CALGARY, May 15, 2020 /CNW/ - Journey Energy Inc. (JOY – TSX; JRNGF - OTCQX) ("Journey" or the "Company") announces that it intends to release its first quarter 2020 financial and operating results after the market close on Tuesday, May 19, 2020.
Financial Statement Filing Date Extension
Journey will be releasing its first quarter 2020 financial statements and management, discussion and analysis on Tuesday May 19, 2020. Journey is relying on the Alberta Securities Commission's Blanket Order 51‐517 Temporary Exemption from Certain Corporate Finance Requirements and similar exemptive orders of the other Canadian securities regulatory authorities (the "Orders") in respect of its deadlines under Parts 4 and 5 of National Instrument 51‐102 Continuous Disclosure Obligations to file its quarterly financial statements and related management's discussion and analysis for the period ended March 31, 2020 (the "Quarterly Filings"). The Orders provide for a 45 day extension for certain required filings under applicable securities laws, including the Quarterly Filings, in order to assist issuers with meeting their disclosure obligations in light of challenges presented by Covid‐19. Journey confirms that its management and other insiders are subject to an insider trading black‐out policy that reflects the principles in section 9 of National Policy 11‐207 – Failure‐to‐File Cease Trade Orders and Revocations in Multiple Jurisdictions.
About the Company
Journey is a Canadian exploration and production company focused on oil-weighted operations in western Canada. Journey's strategy is to grow its production base by drilling on its existing core lands, implementing waterflood projects, and by executing on accretive acquisitions. Journey seeks to optimize its legacy oil pools on existing lands through the application of best practices in horizontal drilling and, where feasible, with water floods. Journey is also in the early phases of advancing development of an unconventional shale resource play in the oil window of the Duvernay, in the western shale basin of our central core area.
FORWARD LOOKING STATEMENTS AND OTHER ADVISORIES
Information in this press release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws, which involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Journey, including, without limitation, those listed under "Risk Factors" and "Forward Looking Statements" in the Annual Information Form filed on www.SEDAR.com on March 30, 2020. Forward-looking information may relate to Journey's future outlook and anticipated events or results and may include statements regarding the business strategy and plans and objectives. Particularly, forward-looking information in this press release includes, but is not limited to, information concerning Journey's drilling and other operational plans, production rates, the benefits of lease extensions resulting from shut ins, potential non-core asset dispositions, the temporary nature of staff and compensation reductions and the potential for further forbearance by Journey's banking syndicate. Journey cautions investors in Journey's securities about important factors that could cause Journey's actual results to differ materially from those projected in any forward-looking statements included in this press release. Information in this press release about Journey's prospective funds flows and financial position is based on assumptions about future events, including economic conditions and courses of action, based on management's assessment of the relevant information currently available. Readers are cautioned that information regarding Journey's financial outlook should not be used for purposes other than those disclosed herein. Forward-looking information contained in this press release is based on current estimates, expectations and projections, which Journey believes to be reasonable as of the current date. No assurance can be given that the expectations set out herein will prove to be correct and accordingly, you should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time except as required by applicable securities law.
Readers are cautioned that the above list of risks and factors are not intended to be exhaustive. Additional information on these and other factors that could affect operating and financial results are, or will be, included in reports filed with the applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com).
No securities regulatory authority has either approved or disapproved of the contents of this press release.
SOURCE Journey Energy Inc.
For further information: Alex G. Verge, President and Chief Executive Officer, 403-303-3232, [email protected]; or Gerry Gilewicz, Chief Financial Officer, 403-303-3238, [email protected]; Journey Energy Inc., 700, 517 - 10th Avenue SW, Calgary, AB T2R 0A8, 403-294-1635, www.journeyenergy.ca