Calgary, Alberta--(Newsfile Corp. - November 9, 2026) - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) ("Journey" or the "Company") is pleased to announce its financial and operating results for the three and nine month periods ending September 30, 2026. The complete set of financial statements and management discussion and analysis are posted on www.sedarplus.ca and on the Company's website www.journeyenergy.ca.

Highlights for the third quarter:

• Generated sales volumes of 9,559 boe/d in the third quarter (56% crude oil; 12% NGL's; 32% natural gas)

• Recorded $16.8 million in net income or $0.25 per basic share and $0.24 per diluted share.

• Realized Adjusted Funds Flow of $24.3 million or $0.36 per basic share and $0.35 per diluted share.

• Closed on the disposition of 1,170 boe/d (32% natural gas) located in Northwest Alberta for proceeds (before closing adjustments) of $28.0 million.

• Acquired a working interest of approximately 1% in the Keyera Rimbey gas processing facility.

• Commissioned the 14 MW Gilby power project.

• Reduced net debt to $48.4 million or 4% lower than at the beginning of 2026.

Subsequent to the end of the quarter:

• Brought on an additional 5.0 gross (1.5 net) Duvernay wells from the 01-19-43-3W5 well pad through a new 30 MMscf/d (30% working interest) compression facility.

• Finished drilling a 4 well (1.2 net) pad at 02-22-42-4W5. Completion operations on these 4 wells are now underway and all 4 wells are forecasted to be brought on at year-end.

• Began drilling 5.0 gross (1.5 net) wells on the 10-19-41-3W5 pad. These wells are scheduled to be completed in 2027.

Financial & Operating Highlights

OPERATIONS

Sales volumes in the third quarter of 2026 averaged 9,559 boe/d as compared to 11,682 boe/d in the third quarter of 2025. Liquids volumes (oil and NGL's) in the third quarter of 2026 averaged 6,489 bbl/d (68%) as compared to 7,254 boe/d (62%) in the third quarter of 2025. The decrease in overall volumes reflects the disposition of non-essential assets. Journey closed the disposition of its Countess assets (950 boe/d 100% natural gas) on June 1, 2026 and the disposition of certain Northwest Alberta properties (1,170 boe/d 68% liquids) on September 1.

In aggregate, since 2024, Journey has disposed of approximately 2,950 boe/d (38% liquids) of non-essential assets, where it had no plans to allocate capital over the next five years. This reduced the corporate asset retirement obligations by approximately $87 million. Journey's divestment program is now substantially complete. As Journey replaces divested production with new volumes from drilling, consisting predominantly of Duvernay light oil, Journey is forecasting lower operating expenses per boe, lower royalty as a percentage of revenue, and materially higher netbacks moving forward.

Capital expenditures, before dispositions, in the second quarter of 2026 were $32.9 million, which included $9.2 million for Duvernay facility development, $3.3 million for power, and $3.7 million for land. During the quarter Journey closed on the acquisition of critical infrastructure in the Gilby area. This included acquiring a 0.98% working interest in the Keyera Rimbey gas processing facility. Net acquisition and divestment proceeds for the third quarter were $20 million.

The $3.3 million for power involved commissioning charges associated with ramping up power at the Gilby facility and overhauling the engines at Mazeppa as part of its final completion phase. Power expenditures are largely complete and Journey forecasts much lower quarterly power capital costs moving forward.

In addition to the expanded capital for the Duvernay, Journey also increased facility capital in Cherhill and Skiff by approximately $3 million to fund a number of pipeline integrity projects to ensure reliability of the infrastructure over the long-term. The projects will all be completed within the fourth quarter of 2026.

DUVERNAY UPDATE

The timing of future Duvernay pad additions and the phasing of infrastructure capital will continue to result in quarter over quarter variations in production and capital for the Company. In October, Journey added production from 4 gross (1.2 net) Duvernay wells. In November, Journey added production from 1 gross (0.3 net) Duvernay wells. Based on field receipts reports, production for October was 9,965 boe/d (69% liquids) and Journey remains on track to achieving its published year-end guidance.

