JOURNEY ENERGY INC. ANNOUNCES THE CLOSING OF THE ACQUISITION OF THE PRIVATE COMPANY

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CALGARY, Alta., April 4, 2022 /CNW/ – Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) (“Travel“or the”Company“) reports that it has closed the previously announced private company (“PrivateCo“) acquisition.

The acquisition price was paid through the issuance of 1.75 million Journey shares plus $8.0 million cash. Production of PrivateCo’s producing wells over the period March 13-26 was approximately 660 boe/d (54% light crude and NGL). New Ellerslie the horizontal well drilled by PrivateCo in the first quarter (31% working interest) has now been connected to the PrivateCo production facility and started production on April 1. This well is expected to add approximately 75 to 100 boe/d net to Journey.

Energy Travel Inc.
700, 517-10and Avenue SW
Calgary, Alta. T2R 0A8
www.voyageenergie.ca

Opinion :

Barrel of oil equivalents and volumes

Where quantities are expressed in barrels of oil equivalent (“boe”) or barrels of oil equivalent per day (“boe/d”), natural gas volumes have been converted to barrels of oil equivalent at six ( 6) one thousand cubic feet (“Mcf”) to one (1) barrel. Use of the term BOE can be misleading, particularly when used in isolation. The conversion ratio of 6 Mcf for 1 barrel (“Bbl”) of petroleum liquids or natural gas is based on an energy equivalency conversion methodology primarily applicable to the burner tip, and does not represent an equivalency of value at the wellhead. This conversion is in accordance with National Instrument 51-101 of the Canadian Securities Administrators – Disclosure standards for oil and gas activities.

No securities regulatory authority has approved or disapproved of the contents of this press release.

Forward-looking statement:

This press release contains statements containing certain “forward-looking information” within the meaning of applicable securities laws (“forward-looking statements”). Forward-looking statements contained in this release include, but are not limited to, the opinions and beliefs of management. Forward-looking statements are often characterized by words such as “plan”, “continue”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “potential”, “proposed”, “forecast” and other similar words, or statements that certain events or conditions “may” or “will” occur. These statements are only predictions. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this press release. Forward-looking statements are based on the opinions and estimates of management as of the date they are made, and are subject to a variety of risks and uncertainties and other factors that could cause events or actual results differ materially from those projected in the forward-looking statements. – look at the statements. Journey has no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by applicable law. expressly requires.

SOURCE Journey Energy Inc.

For further information: For further information, please contact: Alex G. Verge, President and CEO, 403-303-3232, [email protected] or Gerry Gilewicz, CFO, 403-303-3238, [email protected]


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