Painted Pony Petroleum Ltd. announce its 2014 capital budget and provide a production update. Highlights include:
◾ an approved 2014 capital expenditure budget of $149 million;
◾ 92% of the budget will be directed towards the continued development of the Company's Montney natural gas project in northeast British Columbia, with the remainder to be used for further development of the Company's oil properties in southeast Saskatchewan and for general corporate expenses;
◾ the 2014 capital budget incorporates the drilling of 21 (18.6 net) wells, including 18 (17.0 net) horizontal wells targeting the Montney, and 3 (1.6 net) wells directed at light oil projects in Saskatchewan;
◾ based on field estimates to date, Painted Pony anticipates that sales volumes for the fourth quarter of 2013 will average approximately 9,100 barrels of oil equivalent per day ("boe/d"), weighted 84% towards natural gas, with November & December volumes expected to average approximately 9,800 boe/d, weighted 84% towards natural gas; and
◾ current shut-in volumes are estimated to total approximately 3,000 boe/d.