en.Wedoany.com Reported - Canadian energy company Journey Energy Inc. announced it has reached a definitive agreement with a private company to sell its Countess assets in Alberta for C$7 million in cash, with the transaction expected to close on June 1, 2026. The assets being sold include the Countess gas field and a 4-megawatt power generation facility, currently producing from 425 natural gas wells with daily output of approximately 953 barrels of oil equivalent (all natural gas), representing about 9% of the company's Alberta Energy Regulator (AER) liabilities. Journey has not allocated any capital expenditures to these assets over the past few years.

Proceeds from the divestiture will be used for development in the Duvernay light oil resource play. The company stated that the transaction aligns with the sales process previously initiated through TPH&Co., aimed at enhancing corporate sustainability by improving netback per barrel of oil equivalent and reducing the proportion of end-of-life costs relative to the value of producing assets.

The sale is expected to reduce the company's 2026 production guidance by approximately 500 barrels of oil equivalent per day, but the previously announced capital expenditure guidance and adjusted funds flow are not expected to be materially impacted.

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