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Journey Plans 'Minimal' Capex for 2016; 10 Wells Planned
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Journey Energy Inc. has announced its capital plan and guidance for 2016 as well as the suspension of its quarterly dividend.
4Q Operational UpdateJourney has completed its fourth quarter drilling program with 4 (3.1 net) wells drilled. 3 (2.5 net) wells were drilled in Countess-Brooks and 1 (0.6 net) well was drilled in Matziwin. The results of these wells have exceeded our expectations. All wells are anticipated to be on production prior to the end of the year, at which time Journey forecasts production climbing to over 10,000 BOE/D (55% liquids).
2016 GuidanceGiven the extended downturn in both oil and natural gas prices, Journey has chosen to minimize its capital spending for 2016. This budget is designed to reduce our net debt below our currently projected 2015 exit level.
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