Painted Pony Petroleum Ltd. provided operating guidance for the first quarter and full year of fiscal 2016 and for the full year of fiscal 2017. Production during the first quarter of 2016 is forecast to average approximately 99 MMcfe/d (16,500 boe/d).

The company forecasts 2016 production volumes remain unchanged and are expected to average approximately 138 MMcfe/d (23,000 boe/d) with daily production volumes expected to exceed 240 MMcfe/d (40,000 boe/d) by year end 2016.

The company maintains previously forecast 2017 average daily production volumes of approximately 288 MMcfe/d (48,000 boe/d).

The company also revised capital expenditure guidance for the full year of fiscal 2016 and 2017. The company announced that due to further realized capital efficiencies, the 2016 capital spending program has been reduced by 8% to $197 million from a previous estimate of $215 million.

The company anticipated a reduction in estimated 2017 capital spending of 15% or $52 million to $298 million from a previous estimate of $350 million.