The acquisition price was paid via the issuance of 1.75 million Journey shares plus $8.0 million of cash. Production from PrivateCo’s producing wells the period March 13-26 was approximately 660 boe/d (54% light crude oil and NGL’s). The new Ellerslie horizontal well drilled by PrivateCo in the first quarter (31% working interest) has now been connected to PrivateCo’s production facility and commenced production on April 1. This well is forecast to add approximately 75-100 boe/d net to Journey.
CALGARY, AB – Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) (“Journey” or the “Company“) reports that it has closed the previously announced private company (“PrivateCo“) acquisition.