Journey Energy Inc. Announces Operational Update for the Fourth Quarter of 2015; Announces Production and Earnings Guidance for 2016
The company announced production and earnings guidance for 2016. For the period, the company expects Annual average production to be in the range of 9,000 to 9,500 BOE/d (56% liquids). Capital program (excluding acquisitions) expected to be of $25 million. Cash flow expected to be in the range of $29 million to $31 million. Year end net debt expected to be in the range of $101 to $103 million. Cash flow per basic share expected to be in the range of $0.67 to $0.71. The currently projected capital will be allocated to drilling, completing, equipping and tieing-in 10 (nine net) wells in Brooks, Poplar Creek, Skiff, Cherhill and Matziwin, as well as waterflood expansion projects in Matziwin, Skiff and Herronton. The company will operate substantially all of its 2016 capital program with an average working interest of over 90%, enabling it to remain flexible with the budget, increasing or decreasing spending should prices materially change.