CALGARY, Sept. 19, 2016 /CNW/ – Painted Pony Petroleum Ltd. (“Painted Pony” or the “Corporation“) (TSX: PPY) is pleased to announce 180 MMcfe/d (30,000 boe/d) of production volumes were averaged over the previous five days, based on field estimates. The Corporation’s production increase represents both absolute and per share production growth of greater than 80% over second quarter 2016 average daily production volumes of 99.8 MMcfe/d (16,634 boe/d).
Painted Pony’s production volumes at the Townsend Facilty averaged in excess of 100 MMcfe/d (16,670 boe/d) based on field estimates over the previous five days.
As per previous guidance, Painted Pony anticipates increasing production volumes by an incremental 50 MMcfe/d (8,330 boe/d) to the Townsend Facility in early October 2016. Painted Pony expects total daily production volumes for the third quarter of 2016 to average approximately 138 MMcfe/d (23,000 boe/d) and 2016 exit production volumes to be approximately 240 MMcfe/d (40,000 boe/d).
The recent increase in production volumes is consistent with Painted Pony’s strategic 5-year plan and represents a significant milestone in the growth of the Corporation. Painted Pony continues to focus on growing production per share while working to lower capital and operating costs.
Asset Swap Update
Painted Pony anticipates closing the previously announced (press release dated July 27, 2016) asset swap with an industry partner on or about September 26, 2016.