Journey Energy Inc. announced operational update for the fourth quarter of 2015. For the period, the company has completed its fourth quarter drilling program with 4 (3.1 net) wells drilled. 3 (2.5 net) wells were drilled in Countess-Brooks and 1 (0.6 net) well was drilled in Matziwin. All wells are anticipated to be on production prior to the end of the year, at which time Journey forecasts production climbing to over 10,000 BOE/D (55% liquids).

The company announced production and earnings guidance for 2016. For the period, the company expects Annual average production to be in the range of 9,000 to 9,500 BOE/d (56% liquids). Capital program (excluding acquisitions) expected to be of $25 million. Cash flow expected to be in the range of $29 million to $31 million. Year end net debt expected to be in the range of $101 to $103 million. Cash flow per basic share expected to be in the range of $0.67 to $0.71. The currently projected capital will be allocated to drilling, completing, equipping and tieing-in 10 (nine net) wells in Brooks, Poplar Creek, Skiff, Cherhill and Matziwin, as well as waterflood expansion projects in Matziwin, Skiff and Herronton. The company will operate substantially all of its 2016 capital program with an average working interest of over 90%, enabling it to remain flexible with the budget, increasing or decreasing spending should prices materially change.