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Painted Pony Pete Ltd PDPYF

"Painted Pony Energy Ltd Petroleum explores, develops, and produces petroleum and natural gas. The company focuses on the development of natural gas and natural gas liquids. The company's operations take place near the Montney formation in Northeast British Columbia. The Montney location is a sweet natural gas-saturated zone (natural gas that does not contain hydrogen sulfide or significant quantities of carbon dioxide) with no associated or underlying water. The company also has multiple gas pr


OTCPK:PDPYF - Post by User

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Post by Dell1on Mar 07, 2018 6:31pm
166 Views
Post# 27679332

Painted Pony Announces 6.9 Tcfe of Proved Plus Probable

Painted Pony Announces 6.9 Tcfe of Proved Plus Probable

2017 Reserve Highlights:

  • Increased Proved Developed Producing reserves by 64% to 797 Bcfe at year-end 2017 from 484 Bcfe at year-end 2016;
     
  • Increased Proved Developed Producing net present value by 28% or $200 million to $905 million ($5.62per share) compared to December 31, 2016 at a 10% discount rate using pricing from independent qualified reserves evaluators, GLJ Petroleum Consultants Ltd. ("GLJ");
     
  • Generated a finding, development and acquisition ("FD&A") Proved Developed Producing recycle ratio of 1.1 times, while finding and development ("F&D") Proved Developed Producing costs produced a recycle ratio of 1.6 times;
     
  • Replaced 432% of 2017 production volumes through Proved Developed Producing reserve additions of 313 Bcfe, including 10 MMbbls of natural gas liquids ("NGL");
     
  • Increased Total Proved reserves by 17% to 3.1 Tcfe, including 31 MMbbls of natural gas liquids, at year-end 2017 compared to 2.7 Tcfe at year end 2016;
     
  • Generated an FD&A Total Proved recycle ratio of 1.6 times, inclusive of changes in future development capital ("FDC");
     
  • Increased Proved Plus Probable reserves by 40% to 6.9 Tcfe, including 73 MMbbls of natural gas liquids, at year-end 2017 from 4.9 Tcfe at year end 2016; and
     
  • Generated an FD&A Proved Plus Probable recycle ratio of 1.9 times, inclusive of FDC.

 

2017 Fourth Quarter and Full Year Financial Highlights

  • Achieved record annual adjusted funds flow from operations for Painted Pony of $108 million ($0.76per share) in 2017 compared to $56 million ($0.56per share) during 2016, an increase of 93% (36% per share);
     
  • Increased adjusted funds flow from operations during the fourth quarter of 2017 by 33% to $35 millioncompared to $27 million during the fourth quarter of 2016; and
     
  • Underspent fourth quarter capital by $11 million or 15%, spending $62 million compared to capital spending guidance of $74 million as released on November 8, 2017.
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