Mr. Alex Verge reports

JOURNEY POSTS $7.7 MILLION OF NET INCOME IN THE THIRD QUARTER OF 2023; INITIATES 2023 DRILLING PROGRAM WITH ABOVE TYPE CURVE RESULTS

Journey Energy Inc. has released its financial and operating results for the three- and nine-month periods ended Sept. 30, 2023. The complete set of financial statements and management's discussion and analysis for the periods ended Sept. 30, 2023, and 2022, is posted on SEDAR+ and on the company's website.

Year-to-date 2023 highlights:

• Increased daily sales volumes by 24 per cent to 11,756 barrels of oil equivalent per day in the third quarter of 2023 from 9,504 boe/d in the third quarter of 2022; year-to-date sales volumes increased 34 per cent year over year;
• Generated adjusted funds flow of $18.5-million or 30 cents per basic share and 28 cents per diluted share;
• Produced 7,576 megawatts of electricity at Journey's power generation facility in Countess, Alta., at an average price of $172.12 per megawatt-hour;
• Continued with construction of the power generation facility in Gilby, Alta., in pursuit of a 2024 start-up date;
• Received verbal assurance on the viability of utilizing a buyback meter in the Mazeppa area, clearing the last physical hurdle for re-energizing the Mazeppa power facility in its current location in 2024;
• Closed four non-core divestments for aggregate proceeds of $2.8-million;
• Repaid $6.0-million of the vendor takeback debt from the October, 2022, acquisition during the quarter and another $6.0-million from the end of the quarter to today, leaving $19.0-million currently outstanding;
• Initiated the 2023 drilling program, completing 4.0 gross (2.9 net) wells in Medicine Hat and 3.0 gross (3.0 net) wells in Matziwin; both programs were significantly under budget and are forecast to produce at levels well above type curve expectations;
• Expanded the company's footprint in the Gilby Duvernay, entering into an agreement which allows Journey to control a 50-section block of high-quality Duvernay rights underneath the existing Gilby gas infrastructure for a period of up to seven years.

Outlook and guidance

This guidance incorporates many material underlying assumptions, including, but not limited to:

• Forecasted commodity prices;
• Assumptions of VTB principal payments as the principal repayments are based upon realized commodity prices;
• Forecasted operating costs, including forecasted prices for power;
• Forecasted costs for the capital program;
• Forecasted results and phasing of production additions from the capital program.

Journey has embarked on a careful and prudent expansion of its business plan to impact the company profitably. This includes executing on acquisitions, the timing of which can be unpredictable and, when executed, can defer drilling plans. The October, 2022, acquisition is performing as expected and has been buoyed by commodity price tailwinds. The company's success would not be possible without the talented team at Journey, both in the office and the field. Management looks forward to updating you on Journey's progress on its development path.

About Journey Energy Inc.

Journey is a Canadian exploration and production company focused on conventional, oil-weighted operations in Western Canada. Journey's strategy is to expand its production base by drilling on its existing core lands, implementing water flood projects and executing on accretive acquisitions. 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.

We seek Safe Harbor.