Journey Redirects Northwest Alberta Proceeds to Duvernay Oil Development

Journey Energy Inc., a Calgary-based oil and gas exploration and production company, has closed the sale of its northwest Alberta assets. The deal generated approximately $28 million in proceeds before closing adjustments.

The divested assets include the Ante Creek pool, the Pine Creek gas field, and certain minor properties in the region. These assets were producing around 1,170 barrels of oil equivalent per day (68% liquids) with end-of-life costs of approximately $31 million.

Journey has stated that it will redirect the proceeds from this sale toward the ongoing development of its Duvernay light oil resource play. The company's strategy focuses on growing production through drilling on existing core lands, implementing secondary and tertiary flood projects, and pursuing accretive acquisitions.