Painted Pony Petroleum Ltd. reported earnings results for the second quarter and six months June 30, 2014. For the quarter, the company reported petroleum and natural gas revenue was CAD 54.4 million against CAD 24.6 million a year ago. Funds flow from operations was CAD 33.7 million or CAD 0.37 per diluted share against CAD 12.6 million or CAD 0.14 per diluted share a year ago. Net loss was CAD 18.9 million or CAD 0.21 per diluted share against net income of CAD 0.7 million or CAD 0.01 per diluted share a year ago. Capital expenditures were CAD 30.1 million against CAD 15.2 million a year ago.

For the six months, the company reported petroleum and natural gas revenue was CAD 91.6 million against CAD 50.2 million a year ago. Funds flow from operations was CAD 53.2 million or CAD 0.59 per diluted share against CAD 26.7 million or CAD 0.30 per diluted share a year ago. Net loss was CAD 20.4 million or CAD 0.23 per diluted share against CAD 1.1 million or CAD 0.01 per diluted share a year ago. Capital expenditures were CAD 77.6 million against CAD 67.7 million a year ago.

For the quarter, the company reported Natural gas was 76,977 mcf per day against 39,220 mcf per day a year ago. Crude oil was 907 bbls per day against 1,006 bbls per day a year ago. Natural gas liquids were 1,293 bbls per day against 385 bbls per day a year ago. Total production was 15,029 boe per day against 7,928 boe per day a year ago.

For the six months, the company reported Natural gas was 63,864 mcf per day against 39,974 mcf per day a year ago. Crude oil was 867 bbls per day against 1,205 bbls per day a year ago. Natural gas liquids were 885 bbls per day against 396 bbls per day a year ago. Total production was 12,396 boe per day against 8,260 boe per day a year ago.

Painted Pony expects production volumes for 2014 to average approximately 13,500 boe/d (89% natural gas). This represents a 55% increase over 2013 average production of 8,693 boe/d. Painted Pony to expand its 2014 capital budget to CAD 206 million from its previous level of CAD 169 million.