Painted Pony Petroleum Ltd. Reports Earnings and Operating Results for the Second Quarter and Six Months June 30, 2014; Provides Production Guidance for the Year 2014
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.