To date in 2026, Journey has brought on 12 gross (3.0 net) Duvernay wells. Journey forecasts placing on-production another 4 gross (1.2 net) Duvernay wells at the end of the year. Journey's 4.2 net wells brought on-stream in 2026 compares favorably with 2.1 net wells in 2025 and 0.6 net wells in 2024. Significant infrastructure projects in 2026 have paved the way for even higher activity levels in 2027.

At the end of 2026, Journey will have up to 5 gross (1.5 net) drilled and uncompleted wells ("DUC's) off the 10-19-42-3W5 pad to be completed in 2027. These additional wells, along with additional infrastructure and completion costs associated with the 02-22-42-4 pad wells will result in an additional $15 million of capital net to Journey for 2026, which is an increase from previous guidance issued in August. The additional capital represents an acceleration of previously planned 2027 capital into 2026. This will result in higher exit volumes, increased first quarter, 2027 funds flows, and a significant increase in proved, producing reserve additions at the end of the year. The economic strength of the Duvernay resource remains extremely robust and Journey will continue to review and update its program over the course of 2027.

The economic viability of the Duvernay play is further substantiated by Journey's realized revenues from wells brought on-production to date. The original two 2024 wells achieved Payout¹ in approximately thirteen months at average WTI prices of approximately $64 USD/bbl. The original three wells on the 06-04 pad achieved Payout in approximately thirteen months and the original four wells on the 02-22 pad are forecast to achieve Payout in fourteen to fifteen months.

Journey previously indicated that 2026 capital expenditures in the Duvernay carried a high facility component. Journey participated for its 30% working interest for the construction of a 30 MMcf/d compressor station (in-service), and approximately 25 kilometers of gathering and inter-pad connection pipelines. Journey's net share of these 2026 long-term investments is estimated to be approximately $23 million. The long-term investment in facility projects will benefit the Company for many years by improving cycle times, reducing operating costs, and reducing facility costs for future drilling pads.

Note:

1. Payout means the period of time required for a well or project to generate enough net cash flow to recover its initial capital investment.

FINANCIAL

Journey achieved Adjusted Funds Flow of $24.3 million during the third quarter of 2026. While average daily sales volumes were 19% lower than the third quarter of 2025, average realized commodity prices were 39% higher than the comparable quarter of 2025 due primarily to a 32% increase in realized crude oil prices. Realized crude oil prices rose to $103.87/bbl in the third quarter resulting primarily from the continuation of the US-Iran war. The spike in WTI oil prices had a positive impact on Adjusted Funds Flow which was partially offset by a $3.8 million loss related from oil hedging.

Journey's overall liquids (crude oil and NGL's) volume weighting continued to strengthen with its Duvernay drilling results and the disposition of natural gas assets in June. Liquids volumes increased to 68% of total volumes in the third quarter of 2026 as compared to 61% in the third quarter of 2025. Crude oil sales volumes for the third quarter of 2026 represented 56%, an increase from 50% in the third quarter of 2025. Oil revenues represented 88% of total revenues in the third quarter of 2026. Natural gas sales volumes contributed 32% of total boe volumes in the third quarter of 2026 while contributing only 4% of total sales revenues. This weighting dynamic is the direct result of Journey's initiative to increase its corporate light oil weighting.

Journey's operating netbacks were $35.47/boe in the third quarter of 2026 as compared to $20.68 in the third quarter of 2025. 39% higher average commodity prices between the two comparable quarters in 2026 and 2025, along with Journey's changing product mix were the primary drivers of the increase.

