Reuters logo
BRIEF-Painted Pony announces acquisition and $100 mln equity financing
March 15, 2017 / 9:30 PM / 6 months ago

BRIEF-Painted Pony announces acquisition and $100 mln equity financing

March 16 (Reuters) - Painted Pony Petroleum Ltd

* Painted Pony announces strategic montney acquisition and $100 million equity financing

* Painted Pony Petroleum Ltd - total consideration of 41.0 million common shares of Painted Pony will be issued to urc

* Painted Pony Petroleum Ltd - Painted Pony will also assume other expected transaction costs of arc, encap, urc and ugr

* Painted Pony Petroleum Ltd- portion of proceeds will be used to fund drilling on acquired assets and on existing Painted Pony lands

* Painted Pony Petroleum Ltd- balance of proceeds will be used to reduce bank indebtedness and general corporate purposes

* Painted Pony Petroleum Ltd - total consideration for ugr of approximately $276.6 million

* Painted Pony Petroleum Ltd - acquisition significantly increases painted pony’s reserves base, increasing 2p reserves by 39% or 2.0 tcfe

* Painted Pony Petroleum Ltd - acquisition also increases painted pony’s reserves base, increasing 1p reserves by 29% or 768 bcfe

* Painted Pony Petroleum Ltd - expanded program would take painted pony’s 2017 capital program to $348 million from current forecast of $288 million

* Painted Pony Petroleum Ltd - believes that incremental activities will drive production and cash flow accretion in first full year of ownership

* Painted Pony petroleum-2018 annual average daily production seen to be up about 41% from 360 mmcfe/d (60,000 boe/d) to 509 mmcfe/d (84,800 boe/d)

* Painted Pony Petroleum Ltd - board approved terms of deal and unanimously recommends that co’s shareholders vote in favour of share issuance resolution Source text for Eikon: Further company coverage:

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below