CALGARY, Sept. 26, 2016 /CNW/ – Painted Pony Petroleum Ltd. (“Painted Pony” or the “Corporation“) (TSX: PPY) is pleased to announce that it has closed the asset exchange transaction (the “Swap“) previously announced on July 27, 2016. The Swap includes Montney acreage, wells and non-operated facility interests with a large industry partner (the “Counterparty“) on jointly held acreage in the Daiber, Cameron and Blair areas of Painted Pony’s northeast BC Montney asset. Painted Pony and the Counterparty have exchanged 15.4 net sections (9,856 net acres).
As a result of this Swap, Painted Pony’s average working interest across its Montney acreage has increased to greater than 86% from 75% prior to closing of the transaction. All of the land and wells acquired by Painted Pony in the Swap are held at 100% working interest.
The Swap has an effective date of January 1, 2016.
ABOUT PAINTED PONY
Painted Pony is a publicly-traded natural gas Corporation based in Western Canada. The Corporation is primarily focused on the development of natural gas and natural gas liquids from the Montney formation in northeast British Columbia. Painted Pony’s common shares trade on the Toronto Stock Exchange under the symbol “PPY”.
SOURCE Painted Pony Petroleum Ltd.