What’s Next For JOURNEY ENERGY In 2025? (TSX: JOY)

★ TSX: JOY // OTCQX: JRNGF ★ Catch Journey Energy's operational update, where President and CEO, Alex Verge, digs into the latest company news and future plans. Key milestones, financial data, and future projections are all discussed in the presentation, offering insights for investors.

→ Shares O/S FD – Basic 67.1 FD 69.5
→ Market Cap: ~113.41
→ Net debt: ~$53M
→ EV ~ $166.41
→ AVG daily trading volume 83k/shares
→ $38M of convertible debentures with a strike price of $5.00

★ KEY HIGHLIGHTS ★
▫ Journey came out of the downturn with excessive leverage, but a great low decline asset base of 13%
▫ The Company made a key acquisition in Medicine Hat of low decline assets with 34 undrilled locations with an active polymer flood, and has recently drilled eight successful wells
▫ Recently announced a JV with Spartan Delta on 128 sections in the Duvernay. JOY 37.5% and SDE 62.5%. These 128 sections have a pay thickness between 30-40M, the sweet spot of the Duvernay 8 wells drilled this year, and the first pad is coming on better than expected, ahead of schedule
▫ JOY recently secured a credit facility from a major bank for $55M (undrawn) to support their portion of Duvernay drilling, which should be self-funding by 2027
▫ The Company had an excellent Q1 with cash flow of $19.6M, which is 11% above Q1 2024. Net capital spending for Q1 2025 = $9.6M
▫ The Company has 1BBOIP booked only at a 5% recovery factor with 254 net locations identified and a PDP NPV10 value of $350M
▫ Most of their peers trade above the PDP value. Including nothing for the Duvernay
▫ Significant insider buying by the CEO and certain board members, totalling greater than 1.5 million shares
▫ Ownership is greater than 30% by insiders, Aimco and other institutions
▫ Tax pools of $675M

★ 2025 FORECAST ★
▫ Production -10,800 – 11,000 BOEPD
▫ Capex $ 55M
▫ CFPS $0.84 per share
▫ Main catalyst will be Duvernay well rates in June and August

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