITS BANKS
    * EXTENSION TO FORBEARANCE AGREEMENT INCLUDES HOLDING BANK
LINE AT
MAXIMUM OF $77 MILLION UNTIL TERMINATION OF AGREEMENT ON JUNE 30
    * JOURNEY ENERGY - OVER PAST TEN WEEKS, CO SHUT-IN
APPROXIMATELY
1,500 BOE/D (73% OIL AND NGL) IN TEN DIFFERENT FIELDS WITH
HIGHER COST STRUCTURES
    * JOURNEY ENERGY - CONTINUES TO AVAIL ITSELF OF CANADIAN
EMERGENCY
WAGES SUBSIDY GOVERNMENT PROGRAM WHICH HAS NOW BEEN EXTENDED TO
AUG 31 BY GOVERNMENT
    * JOURNEY ENERGY- IN INTERVENING PERIOD, WILL CONTINUE
EVALUATION,
PURSUIT OF GOV BACKED LOAN SUPPORT PROGRAMS FOR OIL & GAS SECTOR
ANNOUNCED ON APR 17, 2020

Source text for Eikon:  ID:nCNWgCJWHa 
Further company coverage:  JOY.TO 

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