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Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul><li>Journey is a JV partner with Spartan Delta in a large, contiguous acreage position near Gilby with 200 gross (60 net) well locations for future development.</li><li>The JV drilled, completed, and brought online eight wells this summer.</li><li>Early performance has exceeded Journey’s initial Duvernay type curve. (see Figures 1 and 2).</li></ul>

Journey is a JV partner with Spartan Delta in a large, contiguous acreage position near Gilby with 200 gross (60 net) well locations for future development.The JV drilled, completed, and brought online eight wells this summer.Early performance has exceeded Journey’s initial Duvernay type curve. (see Figures 1 and 2).

Journey Energy, Inc: Duvernay Acceleration Underway with Portfolio Optimization

<ul><li>Journey reported 1Q25 earnings on May 8 and subsequently released a new investor presentation.</li><li>It included a longer-term outlook on the Duvernay JV with forecasted development plans.</li><li>Journey also provided forecasted sensitivities for earnings on the developing power business.</li></ul>

Journey reported 1Q25 earnings on May 8 and subsequently released a new investor presentation.It included a longer-term outlook on the Duvernay JV with forecasted development plans.Journey also provided forecasted sensitivities for earnings on the developing power business.

Journey Energy, Inc: Focus on Unconventional Duvernay Growth Underpinned by Long-Lived Assets

<ul><li>The Duvernay program is expected to deliver light oil-weighted production growth in 2H25 and accelerate the drilling program into 2026 with joint venture (JV) partner Spartan Delta.</li><li>Recent well results have been promising at ~1,100 BOE/d (IP-30 rate), with high liquids and light oil at ~90% of production.</li><li>The diversified production base consists of low- decline assets and delivers stable cash flow that can be reinvested in higher-return Duvernay development, which should strengthen the balance sheet.</li></ul>

The Duvernay program is expected to deliver light oil-weighted production growth in 2H25 and accelerate the drilling program into 2026 with joint venture (JV) partner Spartan Delta.Recent well results have been promising at ~1,100 BOE/d (IP-30 rate), with high liquids and light oil at ~90% of production.The diversified production base consists of low- decline assets and delivers stable cash flow that can be reinvested in higher-return Duvernay development, which should strengthen the balance sheet.

Journey Energy, Inc. - Long-Lived Legacy Asset Production Base Supports Funding Duvernay Growth

Canada

Journey Energy Inc engages in the exploration, development, and production of oil and natural gas in the Western Canada Sedimentary Basin.

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Journey Energy (JOY CN)

Journey Energy, Inc: Duvernay Acceleration Underway with Portfolio Optimization

Journey is a JV partner with Spartan Delta in a large, contiguous acreage position near Gilby with 200 gross (60 net) well locations for future...

Water Tower Research

Journey Energy, Inc: Focus on Unconventional Duvernay Growth Underpinned by Long-Lived Assets

Journey reported 1Q25 earnings on May 8 and subsequently released a new investor presentation. It included a longer-term outlook on the Duvernay JV...

Water Tower Research

Journey Energy, Inc. - Long-Lived Legacy Asset Production Base Supports Funding Duvernay Growth

The Duvernay program is expected to deliver light oil-weighted production growth in 2H25 and accelerate the drilling program into 2026 with joint...

Water Tower Research

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