Painted Pony Petroleum (PPY-V) announced Q2/13 results along with an operational update. For the quarter, the company reported cash flow per share of $0.14 which was $0.01 shy of consensus estimates. Production for the quarter averaged 7,928 boe/d (82% gas weighted), which was a 38% increase year over year.
During the quarter, over 1,500 boe/d remained shut-in due to weather related curtailments and infrastructure capacity constraints. During the first week of August, field estimated volumes averaged over 9,200 boe/d. PPY also announced that they have increased their line of credit to $125 million.
PPY continues to pursue the development and expansion of its Montney gas assets in northeastern British Columbia. During the second quarter of 2013, the company drilled a second 100% well on the 91-F/94-B-16 pad, targeting the upper Montney.
To date during 2013, the company has drilled or is currently drilling a total of 8 (5.6 net) Montney horizontal wells. A further 5.0 (4.0 net) horizontal wells are expected to be drilled during the balance of 2013, including 2 (2.0 net) new wells on the liquidsrich project at Townsend. |
