Journey Sells Northwest Alberta Assets for $28 Million

Journey Energy Inc., an Alberta-based oil and gas company, has announced that it has entered into a definitive agreement to sell certain assets in Northwest Alberta for $28 million. The sale includes the Ante Creek pool and the Pine Creek gas field, as well as some minor properties in the region.

The assets currently produce approximately 1,170 boe/d (68% liquids) and have end-of-life costs of around $31 million. Journey had not allocated any capital spending to these assets for several years.

This divestment is part of the company's medium-term strategy to improve corporate sustainability by increasing netbacks while reducing end-of-life costs as a percentage of producing asset value. The proceeds from this sale will be directed towards the development of the Duvernay light oil resource play.