OTCPK:PDPYF - Post by User
Post by
zeroxon May 24, 2013 11:13am
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Post# 21436883
First Quarter Results 2013
First Quarter Results 2013
Painted Pony Petroleum Ltd.
May 23, 2013 - 09:00:31 AM
Painted Pony Reports Record Production, Announces First Quarter 2013 Financial Results, Operational Update and Officer Retirement
CALGARY, ALBERTA--(Marketwired - May 23, 2013) - Painted Pony Petroleum Ltd.
("Painted Pony" or the "Company") (TSX VENTURE:PPY) is pleased to report its financial and operating results for the three month period ending March 31, 2013. Highlights for the first quarter of 2013 include:
-- achieved a new quarterly production record, with average daily volumes growing to 8,596 barrels ("bbl") of oil equivalent ("boe") per day ("boe/d") (weighted 79% gas), an increase of 18% over the fourth quarter of 2012;
-- generated funds flow from operations of $14.1 million, representing an increase of 14% over the fourth quarter of 2012;
-- enjoyed overall field operating netbacks of $20.18 per boe. British Columbia operating netbacks grew to $13.99 per boe, an increase of 78% from the first quarter of 2012;
-- participated in the drilling of 7 (3.7 net) wells, with 5 (2.6 net) wells targeting Montney gas and 2 (1.1 net) wells targeting light oil.
As of May 2013, Painted Pony has participated in the drilling of 42 (22.7 net) wells to-date on the Company's Montney gas project;
-- achieved results from 2 (2.0 net) new Montney horizontal wells on the recently-acquired Townsend block, which have been production tested at a combined rate of 3,914 boe/d, including natural gas liquids and condensate;
-- completed 2 (0.4 net) new Montney wells at Gundy/Cameron, including the first Middle Montney horizontal well on this block. This well flowed on test at a peak and final 24-hour rate of 13.9 million cubic feet ("MMcf") of gas per day ("MMcf/d") at an average flowing tubing pressure of 1,413 psi., representing the best Middle Montney test to date within the Company's British Columbia Montney project; and
-- exited the first quarter of 2013 with a positive working capital position of $9.3 million and an undrawn demand credit facility of $100 million.