painted pony petroleum (PDPYF) Key Developments
Painted Pony Announces Unaudited Earnings and Production Results for the Third Quarter for the Third Quarter and Nine Months Ended September 30, 2014; Provides Production Guidance for the Fourth Quarter and Full Year of 2014
Nov 12 14
Painted Pony announced unaudited earnings and production results for the third quarter for the third quarter and nine months ended September 30, 2014. For the quarter, the company’s Average production volumes for the third quarter of 2014 reached 14,283 boe/d against 8,925 boe/d a year ago. Natural gas liquids volumes for the third quarter of 2014 averaged 964 bbls/d, representing an increase of 105% over the third quarter of 2013 average natural gas liquids production of 470 bbls/d. This is despite third quarter production being negatively impacted by unscheduled facility outages. Natural gas production volume was 78.2 MMcf/d against 44.5 MMcf/d a year ago. Natural gas liquids were 964 bbls/d against 470 bbls/d a year ago. Crude oil production was 290 bbls/d against 1,034 bbls/d a year ago.
For the nine months, the company reported total production volume of 13,032 boe/d against 8,484 boe/d a year ago. Natural gas production volume was 68.7 MMcf/d against 41.5 MMcf/d a year ago. Natural gas liquids were 912 bbls/d against 419 bbls/d a year ago. Crude oil production was 673 bbls/d against 1,147 bbls/d a year ago.
For the quarter, the company reported funds flow from operations of $23.2 million, which represents a 90% increase over the third quarter of 2013 funds flow from operations of $12.2 million. Funds flow from operations per diluted share was $0.25 against $0.14 a year ago. Net income was $8.2 million or $0.09 per basic and diluted share compared to a net loss of $0.2 million or $0.00 per basic and diluted share for the third quarter of 2013. Petrol and natural gas revenue was $38.9 million against $25.5 million a year ago. Capital expenditures were $48.8 million against $39.1 million a year ago.
For the nine months, the company generated funds flow from operations of $76.3 million or $0.84 per diluted share was almost double the funds flow from operations for the nine months ended September 30, 2013 of $38.9 million or $0.44 per diluted share. Capital expenditures totaled $126.4 million, which included $91.7 million on drilling and completions and $24.5 million on facilities and equipment against $106.9 million a year ago. Petrol and natural gas revenue was $130.5 million against $75.6 million a year ago. Net loss was $12.2 million or $0.14 per basic and diluted share compared to a net loss of $1.3 million or $0.01 per basic and diluted share
The company continues to expect production volumes for 2014 approximately 13,500 boe/d (90% natural gas). This would result in a 55% increase over 2013 average production of 8,693 boe/d.
For the fourth quarter of 2014 average production is expected to be approximately 15,000 boe/d, with 7 (5.5 net) wells currently being completed and an additional 7 (7.0 net) wells ready for completion in early 2015.
Painted Pony Petroleum Ltd. Presents at Canaccord Genuity 8th Annual Global Resources Conference, Oct-15-2014
Oct 9 14
Painted Pony Petroleum Ltd. Presents at Canaccord Genuity 8th Annual Global Resources Conference, Oct-15-2014 . Venue: Palace Hotel, 455 Madison Avenue, New York, New York, United States.
Painted Pony Petroleum Ltd. Announces Management Changes
Oct 9 14
Painted Pony Petroleum Ltd. announced three senior appointments to support Painted Pony's continued growth as a Western Canadian natural gas and natural gas liquids company focused on the Montney formation in northeast British Columbia. Painted Pony also announced the retirement of an officer of the company. Stuart Jaggard, Vice-President & Controller. Mr. Jaggard has joined the company's executive team as Vice-President & Controller, effective October 6, 2014. He is a Chartered Accountant who has worked primarily in the oil and gas industry for over 32 years. Mr. Jaggard joins the company from Centrica Energy Canada, where he held the positions of Vice President, Finance and Vice President, Business Performance over the past 6 years. Tonya Fleming, Vice-President & General Counsel. Ms. Fleming has joined the company's executive team as Vice-President & General Counsel, effective September 29, 2014. Ms. Fleming comes to Painted Pony from Birchcliff Energy Ltd. where she was General Counsel for the past five years. Patrick Donnelly, Director, Policy & External Engagement. Mr. Donnelly has been appointed Director, Policy & External Engagement, effective October 1, 2014. Mr. Donnelly has over 14 years' experience working in the capital markets, public policy and stakeholder relations. Mary Kay Axford, Controller. Painted Pony announced the planned retirement of Ms. Axford following her extensive career in the oil and gas industry. Ms. Axford has been with the company since 2008 and has played a key role in its success. She has agreed to assist the company in an advisory role until December 31, 2014 to ensure a smooth transition.
Painted Pony Petroleum Ltd. Appoints Mark Polak as Director of Investor Relations
Sep 24 14
Painted Pony Petroleum Ltd. announced that Mark Polak has been appointed as Director, Investor Relations, effective September 22, 2014. Mr. Polak was previously Director, Oil & Gas Equity Research at Scotiabank.
Painted Pony Petroleum Ltd. Presents at FirstEnergy Global Energy Conference, Sep-15-2014 11:50 AM
Sep 11 14
Painted Pony Petroleum Ltd. Presents at FirstEnergy Global Energy Conference, Sep-15-2014 11:50 AM. Venue: Intercontinental London Park Lane, One Hamilton Place Park Lane, London , W1J 7QY, United Kingdom. Speakers: Patrick Russel Ward, Chief Executive Officer, President and Director.