Journey Energy Announces 2017 Reserves

- February 27th, 2018

Journey Energy Inc. reported its year-end 2017 oil and gas reserves evaluation, stating that during 2017, the company invested approximately $65 million in capital projects.

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.

Learn to invest in the oil & gas industry

 
See our report for valuable information
 

Get the latest Gas Investing stock information

Get the latest information about companies associated with Gas Investing Delivered directly to your inbox.

Gas Investing

Select All
Select None

By selecting company or companies above, you are giving consent to receive email from those companies. And remember you can unsubscribe at any time

Leave a Reply

Your email address will not be published. Required fields are marked *