Painted Pony Petroleum Ltd. Announces Earnings and Operating Results for the First Quarter Ended March 31, 2016; Provides Production Guidance for 2016
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).