Journey Energy (JOY) investor relations material

Strategic positioning and asset overview

• Holds a world-class Duvernay shale resource, funded by a stable, low-decline conventional production base and complemented by an emerging power generation business.

• Joint venture in the Duvernay with Spartan Delta Corp. (30% interest), controlling 113 gross sections of Tier 1 oil window lands.

• Power portfolio includes the 14.2 MW Gilby project and 16.2 MW Mazeppa project, both positioned to benefit from Alberta's evolving power market.

• Expanding polymer flood at Medicine Hat enhances recovery and cash flow from flagship conventional assets.

Financial performance and guidance

• 2026 production guidance: 10,300–10,700 boe/d, with 65% oil and liquids weighting; exit production forecast at 11,400–11,800 boe/d and 70% oil/liquids.

• 2026 capital program set at $100 million (net of A&D and ARO), with net debt projected at $56 million by March 31, 2026.

• Adjusted funds flow for 2026 is highly sensitive to WTI and AECO prices, with every $1/bbl WTI increase adding ~$1 million in annualized funds flow.

• 2025 year-end GLJ reserves: 86.3 MMboe (P+P), BTNPV10 of $972 million, and a reserve life index of 17.9 years.

Duvernay growth and economics

• Duvernay wells deliver strong economics: average IP30 >1,000 boe/d, IRR of 70%, and payout in ~1.5 years.

• By 2030, Duvernay is forecast to contribute over 50% of total corporate production and significantly increase margins and capital efficiency.

• 2026 Duvernay budget includes drilling 15 (3.9 net) wells and completing 16 (4.2 net) wells, with $53 million allocated to wells and $20 million to infrastructure.

• Duvernay netbacks are three times higher than the corporate average, driving NAV growth and sustainability.