CALGARY, A.B. — Painted Pony Petroleum has announced its updated 2017 capital budget and 2018 development plan details.
Painted Ponyhas says that it will reduce capital spending during the next two years to ensure that it maintains its financial flexibility.
In 2017, the company has reduced capital spending from its previously announced capital budget of $319 million to $288 million. The company forecasts average daily production of approximately 260 million cubic feet equivalent per day, an 85% production per share increase over last year’s production of 139.2 Mcfe/d. This year, Painted Pony anticipates drilling 58 net wells, and completing 51.
The company has also announced that capital spending in 2018 will total only $216 million, down 44 percent from previous 2018 capital spending forecasts of $385 million. Despite this, forecast production volumes are expected to be 360 MMcfe/d, a 40% production per share increase over expected production this year. Painted Pony also expects to drill 37 net wells and complete 42.