Painted Pony Energy Ltd. Announces Earnings and Production Results for the Third Quarter and Nine Months Ended September 30, 2017; Provides Production Guidance and Capital Expenditure Guidance for the Year 2017
For the nine months, the company reported petroleum and natural gas revenue was CAD 278.7 million against CAD 181.4 million a year ago. Cash flow from operating activities was CAD 120.6 million against CAD 79.5 million a year ago. Diluted cash flow from operating activities per share was CAD 0.75 against CAD 0.59 a year ago. Adjusted funds flow from operations was CAD 115.9 million against CAD 85.3 million a year ago. Net loss and comprehensive loss was CAD 55.4 million or CAD 0.34 per basic and diluted share against net income and comprehensive income of CAD 85.3 million or CAD 0.64 per basic and diluted share a year ago. Capital expenditures were CAD 135.2 million against CAD 240.1 million a year ago.
The company reported production results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported production of natural gas of 318.5 MMcf/d against 231.2 MMcf/d a year ago. Production of natural gas liquids were of 5,248 bbls/d against 3,826 bbls/d a year ago. Total production was of 350 MMcfe/d against 254.1 MMcfe/d a year ago. Total production was of 58,330 boe/d against 42,353 boe/d a year ago.
For the nine months, the company reported production of natural gas of 325.5 MMcf/d against 218.2 MMcf/d a year ago. Production of natural gas liquids of 5,457 bbls/d against 3,254 bbls/d a year ago. Total production was of 358.2 MMcfe/d against 237.8 MMcfe/d a year ago. Total production was of 59,707 boe/d against 39,626 boe/d a year ago.
Capital spending for 2018 will continue to approximately match internally generated adjusted funds flow from operations.
The company's annual production volume guidance will be impacted by the T-South incident resulting in adjusted 2018 annual production volume guidance of 339 MMcfe/d (56,500 boe/d) and 348 MMcfe/d (58,000 boe/d) from previous guidance of between 348 MMcfe/d (58,000 boe/d) and 360 MMcfe/d (60,000 boe/d).