Journey Energy (JOY) investor relations material

Strategic positioning and asset overview

• Focused on Duvernay shale resource play, supported by stable, low-decline conventional production and an emerging power generation business.

• Holds a 30% interest in a Duvernay JV with Spartan Delta, controlling 113 gross sections of Tier 1 oil window land.

• Power assets include Countess (4 MW), Gilby (14.2 MW), and Mazeppa (16.2 MW), providing a structural hedge against operating costs.

• Expanding polymer flood at Medicine Hat enhances recovery and cash flow from flagship conventional assets.

Financial performance and guidance

• 2026 production guidance: 10,800–11,200 boe/d, with 62% oil and liquids weighting.

• 2026 capital program: $80–$90 million, with $7 million allocated to end-of-life spending.

• Net debt projected at $56 million by March 31, 2026; 67% of bank facility undrawn.

• 2026 funds flow highly sensitive to WTI and AECO prices; every $1/bbl WTI adds ~$1 million to funds flow.

Duvernay growth and economics

• Duvernay's share of production rose from 1% in 2024 to 14% in 2025, forecast to exceed 50% by 2030.

• 2026 Duvernay budget: $35 million net for 11 new drills and 12 completions, $15 million for infrastructure.

• Recent wells outperform type curves, with average IP30 rates of 1,098–1,627 boe/d and payouts under 1.5 years.

• Duvernay netbacks average $46.55/boe (2026–2030), with a recycle ratio of 3.2 and IRR of 70%.