CALGARY, Dec. 1, 2015 /CNW/ - Journey Energy Inc. (JOY – TSX) ("Journey" or the "Company") announces that it has completed its semi-annual review of its secured, revolving credit facility. Effective November 30, the borrowing base has been set at $140 million with no financial covenants. Previously, the borrowing base was $205 million with a covenant requiring approval of the syndicate for borrowings in excess of $150 million. The revised credit facility consists of a $15 million working capital facility and a $125 million revolving production loan facility. It is anticipated that the reduced borrowing base will result in lower standby fees which would have been charged on the unutilized amounts available under the facility. Currently there is $95 million drawn on the aggregate facility.
Based on Journey's current expectations of cash flows and capital spending for 2016, the revised credit facility will be more than sufficient to support the execution of our 2016 capital program and will also provide enough liquidity to take advantage of accretive, tuck-in acquisitions. Journey expects to release more comprehensive 2016 guidance on December 14, 2015.
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 become a growth plus sustainable yield company focused on drilling on 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 on existing lands through the application of best practices in horizontal drilling and, where feasible, with water floods.
Contact Alex G. Verge, President and Chief Executive Officer, 403-303-3232, alex.verge@journeyenergy.ca; or Gerry Gilewicz, Chief Financial Officer, 403-303-3238, gerry.gilewicz@journeyenergy.ca; Journey Energy Inc., 700, 517 - 10th Avenue SW, Calgary, AB T2R 0A8, 403-294-1635, www.journeyenergy.ca
Für den Inhalt des Beitrages ist allein der Autor verantwortlich bzw. die aufgeführte Quelle. Bild- oder Filmrechte liegen beim Autor/Quelle bzw. bei der vom ihm benannten Quelle. Bei Übersetzungen können Fehler nicht ausgeschlossen werden. Der vertretene Standpunkt eines Autors spiegelt generell nicht die Meinung des Webseiten-Betreibers wieder. Mittels der Veröffentlichung will dieser lediglich ein pluralistisches Meinungsbild darstellen. Direkte oder indirekte Aussagen in einem Beitrag stellen keinerlei Aufforderung zum Kauf-/Verkauf von Wertpapieren dar. Wir wehren uns gegen jede Form von Hass, Diskriminierung und Verletzung der Menschenwürde. Beachten Sie bitte auch unsere AGB/Disclaimer!
