Monday, April 28, 2014

Painted Pony Petroleum Ltd. - PPY.t

Painted Pony Petroleum Ltd. - PPY.t is engaged in the exploration, development and production of petroleum and natural gas resources.

The Company focuses on light oil in southeast Saskatchewan and central Alberta and natural gas in northeast British Columbia.

On April 9, 2014 the company released News

"Painted Pony Petroleum Ltd. ("Painted Pony" or the "Company") (TSX: PPY) is pleased to provide the following production and operations update. Highlights include:

 exceeded 15,000 barrels of oil equivalent per day (“boe/d”), weighted 86% towards natural gas, in the first week of April 2014, based on field estimates that included 79 million cubic feet per day (“MMcf/d”) of raw natural gas production and 2,050 barrels (“bbls”) per day (“bbls/d”) of crude oil and natural gas liquids (“NGLs”) production;

 increased second quarter 2014 production estimate by 17% to 13,500 boe/d (86% natural gas) from previous estimates of 11,500 boe/d, as a result of better than anticipated well results at Blair and Townsend. This represents increases of approximately 38% over first quarter of 2014 estimated production of 9,750 boe/d and 70% over second quarter 2013 production of 7,928 boe/d;

 increased average annual production estimates for 2014 to 13,000 boe/d, a 50% increase over average production in 2013 of 8,693 boe/d;

 completed start-up of the new 100% working interest 25 MMcf/d natural gas processing facility at Townsend, British Columbia on time and on budget, which is expected to reach full capacity by the end of April 2014. This facility currently has an associated recoverable wellhead condensate yield in excess of 40 bbls/MMcf;”