Journey Energy Reports First Quarter 2016 Financial Results
Jocelyn Aspa - May 10th, 2016
Journey Energy (TSX:JOY) has announced its financial results for the first quarter of 2016. As quoted in the press release: Highlights for the first quarter are as follows: Achieved a production level of 9,533 BOE/d in the first quarter, essentially flat compared with the fourth quarter of 2015. Liquids (oil and natural gas liquids) production … Continued
Journey Energy (TSX:JOY) has announced its financial results for the first quarter of 2016.
As quoted in the press release:
Highlights for the first quarter are as follows:
- Achieved a production level of 9,533 BOE/d in the first quarter, essentially flat compared with the fourth quarter of 2015.
- Liquids (oil and natural gas liquids) production accounted for 5,245 BOE/d or 55% of total production during the quarter.
- Received a corporate average commodity price of $20.81/BOE in the quarter with liquids production accounting for 78% of total sales revenues.
- Drilled 1 (1.0 net) well and expanded the water flood at Skiff.
- Acquired additional working interests and drilling locations in Journey’s core area of Herronton for $613 thousand.
- Entered into the following new hedges:
- Oil swap; 1,000 bbl/d (CAD $60.00) for July 1, 2016 to December 31, 2016.
- Oil 3 way collar: 1,000 bbl/d (CAD $39.50 / $60.00 / $65.00) for October 1, 2016 to March 31, 2018.
- Natural gas collar: 5,000 Gj/day (CAD $2.35/Gj floor; $2.86/Gj ceiling) for the period of November 1, 2016 to March 31, 2017.
- Natural gas collar: 5,000 Gj/day (CAD $2.40 floor; $2.85/Gj ceiling) for the period of November 1, 2016 to March 31, 2018.
