Research from Water Tower Research, Water Tower Research

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.

Research from Water Tower Research

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<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