Journey Energy Inc. CEO Alex Verge shares a Q3 and Operational Update.

Journey Energy (TSX: JOY | OTCQX: JRNGF) is an 11,300 boepd producer (56% liquids) with a 13% decline rate. The company has 1BBOIP booked only at 15% ultimate recovery factor (12% produced to date) with 254 net locations booked ($250M FDC means $300M value which is only 40% of the conventional development wedge but is $5/share!) and a PDP NPV10 value of $361M or $5.00/share. Most of their peers trade above PDP value. Tax pools of $675M.

The company has been focused on debt reduction (recently deferred their AIMCO amortization from a balloon payment of $11.1M to monthly payments ending on Aug 31st, 2025 from April 2025 providing greater financial flexibility and non-core dispositions). Upcoming catalysts to be discussed are recent two Duvernay wells drilled with SDE, which could add a minimum $5.00 value to JOY.

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