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BRIEF-Painted Pony Petroleum says reduced 2017 capital spending to $288 mln
March 6, 2017 / 12:42 PM / in 9 months

BRIEF-Painted Pony Petroleum says reduced 2017 capital spending to $288 mln

March 6 (Reuters) - Painted Pony Petroleum Ltd

* Painted Pony Petroleum Ltd - reduced 2017 capital spending to $288 million from previously announced capital budget of $319 million

* Painted Pony Petroleum Ltd - expect capital spending in 2018 of $216 million

* Painted Pony Petroleum Ltd - anticipate drilling 58 net wells and completing 51 net wells as part of 2017 capital program

* Painted Pony Petroleum Ltd - expect to drill 37 net wells and complete 42 net wells in 2018

* Painted Pony Petroleum Ltd - anticipate annual average daily production in 2018 of 360 mmcfe/d (60,000 boe/d)

* Painted Pony Petroleum Ltd - expect 2017 annual average daily production of approximately 260 mmcfe/d

* Painted Pony Petroleum Ltd - 2018 capital plan is expected to deliver annual average daily production of 360 mmcfe/d (60,000 boe/d)

* Painted Pony - believes decision to reduce 2017 capital budget, reduction to 2018 development plan is based on current commodity strip price outlook

* Painted Pony - production levels from reduced 2017 budget, 2018 development plan are expected to fulfill co’s take-or-pay processing commitments Source text for Eikon: Further company coverage:

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