Canada NewsWire
CALGARY, Sept. 30, 2016
CALGARY, Sept. 30, 2016 /CNW/ - Journey Energy Inc. (JOY – TSX)
("Journey" or the "Company") announces that the previously announced disposition of an aggregate of 16,355,798 common
shares and restricted voting shares (collectively, the "Shares") in the capital of Journey by Infra-PSP Partners Inc.
("PSP") pursuant to a share purchase agreement dated September 15, 2016 has closed. Upon
closing of the disposition the purchaser, Maple Investments Limited ("MIE"), will own 37.5% of the issued and outstanding
Shares of Journey. After the sale of the Shares, PSP will own approximately 12.5% of the outstanding Shares of Journey.
Concurrently with the closing of the sale of PSP's Shares, Marc Drouin, an employee of PSP, and
director of Journey has resigned. Journey management and directors would like to thank Mr. Drouin for his guidance and
leadership as a director of the Company.
With the addition of MIE as a major shareholder, and the resignation of Mr. Drouin, Journey has initiated a review of our Board
composition and intends to provide a further update on November 7 2016, in conjunction with our third
quarter financial and operating results press release.
ABOUT THE COMPANY
Journey is a Canadian exploration and production company focused on conventional, oil-weighted operations in western
Canada. Journey's strategy is to provide investors with growth plus a sustainable yield by
focusing on drilling its existing core lands, implementing water flood projects, executing on accretive acquisitions and growing
its production base. Journey seeks to optimize its legacy oil pools through the application of best practices in horizontal
drilling and, where feasible, with water floods.
ADVISORIES
No securities regulatory authority has either approved or disapproved of the contents of this press release.
SOURCE Journey Energy Inc.
