Painted Pony Petroleum Ltd. announce its 2015 capital budget and increased credit facilities. Highlights include:
2015 Capital Budget
Painted Pony's Board of Directors has approved the Corporation's 2015 capital budget of $295 million, subject to review on a quarterly basis. The Corporation currently has three rigs active and plans to add a fourth rig in May 2015.
Painted Pony intends to drill 39 (37.0 net) Montney horizontal natural gas wells, predominantly on its high working interest lands in the Blair and Townsend areas, of which 29 (27.0 net) wells will be on pads constructed prior to 2015. During 2015, Painted Pony intends to drill 11 (11.0 net) wells in the Blair area, 4 (4.0 net) wells in the West Blair area and 4 (2.0 net) wells in the Daiber area.