Journey Energy (OTC) (TSE:JOY) has released an update.
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Journey Energy Inc. has partnered with Spartan Delta Corp. to co-develop a significant land area in the West Shale Basin of the Duvernay region, with an investment plan that includes up to $30 million for 2024 and $100 million for 2025. The joint venture, where Journey holds a 37.5% interest and Spartan starts with 62.5%, may see Spartan’s share increase to 70% upon further land acquisition. Journey’s strong financial positioning, including a recent $38 million convertible debenture and low net debt, ensures the company is well-equipped to fund this venture alongside its other projects.
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