Brief: Journey Energy Increases Production By 45% With Highly Accretive, Transformational Acquisition Of Low Decline Oil Weighted Assets

Journey Energy

29/07/2022 01:09

July 28 (Reuters) - Journey Energy Inc  JOY.TO :
    * . INCREASES PRODUCTION BY 45% WITH HIGHLY ACCRETIVE,
TRANSFORMATIONAL ACQUISITION OF LOW DECLINE OIL WEIGHTED ASSETS
    * ENTERED INTO A DEFINITIVE AGREEMENT FOR STRATEGIC
ACQUISITION OF
PRODUCING PETROLEUM AND NATURAL GAS ASSETS IN ALBERTA
    * TRANSACTION WILL INCREASE CO'S Q4 PRODUCTION TO
14,200-14,600
BOE/D AND WILL INCREASE ITS LIQUID WEIGHTING TO ABOUT 55%
    * ACQUISITION IS ACCRETIVE TO JOURNEY'S 2022 ADJUSTED FUNDS
FLOW
PER SHARE AND FREE FUNDS FLOW PER SHARE
    * NET ACQUISITION COST WILL BE FINANCED THROUGH COMBINATION
OF
JOURNEY'S CASH ON HAND, A VENDOR-TAKE-BACK LOAN OF $45 MILLION
    * SEES FY 22 ADJUSTED FUNDS FLOW PER BASIC SHARE $2.25 -
$2.40

Source text for Eikon:  ID:nCNW6lRBRa 
Further company coverage:  JOY.TO 

 ((Reuters.Briefs@thomsonreuters.com;))