CALGARY, Sept. 30, 2016 /CNW/ - Journey Energy Inc. (JOY – TSX) ("Journey" or the "Company") announces that the previously announced disposition of an aggregate of 16,355,798 common shares and restricted voting shares (collectively, the "Shares") in the capital of Journey by Infra-PSP Partners Inc. ("PSP") pursuant to a share purchase agreement dated September 15, 2016 has closed. Upon closing of the disposition the purchaser, Maple Investments Limited ("MIE"), will own 37.5% of the issued and outstanding Shares of Journey. After the sale of the Shares, PSP will own approximately 12.5% of the outstanding Shares of Journey.
Concurrently with the closing of the sale of PSP's Shares, Marc Drouin, an employee of PSP, and director of Journey has resigned. Journey management and directors would like to thank Mr. Drouin for his guidance and leadership as a director of the Company.
With the addition of MIE as a major shareholder, and the resignation of Mr. Drouin, Journey has initiated a review of our Board composition and intends to provide a further update on November 7 2016, in conjunction with our third quarter financial and operating results press release.
ABOUT THE COMPANY
Journey is a Canadian exploration and production company focused on conventional, oil-weighted operations in western Canada. Journey's strategy is to provide investors with growth plus a sustainable yield by focusing on drilling its existing core lands, implementing water flood projects, executing on accretive acquisitions and growing its production base. Journey seeks to optimize its legacy oil pools through the application of best practices in horizontal drilling and, where feasible, with water floods.
No securities regulatory authority has either approved or disapproved of the contents of this press release.
SOURCE Journey Energy Inc.