painted pony petroleum (PDPYF) Key Developments
Painted Pony Petroleum Ltd. Announces Unaudited Earnings and Operating Results for the First Quarter Ended March 31, 2015; Provides Production and Financial Guidance for 2015
May 13 15
Painted Pony Petroleum Ltd. announced unaudited earnings and operating results for the first quarter ended March 31, 2015. During the first quarter of 2015, the company generated funds flow from operations of $10.2 million, which represents a 48% decrease over the first quarter of 2014. On a per share basis, the company generated funds flow from operations of $0.10 per share, a decrease of 55% over the results of the first quarter 2014 of $0.22 per share. Decreased funds flow from operations was primarily a result of lower natural gas and natural gas liquids prices received during the quarter, as well as the disposition of higher netback oil production in July 2014, partially offset by higher production volumes, as well as lower royalties and operating costs. During the first quarter of 2015, the company had a net loss of $3.5 million or $0.04 per basic and dilute share primarily due to non-cash depletion and depreciation expense, compared to a net loss of $1.5 million or $0.02 per basic and dilute share in the first quarter of 2014. During the three months ended March 31, 2015 the Corporation invested $48.3 million in exploration and development capital expenditures, including $39.6 million on drilling and completions activity, compared to $45.5 million a year ago. Petroleum and natural gas revenue was $23.6 million against $37.2 million a year ago.
Production averaged 16,243 boe/d (97,461 Mcfe/d) in the first quarter of 2015, weighted 93% to natural gas and represented an increase of 67% over the first quarter of 2014, compared to 9,734 boe/d (58,404 Mcfe/d) in the first quarter of 2014. Average NGL production for the first quarter of 2015 was 1,068 bbl/d, up 126% from the first quarter of 2014 production of 473 bbl/d.
Production guidance remains unchanged at an average of approximately 16,000 boe/d (96,000 Mcfe/d) for 2015. Due to planned maintenance at the McMahon Gas Plant, production is expected to average approximately 15,500 boe/d (93,000 Mcfe/d) in the second and third quarters, with volumes rising to 17,000 boe/d (102,000 Mcfe/d) in the fourth quarter. The Corporation has approximately 15 MMcf/d of additional volumes behind pipe due to limited processing capacity. The 2015 capital budget remains unchanged at $104 million. During the remainder of 2015, the Corporation intends to drill 8 (8.0 net) Montney horizontal natural gas wells on its 100% working interest lands in the Blair and Townsend areas, of which the majority will be part of the pre-drill program directed towards the AltaGas Townsend Facility.
Painted Pony Petroleum Ltd. Announces Increased Credit Facilities to $325 Million
May 13 15
Painted Pony Petroleum Ltd. announced that on May 13, 2015 the corporation's syndicated credit facilities were increased from $175 million to $325 million made up of a $300 million extendible revolving facility and a $25 million operating facility. Availability under the credit facilities is structured to increase in stages, in line with a pre-determined development schedule associated with the AltaGas Townsend Facility. The current availability is $225 million, increasing to $250 million on April 30, 2016, $275 million on July 31, 2016 and $325 million on October 31, 2016. The credit facilities are provided by a syndicate of six financial institutions led by The Toronto-Dominion Bank and The Bank of Nova Scotia, and including Alberta Treasury Branches, Canadian Imperial Bank of Commerce, HSBC Bank Canada and Wells Fargo Bank. The facilities revolve for a two year period, which is extendible annually after the first two years, subject to syndicate approval.
Painted Pony Petroleum Ltd. Presents at 2015 CAPP Scotiabank Investment Symposium, Apr-08-2015 01:45 PM
Mar 24 15
Painted Pony Petroleum Ltd. Presents at 2015 CAPP Scotiabank Investment Symposium, Apr-08-2015 01:45 PM. Venue: Sheraton Centre Hotel, 123 Queen Street West, Toronto, Ontario, Canada. Speakers: Patrick Russel Ward, Chief Executive Officer, President and Director.
Painted Pony Petroleum Ltd., Annual General Meeting, May 14, 2015
Mar 9 15
Painted Pony Petroleum Ltd., Annual General Meeting, May 14, 2015., at 15:00 US Mountain Standard Time. Location: Ranchmen's Club, Bennett Room. Agenda: To receive the consolidated financial statements for the year ended December 31, 2014 and the auditors' report thereon; to fix the number of directors for the ensuing year at eight; to elect the directors for the ensuing year; to appoint KPMG LLP, Chartered Accountants, as auditors until the next annual meeting of shareholders and authorize the directors to fix their remuneration; and to vote on any other matters, which may properly be brought before the meeting or any adjournment thereof.
Painted Pony Petroleum Ltd. Reports Production Results for the Fourth Quarter and Earnings and Production Results for the Year Ended Dec. 31, 2014; Revised Capital Expenditure Guidance for the Year of 2015
Mar 4 15
Painted Pony Petroleum Ltd. reported production results for the fourth quarter and earnings and production results for the year ended Dec. 31, 2014. For the quarter, the company’s production averaged 13,665 boe/d, weighted 93% to natural gas and representing an increase of 47% over the fourth quarter of 2013.
For the year, the company reported petroleum and natural gas revenue of $160.5 million compared to $103.1 million a year ago. Funds flow from operations were $88.9 million or $0.97 per basic and diluted share compared to $51.2 million or $0.58 per basic and diluted share a year ago. Net loss was $15.6 million or $0.17 per basic and diluted share compared to $5.7 million or $0.06 per basic and diluted share a year ago, primarily due to a $43.4 million loss on disposition of the corporation's Saskatchewan assets. Capital expenditures were $270.5 million compared to $146.6 million a year ago.
For the year, the company reported total production of 13,192 boe/d compared to 8,693 boe/d a year ago.
The 2015 capital expenditure budget has been reduced to $104 million from $295 million, which is expected to result in 2015 average production of approximately 16,000 boe/d, a 21% increase over 2014.