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Journey Energy Closes CA$8 Million Acquisition of Interest in Keyera Rimbey Facility

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Journey Energy (JOY.TO) on Friday said it closed the acquisition of a private company for CA$8.0 million, subject to customary closing adjustments.

The acquired company's primary asset is a 0.98% working interest in the Keyera Rimbey natural gas processing facility and related infrastructure.

Journey said the asset generates about CA$0.7 million in annual third-party processing revenue and is also expected to reduce operating costs for processing gas production from its Duvernay Joint Venture.

The company expects the acquisition to pay out within two to three years based on forecast revenue and operating cost savings.

Journey's shares closed up CA$0.13 to CA$6.13 on the Toronto Stock Exchange on Friday.

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