March 15, 2017
Painted Pony Announces Strategic Montney Acquisition and $100 Million Equity Financing
NOT FOR DISSEMINATION IN THE UNITED STATES. FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW. Painted Pony Petroleum Ltd. (" Painted Pony " or the " Corporation ") ( TSX:PPY ) is pleased to announce that it has entered into a share purchase agreement (the " Agreement ") to acquire all of the issued and outstanding shares of UGR Blair Creek Ltd. (" UGR ") (the " Acquisition "), a privately held 100% controlled subsidiary of Unconventional Resources Canada, LP (" URC "), a portfolio investment held in certain private equity funds advised by ARC Financial Corp. (such funds, collectively, " ARC ") and EnCap Investments, L.P. (such funds, collectively, " EnCap "). UGR operates high working interest Montney assets with established production, infrastructure and land holdings jointly with and adjacent to Painted Pony's assets in northeast British Columbia (" NEBC "). Please refer to the area map (exhibit 1) included in this press release....
March 6, 2017
Painted Pony announces updated 2017 capital budget, updated 2018 development plans, and attendance at the GMP FirstEnergy East Coast Energy Symposium
Painted Pony Petroleum Ltd. (" Painted Pony " or the " Corporation ") ( TSX: PPY ) is pleased to announce updated 2017 capital budget and 2018 development plan details. Consistent with Painted Pony's strategy of capital discipline and due to the recent decline in forward strip natural gas prices, the Corporation has decided to reduce the level of capital spending during 2017 and 2018 to ensure the Corporation maintains its current financial flexibility. Highlights: 2017 Capital Budget Reduced 2017 capital spending to $288 million from previously announced capital budget of $319 million; Expect 2017 annual average daily production of approximately 260 MMcfe/d (43,000 boe/d), an 85% production per share increase over 2016 annual average daily production of 139.2 Mcfe/d (23,204 boe/d); Anticipate drilling 58 net wells and completing 51 net wells as part of the 2017 capital program. 2018 Development Plans Expect capital spending in 2018 of $216 million , down from previous 2018 capital...
February 27, 2017
Painted Pony Announces 4.9 TCFE of Proved Plus Probable Reserves, 102% Increase in Proved Developed Producing Reserves, 2016 Year End Financial and Operating Results, and Operational Update
Painted Pony Petroleum Ltd. (" Painted Pony " or the " Corporation ") ( TSX: PPY ) is pleased to announce strong finding and development (" F&D ") costs, the third consecutive year of per Mcfe cash cost reductions, a 95% increase to funds flow from operations for 2016, further decreases in per-well capital expenses, and record-high production volumes during the fourth quarter of 2016. 2016 Reserve Highlights: Increased Total Proved (" 1P ") reserves by 31% to 2.7 Tcfe at year end 2016 from 2.0 Tcfe at year end 2015;
Increased Proved Developed Producing (" PDP ") reserves by 102% to 484 Bcfe
(80.7 MMboe) from 240 Bcfe (40.0 MMboe);
Increased Proved Plus Probable (" 2P ") reserves 7% to more than 4.9 Tcfe at year-end 2016 from 4.6 Tcfe at year-end 2015;
Generated a finding, development and acquisition (" FD&A ") PDP recycle ratio of 2.0 times and a 1P recycle ratio of 2.6 times, inclusive of changes in future development capital (" FDC...