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Painted Pony Grows Second Quarter Adjusted Funds Flow from Operations by 116%, Increases Second Quarter Liquids Production by 98% and Announces Operational Update31.07.2018 | 23:19 Uhr | CNW
CALGARY, July 31, 2018 /CNW/ - Painted Pony Energy Ltd. ("Painted Pony" or the "Corporation") (TSX: PONY) is pleased to announce second quarter 2018 financial and operating results, an operational update and director election results from the Annual General Meeting. HIGHLIGHTS:
Patrick Ward, President and CEO of Painted Pony, in commenting on these highlights said, "We achieved significant growth in adjusted funds flow from operations and adjusted funds flow from operations per share during a time of low commodity prices. We accomplished this through a combination of continued market diversification for our natural gas sales while continuing to increase our liquids production volumes. Our recent well results in the liquids-rich area of South Townsend show real potential to further increase our percentage liquids production in the near-future. Our overall production volumes have increased significantly year-over-year and have remained steady with first quarter 2018 production volumes. This positions us well to achieve our 2018 production guidance of between 348 MMcfe/d (58,000 boe/d) and 360 MMcfe/d (60,000 boe/d) while spending within internally generated adjusted funds flow from operations." BEG AND SOUTH TOWNSEND WELLS As announced in the press release dated July 11, 2018, Painted Pony drilled and completed two Lower Montney horizontal wells in the Corporation's South Townsend block. Based on the preliminary production test results, Painted Pony is optimistic about the prospectivity of liquids-rich development on the South Townsend block. During the test period, these wells averaged production rates significantly higher than Painted Pony management's current Townsend type curve and included higher liquid yields compared to average wells in the Townsend block. Testing of the South Townsend wells is complete, tubing has been run and production volumes are now flowing to the AltaGas Townsend Facility for processing. These wells continue to produce significantly above management's Townsend type curve. Painted Pony has shifted 2018 second half drilling and completions capital to include at least 3 (3.0 net) wells in the South Townsend area. Painted Pony expects the shift in capital spending towards South Townsend during the second half of 2018 will begin to positively impact adjusted funds flow from operations through higher liquid yields in 2019. Production and capital spending guidance remain unchanged and will approximately match adjusted funds flow from operations for 2018. SECOND QUARTER 2018 FINANCIAL & OPERATING RESULTS The increase in adjusted funds flow from operations for the second quarter of 2018 compared to the second quarter of 2017, resulted from a 48% increase in production volumes, a realized gain on risk management contracts of $18.4 million, lower per unit operating costs and general and administrative costs, partially offset by an increase in per unit transportation costs. Operating costs for the second quarter of 2018 were $0.51/Mcfe, a decrease of $0.21/Mcfe when compared to the second quarter of 2017. Reduced processing rates combined with increased production volumes led to this year-over-year cost reduction. Painted Pony's general and administrative costs averaged $0.09/Mcfe during the second quarter of 2018, compared to $0.16/Mcfe during the second quarter of 2017. A lower staff count combined with higher production volumes led to this 44% cost reduction. Transportation costs increased during the second quarter of 2018 due to diversification into the Dawn, Sumas and AECO markets as well as higher liquids volumes. This diversification continues to provide incrementally higher operating netbacks, $1.95/Mcfe in the second quarter of 2018 compared to $1.81/Mcfe during the second quarter of 2017, despite the impact of lower natural gas prices on Painted Pony's revenue. Average natural gas prices in the AECO market decreased 58% to $1.18/Mcf during the second quarter of 2018 from $2.78/Mcf during the second quarter of 2017. Production Capital Expenditures Capital spending for the first half of 2018 totaled $95.7 million, on-track with Painted Pony's 2018 capital budget guidance of $145 million - $165 million. The planned capital program for the remainder of 2018 is currently anticipated to include drilling 8 (8.0 net) Montney horizontal wells, of which at least 3 (3.0 net) are expected to be drilled in the Lower Montney of the South Townsend area, and 12 (12.0 net) completions. Pricing During the second quarter of 2018, approximately 43% of Painted Pony's natural gas liquids volumes were condensate, which received an average price of $90.05/bbl, representing a premium of 3% to the WTI reference price. Natural gas liquids (butane and propane, excluding condensate) received an average price of $40.24/bbl during the second quarter of 2018. Risk Management 2018 GUIDANCE AFFIRMED ELECTION OF DIRECTORS
Each of the directors elected at the meeting will hold office until the close of the next annual meeting of shareholders of the Corporation or until his or her successor is duly elected or appointed pursuant to the by-laws of the Corporation. Detailed voting results for all resolutions considered by shareholders at the meeting are contained in the report of voting results, which was filed on SEDAR under Painted Pony's profile at www.sedar.com. ENERCOM CONFERENCE PARTICIPATION In addition to Mr. Kessy's presentation, the Corporation will be undertaking a series of discussions with institutional investors while at this conference. FINANCIAL AND OPERATIONAL HIGHLIGHTS
ADVISORIES Currency: All amounts referred to in this press release are stated in Canadian dollars unless otherwise specified. Boe Conversions: Barrel of oil equivalent ("boe") amounts have been calculated by using the conversion ratio of six thousand cubic feet (6 Mcf) of natural gas to one barrel of oil (1 bbl). Boe amounts may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf to 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalent of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value. Mcfe Conversions: Thousands of cubic feet of gas equivalent ("Mcfe") amounts have been calculated by using the conversion ratio of one barrel of oil (1 bbl) to six thousand cubic feet (6 Mcf) of natural gas. Mcfe amounts may be misleading, particularly if used in isolation. A conversion ratio of 1 bbl to 6 Mcf is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of natural gas as compared to oil is significantly different from the energy equivalent of 1:6, utilizing a conversion on a 1:6 basis may be misleading as an indication of value. Forward-Looking Information: This press release contains certain forward-looking information within the meaning of Canadian securities laws. Forward-looking information relates to future events or future performance and is based upon the Corporation's current internal expectations, estimates, projections, assumptions and beliefs. All information other than historical fact is forward-looking information. Words