Journey Energy Inc. - JOY-T

Company Website 

Company Highlights: 

  • Journey is an Alberta focused oil and gas producer in the Central and Southern parts of the province. They focus on low decline assets and see their decline rate at 10% annually. The company has grown via the drill bit and accretive acquisitions.
  • Production in Q2/22 was 9,590 boe/d (52% natural gas) up from 7,709 boe/d in Q2/21. Cash flow more than tripled to $26M or $0.49 per share versus $9M or $0.21 in Q2/21.
  • JOY made an acquisition from Enerplus of 4,400 boe/d (71% liquids) for $140M in July. Exit 2022 production is forecast at over 14,200 boe/d (55% liquids).
  • JOY has 58.2M shares outstanding and a market capitalization of over $250M. AIMCo is their sole lender and largest shareholder. Insiders are material shareholders.
  • We see Journey generating $2.18 in cash flow in 2022. Our Bull Market Peak Target for JOY is $18.00 per share.
Alex Verge
Alex Verge
President and Chief Executive Officer and Director
Alex G. Verge serves as the President and CEO of Journey. Mr. Verge has more than 40 years of experience in the oil and natural gas industry and has served as Director and Chief Executive Officer and President of NuVista Energy Ltd. Verge is a Member of the Association of Professional Engineers, Geoscientists of Alberta. Mr. Verge received a Bachelor of Science degree in Chemical Engineering from the University of Toronto and a Masters of Engineering degree in Chemical and Petroleum Engineering from the University of Calgary.