Journey Energy Inc. (TSX:JOY) reported its year-end 2017 oil and gas reserves evaluation, stating that  during 2017, the company invested approximately $65 million in capital projects. Capital was evenly distributed between acquisition and divestiture activities and exploration and development activities.

Highlights are as follows:

• Proved and proved plus probable reserves increased by 24% and 26% respectively over 2016.
• Proved plus probable net asset value (pro-forma after share buyback) of $10.81 per basic share outstanding representing a 4% increase from $10.44 per share in 2016.
• Proved developed producing reserves accounted for 46% of total proved plus probable reserves while proved reserves accounting for 62%.
• Journey’s proved developed producing net asset value of $3.66 per basic share outstanding represents a significant increase from Journey’s current trading price of $1.65/share.
• Journey’s proved plus probable producing net asset value per share of $5.60 per basic was largely unchanged year over year even though commodity prices decreased significantly.
• Achieved finding, development, and acquisition (“FD&A”) costs, including changes in future development capital of:
  • $7.90 per boe for proved reserves.
  • $6.68 per boe for proved plus probable reserves
• Journey has achieved strong FD&A recycle ratios.  For the year ended December 31, 2017, we achieved a ratio of:
  • 1.6 times for FD&A costs with proved reserves.
  • 1.9 times for FD&A costs with proved plus probable reserves.
• Achieved finding and development costs* (“F&D”) costs, including changes in future development capital, of:
  • $29.22 per boe for proved reserves.
  • $23.73 per boe for proved plus probable reserves.

Click here to read the full Journey Energy Inc. (TSX:JOY) press release.