Brief: Journey Energy Announces Termination Of Proposed Countess Asset Sale

Journey Energy

02/03/2021 02:49

March 1 (Reuters) - Journey Energy Inc  JOY.TO :
    * ANNOUNCES TERMINATION OF PROPOSED COUNTESS ASSET SALE
    * DECIDED TO TERMINATE AGREEMENT WITH THIRD PARTY RATHER
THAN
PROVIDE A FURTHER EXTENSION TO CLOSING DATE
    * MANAGEMENT ESTIMATES THAT CASH FLOW FROM COUNTESS ASSETS
WILL BE
$1.5-2.0 MILLION IN Q1 OF 2021 ALONE
    * BECAUSE THIRD-PARTY PURCHASER DID NOT COMPLETE TRANSACTION
JOURNEY HAS RETAINED THEIR $902 THOUSAND DEPOSIT
    * JOURNEY ENERGY-AMENDED PACT WITH ALBERTA INVESTMENT
MANAGEMENT
CORP TO EXTEND MATURITY DATE $15 MILLION TERM DEBT TRANCHE
    * FORECASTED CASH FLOW FOR 2021 IS IMPROVED BY INCLUSION OF
COUNTESS ASSETS IN OUR GO FORWARD BUSINESS PLAN

Source text for Eikon:  ID:nCNWR4tJHa 
Further company coverage:  JOY.TO 

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