Painted Pony Pete Ltd PDPYF

RE:On the northern perimeter of Jedney property

[roscoe74]

Before Petronas bought them out, Progress had some boomer wells in that area. This area is old  legacy vertical well Petro Canada land. Petronas and Pony jv some wells and Petronas is very aware of the depth of Pony assets. Petronas also does not have enough gas to fill Train 2 and it may be cheaper to buy Pony than to drill up 50 odd mmcf/d of production.

As we enter the snooze and lose, dollar short and a day late  part of the cycle, I, for one, will not be surprised in the least if Petronas beats off any potential financial arrangement for Pony with a cash offer. I am sure that they know, down to the penny, what Pony is worth and they play a very long game.

With regard to the anemic response to rising market potential, the obvious response is lack of buyer interest but Pony is not behaving in a 'normal' manner. My speculation is that it is held down by entities that have the ability to do so. When interest overcomes apathy, the quality mid tier gas producers like Pony, CR, BIR, AAV will rise very quickly.