such as "plan", "expect", "intend", "believe", "anticipate", "estimate", "may", "will", "potential", "proposed" and other similar words that indicate events or conditions may occur are intended to identify forward-looking information. In particular, this press release contains forward looking information relating to the estimated 2018 annual average daily production volumes, the estimated rates and liquids to gas ratio of the Beg discovery well, the estimated NGL production rate and liquids to gas ratio of the Lower Montney horizontal wells, the anticipated shift of drilling and completions capital during the second half of 2018, the expected impact on adjusted funds flow from operations, the number of wells expected to be drilled and completed for the remainder of 2018, the expected natural gas production volumes sold into the Dawn market, and the anticipated 2018 capital expenditure. Forward-looking information is based on certain expectations and assumptions including but not limited to future commodity prices, currency exchange rates interest rates, royalty rates and tax rates; the state of the economy and the exploration and production business; the economic and political environment in which the Corporation operates; the regulatory framework; anticipate timing and results of capital expenditures; the sufficiency of budgeted capital expenditures to carry out planned operations; operating, transportation, marketing and general and administrative costs; drilling success, production rates, future capital expenditures and the availability of labor and services. With respect to future wells, a key assumption is the validity of geological and technical interpretations performed by the Corporation's technical staff, which indicate that commercially economic volumes can be recovered from the Corporation's lands. Estimates as to average annual production assume that no material unexpected outages occur in the infrastructure the Corporation relies upon to produce its wells, that existing wells continue to meet production expectations and that future wells scheduled to come on production in the remainder of 2018 meet timing and production rate expectations. Undue reliance should not be placed on forward-looking information, as there can be no assurance that the plans, intentions or expectations on which they are based will occur. Although the Corporation's management believes that the expectations in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. As a consequence, actual results may differ materially from those anticipated. Forward-looking information necessarily involves both known and unknown risks associated with oil and gas exploration, production, transportation and marketing. There are risks associated with the uncertainty of geological and technical data, operational risks, risks associated with drilling and completions, environmental risks, risks of the change in government regulation of the oil and gas industry, risks associated with competition from others for scarce resources and risks associated with general economic conditions affecting the Corporation's ability to access sufficient capital. Additional information on these and other risk factors that could affect operational or financial results are included in the Corporation's most recent Annual Information Form and in other reports filed with Canadian securities regulatory authorities. Forward-looking information is based on estimates and opinions of management at the time the information is presented. The Corporation is not under any duty to update the forward-looking information after the date of this press release to revise such information to actual results or to changes in the Corporation's plans or expectations, except as required by applicable securities laws. Any "financial outlook" contained in this press release, as such term is defined by applicable securities laws, is provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes Non-GAAP Measures: This press release makes reference to the terms "adjusted funds flow from operations", "adjusted funds flow from operations per share", "cash flow from operations per share", "working capital deficiency", "net debt" and "operating netbacks", which do not have standardized meanings prescribed by IFRS and may not be comparable with the calculation of similar measures presented by other issuers. Management uses "adjusted funds flow from operations" to analyze operating performance and considers adjusted funds flow from operations to be a key measure as it demonstrates the Corporation's ability to generate the cash necessary to fund future capital investment and to repay debt. Adjusted funds flow from operations denotes cash flow from operating activities before the effects of changes in non-cash working capital, and decommissioning expenditures. "Adjusted funds flow from operations per share" is calculated using the basic and diluted weighted average number of shares for the period. "Adjusted funds flow from operations per Mcfe" is calculated using the average production volumes for the period. Management uses "working capital deficiency" and "net debt" as useful supplemental measures of the liquidity of the Corporation. Working capital deficiency is calculated as current assets less current liabilities. Net debt is calculated as bank debt, senior notes, liability portion of convertible debentures, and working capital deficiency, adjusted for the net current portion of fair value of risk management contracts and current portion of finance lease obligation. These terms should not be considered alternatives to, or more meaningful than, current and long-term debt as determined in accordance with IFRS. "Operating netback" is used as a supplemental measure of the Corporation's profitability relative to commodity prices. Operating netback is calculated on a per unit basis as natural gas and natural gas liquids revenues, adjusted for realized gains or losses on risk management contracts, less royalties, operating expenses and transportation costs. This term should not be considered an alternative to, or more meaningful than net income (loss) and comprehensive income (loss) as determined in accordance with IRFS. Management of the Corporation believes these measures are useful supplemental measures of the net position of current assets and current liabilities of the Corporation and the profitability relative to commodity prices. Readers are cautioned, however, that these measures should not be construed as alternatives to other terms such as current and long-term debt or comprehensive income determined in accordance with IFRS as measures of performance. The Corporation's method of calculating these non-GAAP measures may differ from other companies, and accordingly, may not be comparable to similar measures used by other entities. ABOUT PAINTED PONY SOURCE Painted Pony Energy Ltd. Contact Patrick R. Ward, President and Chief Executive Officer, (403) 475-0440; Stuart W. Jaggard, Chief Financial Officer, (403) 475-0440; Jason W. Fleury, Director, Investor Relations, (403) 776-3261, 1-866-975-0440 toll free, ir@paintedpony.ca, www.paintedpony.ca Dieser Artikel stammt von Rohstoff-Welt.de
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