Painted Pony Pete Ltd PDPYF

Q1 per Mcf amounts - PPY, TOU, AAV

[Squint1]

	Painted	Tourmaline	Advantage
	Pony
Revenue	$3.35	$3.56	$3.17
Royalties	($0.07)	($0.22)	($0.10)
	$3.28	$3.34	$3.07
Realized hedging gain	($0.13)	$0.14	$0.24
Unrealized hedging gain	$3.54	$0.32	$1.68
Other income	$0.00	$0.06	$0.00
	$6.69	$3.86	$4.99
Operating expenses	$0.62	$0.58	$0.23
Transportation	$0.46	$0.47	$0.38
General & Admin	$0.17	$0.08	$0.10
Share-based compensation	($0.03)	$0.04	$0.07
Depletion & depreciation	$0.86	$1.50	$1.39
	$2.07	$2.67	$2.16
Income (loss) from operations	$4.62	$1.19	$2.82
Finance expense	$0.64	$0.10	$0.09
Income (loss) before taxes	$3.98	$1.09	$2.73
Deferred taxes	($1.05)	($0.33)	($0.75)
Net Income	$2.94	$0.76	$1.97
Net Income	$2.94	$0.79	$1.97
Depletion & depreciation	$0.86	$1.50	$1.39
Share-based compensation	$0.01	$0.04	$0.07
Accretion expense	$0.01	$0.01	$0.00
Deferred taxes	$1.05	$0.33	$0.75
Unrealized hedging gain	($3.54)	($0.32)	($1.68)
Gain (loss) on sale of assets	$0.00	($0.03)	$0.00
Unrealized foreign exchange loss	$0.00	$0.00	$0.00
Decommissioning expenditures	$0.00	($0.00)	$0.00
Amortization of long term asset	$0.00	$0.00	$0.00
Cash Flow per Mcf	$1.33	$2.33	$2.51
	Painted	Tourmaline	Advantage
	Pony
Cash Flow - Q1 2017	$25,714	$292,933	$53,738
Q1 Av. Diluted Shares Outstanding	100,964,685	269,394,040	188,067,986
Cash Flow per share	$0.25	$1.09	$0.29
Multiple	5.5	6.5	7.9
Current Share price	$5.59	$28.35	$9.04
Est. Cash Flow per share - 2017	$1.54	$4.89	$1.17
Multiple	3.6	5.8	7.7
Est. Cash Flow per share - 2018	$2.86	$6.08	$1.32
Multiple	2.0	4.7	6.8