CALGARY, June 12, 2016 /CNW/ - Journey Energy Inc. (JOY – TSX) ("Journey" or the "Company") is pleased to announce it has concluded its annual bank line review.
As previously disclosed in our May 9, 2016 press release the Company's $140 million credit facility was undergoing its annual review. This review is now complete and based on the banking syndicates' final determination, the credit facility has now been set at $110 million. The $110 million facility is comprised of a $15 million working capital facility and a $95 million revolving facility. The new facility will subject to a standard semi-annual review, which is currently projected to be completed in October of this year.
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 grow its production base by drilling on its existing core lands, implementing water flood projects, and 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.
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, firstname.lastname@example.org; or Gerry Gilewicz, Chief Financial Officer, 403-303-3238, email@example.com; Journey Energy Inc., 700, 517 - 10th Avenue SW, Calgary, AB T2R 0A8, 403-294-1635, www.journeyenergy.ca