OTCPK:PDPYF - Post by User
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Dell1on Mar 07, 2018 6:31pm
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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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