Painted Pony Petroleum Ltd. Announces Production Results for the Fourth Quarter and Full Year 2016; Provides Production Guidance for the Year 2017
For the year, based on fourth quarter field estimates and previously reported quarterly production volumes, Painted Pony's 2016 daily production volumes averaged approximately 138.9 MMcfe/d (23,144 boe/d) consistent with annual production guidance of 138 MMcfe/d (23,000 boe/d).
The company provided production guidance for the year 2017. Daily production volumes for 2017 are expected to average approximately 288 MMcfe/d (48,000 boe/d), an increase of approximately 110% over 2016 average daily production volumes of approximately 138 MMcfe/d (23,000 boe/d). Liquids production volumes in 2017 are expected to be more than 9% of total production volumes or approximately 4,400 bbls/d. The 198 MMcf/d capacity Townsend Facility which was commissioned in July 2016, currently processes approximately 150 MMcf/d of Painted Pony's natural gas. Painted Pony anticipates ramping production volumes to fill the remaining 48 MMcf/d of capacity in August 2017 bringing Painted Pony's total processed volumes at the Townsend Facility to 198 MMcf/d. Painted Pony anticipates 2017 forecasted exit production volumes to be approximately 408 MMcfe/d (68,000 boe/d), representing exit production growth of 70% when compared to 2016 exit production volumes of over 240 MMcfe/d (40,000 boe/d).