Journey generated net income of $16.8 million in the third quarter of 2026 or $0.25 per basic share and $0.24 per diluted share as compared to $4.4 million of net income in the third quarter of 2025 or $0.07 per basic share and $0.06 per diluted share. Included in third quarter, 2026 net income was $7.0 million for a mark-to-market hedging loss and a further $3.8 million of realized hedging losses. The realized hedging losses were primarily attributable to the significant spike in WTI oil prices in relation to the fixed price. Adjusted Funds Flow of $24.3 million in the third quarter of 2026, was 19% higher than the $20.5 million realized in the third quarter of 2025. Adjusted Funds Flow per share was $0.36 per basic weighted average share and $0.35 per diluted share for the third quarter of 2026 as compared to $0.30 per basic weighted average and diluted share in the third quarter of 2025.

Net capital expenditures for the third quarter of 2026 includes exploration and development expenditures of $32.9 million and disposition proceeds of $28 million. $25.8 million was spent on drilling, completion, equipping and tie-in costs that were primarily devoted to Duvernay development activities including drilling 7 (2.1 net) new wells. In addition, the Company spent $3.3 million on the continuing work on its power generation projects in Gilby and Mazeppa. Journey spent $8 million in the acquisition of a 0.98% working interest in the Keyera Rimbey natural gas processing facility and associated infrastructure. The working interest generates third party processing revenue of approximately $0.7 million per year, but more significantly, the acquisition is expected to deliver a net reduction in operating expenses for processing Journey's working interest natural gas production from the Duvernay joint venture. Journey exited the third quarter of 2026 with net debt of $48.4 million, which was 13% lower than the $55.4 million at the end of the third quarter of 2025 and 4% lower than the $50.6 million of net debt at the beginning of the year.

OUTLOOK & GUIDANCE

Journey has updated its 2026 capital spending and production guidance as per below. The Company has increased its capital spending plans from the previous guidance, accelerated the on-stream date for the 02-22 pad wells, accelerated facility capital from 2027 into 2026, and added capital for the first five wells of the 10-19 pad. Capital has been reduced in 2027 to reflect the acceleration of capital into 2026.

Sales volumes for 2026 were reduced to reflect the loss of the Countess volumes effective June 1, 2026 (950 boe/d, 100% natural gas) and the Northwest Alberta volumes (1,170 boe/d, 32% natural gas) sold effective September 1, 2026.

Journey is maintaining its 2026 exit volumes, however it anticipates a significant production increase when the 4 gross (1.2 net) 02-22 pad wells come on-production in January of 2027. The robust economic impact of volume additions from the Duvernay continues to be reinforced with every new pad brought on-stream.

Journey is in the strongest position in its history to capitalize on the opportunity created by its world class Duvernay resource. Under current pricing assumptions, Journey has sufficient capital and liquidity available to fully fund its capital program. Journey management looks forward to providing further updates to this guidance at regular intervals throughout the year and as circumstances change.

This guidance incorporates many material underlying assumptions including but not limited to:

• Forecasted commodity prices by month;

• Forecasted operating costs, including forecasted prices for power;

• Forecasted costs for the capital program and the timing of the spending; and

• Forecasted results and phasing of production additions from the capital program;

About the Company

Journey is a Canadian exploration and production company focused on oil-weighted operations in Alberta, Canada. Journey's strategy is to grow its production base by drilling on its existing core lands, implementing secondary and tertiary flood projects on its existing lands, and by executing on accretive acquisitions.

Journey Energy Inc.
700, 517 - 10^th Avenue SW
Calgary, AB T2R 0A8
403-294-1635
www.journeyenergy.ca

