Journey Energy Inc. Announces Revised Closing Date for Countess Asset Sale

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CALGARY, AB, Feb. 5, 2021 /CNW/ – Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) (“Journey” or the “Company“) reports that its previously announced disposition (see press release dated October 30, 2020) of its Countess area assets has been mutually deferred with the purchaser to a new closing date of February 16, 2021. In addition, an amendment to the credit agreement with Alberta Investment Management Corporation has been executed to extend the maturity date of the $15 million tranche of term debt, to coincide with the revised closing date of the Countess asset sale. Proceeds from the sale of this asset will be used to retire the $15 million term debt with any excess proceeds being used for working capital purposes.

No securities regulatory authority has either approved or disapproved of the contents of this press release.

SOURCE Journey Energy Inc.

For further information: Alex G. Verge, President and Chief Executive Officer, 403-303-3232, alex.verge@journeyenergy.ca; Gerry Gilewicz, Chief Financial Officer, 403-303-3238, gerry.gilewicz@journeyenergy.ca; Journey Energy Inc., 700, 517 – 10th Avenue SW, Calgary, AB T2R 0A8, 403-294-1635, www.journeyenergy.ca