The acquisition price was paid via the issuance of 3.5 million Journey shares plus $2.9 million of cash. The shareholders of PrivateCo voted overwhelmingly in favor of the Journey acquisition with 92% of the votes cast approving the deal. Production from PrivateCo’s producing wells for the week ending August 13, 2021 was approximately 667 boe/d (73% natural gas), which was 9% higher than the 610 boe/d (76% natural gas) reported at the date of announcement on June 24, 2021.
Barrel of Oil Equivalents and Volumes
Where amounts are expressed in a barrel of oil equivalent (“boe”), or barrel of oil equivalent per day (“boe/d”), natural gas volumes have been converted to barrels of oil equivalent at six (6) thousand cubic feet (“Mcf”) to one (1) barrel. Use of the term BOE may be misleading particularly if used in isolation. The boe conversion ratio of 6 Mcf to 1 barrel (“Bbl”) of oil or natural gas liquids is based on an energy equivalency conversion methodology primarily applicable at the burner tip, and does not represent a value equivalency at the wellhead. This conversion conforms to the Canadian Securities Regulators’ National Instrument 51-101 – Standards of Disclosure for Oil and Gas Activities.
No securities regulatory authority has either approved or disapproved of the contents of this press release.