Painted Pony Petroleum Ltd. announced earnings and operating results for the first quarter ended March 31, 2016. During the first quarter of 2016, the company generated funds flow from operations of $8.6 million against $10.2 million a year ago. On a per share basis, the company generated funds flow from operations of $0.09 per share against $0.10 a year ago. Net loss was $2.2 million or $0.02 per basic and diluted share against $3.5 million or $0.04 per basic and diluted share a year ago. Capital expenditures were $67.1 million against $48.4 million a year ago.

Production averaged 99.6 MMcfe/d (16,601 boe/d) in the first quarter of 2016 and was impacted by approximately 3 MMcfe/d (500 boe/d) of low spot price-driven, shut-in production volumes.  Average daily production volumes during the first quarter of 2016 represent a 2% increase over first quarter 2015 production volumes of 97.5 MMcfe/d (16,243 boe/d).

Production guidance for 2016 remains unchanged, with anticipated annual average daily production of approximately 138 MMcfe/d (23,000 boe/d). Painted Pony expects production volumes to average approximately 90 – 96 MMcfe/d (15,000 – 16,000 boe/d) in the second quarter, with volumes rising in the fourth quarter to exit 2016 at 240 MMcfe/d (40,000 boe/d).