ADVISORIES

This press release contains forward-looking statements and forward-looking information (collectively "forward looking information") within the meaning of applicable securities laws relating to the Company's plans and other aspects of the anticipated future operations, management focus, strategies, financial, operating and production results, industry conditions, commodity prices and business opportunities. In addition, and without limiting the generality of the foregoing, this press release contains forward-looking information regarding decline rates, anticipated netbacks, drilling inventory, estimated average drill, complete and equip and tie-in costs, anticipated potential of the Assets including, but not limited to, EOR performance and opportunities, capacity of infrastructure, potential reduction in operating costs, production guidance, total payout ratio, capital program and allocation thereof, future production, decline rates, funds flow, net debt, net debt to funds flow, exchange rates, reserve life, development and drilling plans, well economics, future cost reductions, potential growth, and the source of funding Journey's capital spending. Forward-looking information typically uses words such as "anticipate", "believe", "project", "expect", "goal", "plan", "intend" or similar words suggesting future outcomes, statements that actions, events or conditions "may", "would", "could" or "will" be taken or occur in the future.

The forward-looking information is based on certain key expectations and assumptions made by management, including expectations and assumptions concerning prevailing commodity prices and differentials, exchange rates, interest rates, applicable royalty rates and tax laws; future production rates and estimates of operating costs; performance of existing and future wells; reserve and resource volumes; anticipated timing and results of capital expenditures; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; the timing, location and extent of future drilling operations; the state of the economy and the exploration and production business; results of operations; performance; business prospects and opportunities; the availability and cost of financing, labour and services; the impact of increasing competition; the ability to efficiently integrate assets and employees acquired through acquisitions, including the Acquisition, the ability to market oil and natural gas successfully and the ability to access capital. Although we believe that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Journey can give no assurance that they will prove to be correct. Since forward-looking information addresses future events and conditions, by its very nature they involve inherent risks and uncertainties. The actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that we will derive therefrom. Management has included the above summary of assumptions and risks related to forward-looking information provided in this press release to provide security holders with a more complete perspective on future operations and such information may not be appropriate for other purposes.

Readers are cautioned that the foregoing lists of factors are not exhaustive. Additional information on these and other factors that could affect the operations or financial results are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedarplus.ca).These forward looking statements are made as of the date of this press release and we disclaim any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

This press release contains future-oriented financial information and financial outlook information (collectively, "FOFI") about Journeys prospective results of operations, funds flow, netbacks, debt, payout ratio well economics and components thereof, all of which are subject to the same assumptions, risk factors, limitations and qualifications as set forth in the above paragraphs. FOFI contained in this press release was made as of the date of this press release and was provided for providing further information about Journey's anticipated future business operations. Journey disclaims any intention or obligation to update or revise any FOFI contained in this press release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this press release should not be used for purposes other than for which it is disclosed herein. Information in this press release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws, which involves substantial known and unknown risks and uncertainties, most of which are beyond the control of Journey, including, without limitation, those listed under "Risk Factors" and "Forward Looking Statements" in the Annual Information Form filed on www.SEDARPLUS.ca on March 24, 2026. Forward-looking information may relate to the future outlook and anticipated events or results and may include statements regarding the business strategy and plans and objectives. Particularly, forward-looking information in this press release includes, but is not limited to, information concerning Journey's drilling and other operational plans, production rates, and long-term objectives. Journey cautions investors in Journey's securities about important factors that could cause Journey's actual results to differ materially from those projected in any forward-looking statements included in this press release. Information in this press release about Journey's prospective funds flows and financial position is based on assumptions about future events, including economic conditions and courses of action, based on management's assessment of the relevant information currently available. Readers are cautioned that information regarding Journey's financial outlook should not be used for purposes other than those disclosed herein. Forward-looking information contained in this press release is based on current estimates, expectations and projections, which we believe are reasonable as of the current date. No assurance can be given that the expectations set out in the Prospectus or herein will prove to be correct and accordingly, you should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time except as required by applicable securities law.

Non-IFRS Measures

The Company uses the following non-IFRS measures in evaluating corporate performance. These terms do not have a standardized meaning prescribed by International Financial Reporting Standards and therefore may not be comparable with the calculation of similar measures by other companies.

