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Painted Pony announces 30 000 bpd production milestone

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Oilfield Technology,

Painted Pony Petroleum Ltd. has announced 30 000 boe/d of production volumes were averaged over the previous five days, based on field estimates. The corporation's production increase represents both absolute and per share production growth of greater than 80% over second quarter 2016 average daily production volumes of 99.8 16 634 boe/d.

Painted Pony's production volumes at the Townsend Facilty averaged in excess of 16 670 boe/d based on field estimates over the previous five days.

Increasing production volumes

As per previous guidance, Painted Pony anticipates increasing production volumes by an incremental 50 8330 boe/d to the Townsend Facility in early October 2016. Painted Pony expects total daily production volumes for the third quarter of 2016 to average approximately 23 000 boe/d and 2016 exit production volumes to be approximately 40 000 boe/d.

The recent increase in production volumes is consistent with Painted Pony's strategic five year plan and represents a significant milestone in the growth of the corporation. Painted Pony continues to focus on growing production per share while working to lower capital and operating costs.

Asset swap update

Painted Pony anticipates closing the previously announced (press release dated July 27, 2016) asset swap with an industry partner on or about September 26, 2016.

Adapted from a press release by Louise Mulhall

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