Mr. Alex Verge reports

JOURNEY ENERGY INC. ANNOUNCES CLOSING OF $38 MILLION "BOUGHT DEAL" PRIVATE PLACEMENT OF CONVERTIBLE DEBENTURES

Journey Energy Inc. has closed the previously announced convertible debenture financing lead by Echelon Wealth Partners Inc. pursuant to which 38,000 senior unsecured convertible debentures of the company at a price of $1,000 per convertible debenture were issued for total gross proceeds of $38-million.

Each convertible debenture shall be convertible into common shares of the company at a price of $5 per share for a period of five years following the closing date. The convertible debentures will bear interest at a rate of 10.25 per cent per annum payable semi-annually in arrears on March 31 and Sept. 30 in each year commencing Sept. 30, 2024. The company intends to use the net proceeds of the offering to reduce existing indebtedness, to finance its 2024 capital development program, and for working capital and general corporate purposes. Journey will be updating its 2024 guidance to take into account the impact of this financing and expects to issue this guidance on or before March 28, 2024.

About Journey Energy Inc.

Journey is a Canadian exploration and production company focused on oil-weighted operations in Western Canada. Journey's strategy is to grow its production base by drilling on its existing core lands, implementing waterflood 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 waterfloods.

We seek Safe Harbor.