(1) "Adjusted Funds Flow" is calculated by taking "cash flow provided by operating activities" from the financial statements and adding or deducting: changes in non-cash working capital; non-recurring "other" income; transaction costs; and decommissioning costs. Adjusted Funds Flow per share is calculated as Adjusted Funds Flow divided by the weighted-average number of shares outstanding in the period. Because Adjusted Funds Flow and Adjusted Funds Flow per share are not impacted by fluctuations in non-cash working capital balances, Management believes these measures are more indicative of performance than the GAAP measured "cash flow generated from operating activities". In addition, Journey excludes transaction costs from the definition of Adjusted Funds Flow, as these expenses are generally in respect of capital acquisition transactions. The Company considers Adjusted Funds Flow a key performance measure as it demonstrates the Company's ability to generate funds necessary to repay debt and to fund future growth through capital investment. Journey's determination of Adjusted Funds Flow may not be comparable to that reported by other companies. Journey also presents "Adjusted Funds Flow per basic share" where per share amounts are calculated using the weighted average shares outstanding consistent with the calculation of net income (loss) per share, which per share amount is calculated under IFRS and is more fully described in the notes to the audited, year-end consolidated financial statements.

(2) "Netback(s)". The Company uses netbacks to help evaluate its performance, leverage, and liquidity; comparisons with peers; as well as to assess potential acquisitions. Management considers netbacks as a key performance measure as it demonstrates the Company's profitability relative to current commodity prices. Management also uses them in operational and capital allocation decisions. Journey uses netbacks to assess its own performance and performance in relation to its peers. These netbacks are operating, Funds Flow and net income (loss). "Operating netback" is calculated as the average sales price of the commodities sold (excluding financial hedging gains and losses), less royalties, transportation costs and operating expenses. There is no GAAP measure that is reasonably comparable to netbacks.

(3) "Net debt" is calculated by taking current assets and then subtracting accounts payable and accrued liabilities; the principal amount of term debt; and the carrying value of the other liability. Net debt is used to assess the capital efficiency, liquidity and general financial strength of the Company. In addition, it is used as a comparison tool to assess financial strength in relation to Journey's peers. The reconciliation of Journey's net debt is as follows:

(4) Journey uses "Exploration and Development Expenditures" and "Capital Expenditures" to measure its capital investment level compared to the Company's annual budgeted capital expenditures for its organic capital program, excluding acquisitions or dispositions. The directly comparable GAAP measure to capital expenditures is cash used in investing activities. Journey then adjusts its capital expenditures for A&D activity to give a more complete analysis for its capital spending used for FD&A purposes. The following table details the composition of capital expenditures and its reconciliation to cash flow used in investing activities:

Measurements

All dollar figures included herein are presented in Canadian dollars, unless otherwise noted.

Where amounts are expressed in a barrel of oil equivalent ("boe"), or barrel of oil equivalent per day ("boe/d"), natural gas volumes have been converted to barrels of oil equivalent at nine (6) thousand cubic feet ("Mcf") to one (1) barrel. Use of the term boe may be misleading particularly if used in isolation. The boe conversion ratio of 6 Mcf to 1 barrel ("Bbl") of oil or natural gas liquids is based on an energy equivalency conversion methodology primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. This conversion conforms to the Canadian Securities Regulators' National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities.

Oil and Gas Disclosure

IP30 most commonly means initial production at 30 days. It is the average daily production rate of a well during its first 30 days of operation and is used as an early indicator of well performance.

Share Capital

The table below summarizes the number of common shares outstanding:

Fully diluted shares include 7.6 million shares from the potential conversion of convertible debentures at $5.00/share. Should this conversion occur net debt will concurrently decrease by $38.0 million along with the issuance of the shares.

Abbreviations

The following abbreviations are used throughout these MD&A and have the ascribed meanings:

  
Unless otherwise noted, all volumes in this press release refer to the sales volumes of crude oil, natural gas and associated by-products measured at the point of sale to third-party purchasers. For natural gas, this occurs after the removal of natural gas liquids.

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

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