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Strategies & Market Trends : Dino's Bar & Grill -- Ignore unavailable to you. Want to Upgrade?

To: Goose94 who wrote (42757)	4/19/2018 7:15:09 AM
From: Goose94	Read Replies (2) \| Respond to of 203418

Painted Pony Energy (PONY-T) released a promising test result from the first well at its early-stage Beg block in the Montney. The well produced over 1,900 barrels of oil equivalent a day (82 per cent gas) in the last day of a week-long flow test. In the final eight hours of the test, the well flowed at a rate of over 2,000 barrels a day. Painted Pony cheered the results for being "significantly above" its expectations, which one presumes were not set unreasonably low. Twelve kilometres southwest of the Beg block is the company's core Blair area, where six new wells in November were producing 1,883 barrels a day (88 per cent gas) per well. Painted Pony is likely relieved by the results from Beg, because this asset came to it in a deal that was unpopular with shareholders. That deal was the company's takeover last year of its private joint venturer and Montney neighbour, UGR Blair Creek. The takeover valued Painted Pony at $5.60 a share, even though it was trading above $6 before the deal was announced in March, 2017. The all-share deal and a related financing increased Painted Pony's share count to more than 160 million from 100 million. Although the stock rose today, it remains nowhere near the $10 level at which it traded about 18 months ago. Falling Canadian gas prices led the company to reduce its capital budget and production target several times last year. As well, its net debt increased to $363.9-million from $228.5-million during 2017. Nevertheless, Painted Pony aims to boost production to a range of 61,000 to 63,000 barrels a day this year, up from 42,882 barrels a day last year.