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Editorial Advisory Board

  • Professor Andrea M. Armani, University of Southern California
  • Ruti Ben-Shlomi, Ph.D., LightSolver
  • James Butler, Ph.D., Hamamatsu
  • Natalie Fardian-Melamed, Ph.D., Columbia University
  • Justin Sigley, Ph.D., AmeriCOM
  • Professor Birgit Stiller, Max Planck Institute for the Science of Light, and Leibniz University of Hannover
  • Professor Stephen Sweeney, University of Glasgow
  • Mohan Wang, Ph.D., University of Oxford
  • Professor Xuchen Wang, Harbin Engineering University
  • Professor Stefan Witte, Delft University of Technology

Water Tower Research Publishes Initiation of Coverage Report on Journey Energy, Inc., “Long-Lived Legacy Asset Production Base Supports Funding Duvernay Growth”

May 6, 2025, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on Journey Energy, Inc. (TSX: JOY) titled, “Long-Lived Legacy Asset Production Base Supports Funding Duvernay Growth”. The report can be accessed here.

Journey Energy is a Canadian exploration and production company that is pursuing a strategy of maximizing cash flows to pursue modest growth in the Duvernay Shale play in Central Alberta. Journey has a diversified production base of low decline assets in properties in Medicine Hat, Pine Creek, Gilby, Countess, and Matziwin and other areas in Alberta. The producing reservoirs include Glauconitic, Viking, Montney, Cardium and the Duvernay shale.

The current production at Journey is ~11,000 barrels per day (equivalent) with oil at 50% of the hydrocarbon mix. The company plans to invest cash flows from the production base into the growth of the Duvernay Shale, where they have 200 gross (60 net) locations for growth with wells targeting higher concentrations of oil and natural gas liquids than the current production profile.

The company also operates natural gas power generation assets with two key facilities that are expected to come online within the next year.

In March 2025, Journey completed a strategic financing transaction with a Canadian Chartered Bank that established new credit facilities, repaid outstanding term debt and extended the maturity dates of their debt. Journey has ~$43 million of combined undrawn capacity on the new credit facilities and ~$61 million of outstanding debt, including convertible notes. On a trailing last twelve months basis (FY 2024), Journey has a leverage ratio of ~1.0x Debt / Adjusted EBITDA. The company is currently trading at ~$4.19 per share of the proved developed producing assets as of the year end 2024 reserve report at a 10% discount rate which is ~33% of the current share price.

About Water Tower Research

Water Tower Research is modernizing investor engagement through research-driven communications. Sound investment research begins with good information. At WTR, we help companies and investors connect by creating expert information flow and strategies that are the foundation of a successful modern investor relations platform. Our analysts and capital markets professionals bring decades of unrivaled Wall Street experience and insight to a new digital world of investor communications and engagement. Our research and investor content is distributed across traditional research aggregators including Bloomberg, FactSet, etc., proprietary direct distribution lists, social media, search engines, and our website. As a result, every institutional and retail investor has equal access to our high-quality company research. Our mission is to help companies take control of their IR program and proactively reach investors while bringing investors a consistent flow of quality information to help them understand our clients’ businesses, industries, and the investment opportunities they present.

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