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Journey Energy (TSX: JOY | OTCQX: JRNGF)

Market Cap: ~$138M | EV: ~$191M | Shares O/S (FD): 69.5M (32% insider-owned)
Net Debt: ~$53M (incl. $38M convertible at $5.00) | Bank Line: $55M (77% undrawn)
Production: 10,800 BOEPD (56% liquids) | Decline: 13%
PDP NPV10%: $350M | Tax Pools: $657M / $359M NCLs

Investment Highlights:

Strong Asset Base: Low-risk, long-life portfolio anchored by Medicine Hat polymer flood with meaningful upside.

Duvernay JV (31.38% with Spartan Delta):

7 wells drilled (6 completed in 2025), all exceeding expectations.

Recent 3 wells averaging 1,300 BOE/d (86–87% liquids) on 30-day IP.

4 more (1.2 net) wells online mid-2025.

Results confirm strong netbacks and repeatable economics; full-field development expected to drive cashflow. 

Valuation Gap: 1B BOE booked at only 15% recovery (12% produced). Current PDP NPV10 ($361M / ~$5.00 per share) exceeds market cap — peers trade above PDP value.

Growth Ready: Conservative balance sheet, low decline, and significant unbooked potential in polymer flood and Duvernay JV provide multi-year runway.