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Painted Pony Touts 1,900 BOEPD Montney Well; Sees 48% YOY Production Increase

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Painted Pony Energy reported its Q2 2018 results.

Highlights - Output Up +48% YOY; Strong Montney IP24s

- Increased average daily production by 48% YOY to a 361 MMcfe/d (60,116 boe/d) of which 9% was natural gas liquids, compared to 243 MMcfe/d (40,574 boe/d) of which 7% was liquids, during the second quarter of 2017

• Grew liquids production by 98% to 5,514 bbls/d, of which 43% was condensate, compared to 2,779 bbls/d during the second quarter of 2017

- Flow-tested one horizontal Upper Montney well on the Beg block with the final 24 hour rate averaging over 1,900 boe/d (9.5 MMcf/d of natural gas and 340 bbls/d of natural gas liquids) as press released April 17, 2018, and;

- Flow-tested two horizontal Lower Montney wells on the South Townsend block which tested significantly above management’s Townsend type curve for both natural gas, natural gas liquids and condensate as press released July 11, 2018.

Beg and South Townsend Wells

The Beg discovery well was drilled and completed in the Upper Montney then flow-tested during the second quarter of 2018.  The final 24 hour estimated rate of this well averaged over 1,900 boe/d including 9.5 MMcf/d of natural gas and an estimated 340 bbls/d of liquids, (60% condensate and 40% NGLs) based on well head condensate plus calculated gas plant liquids recoveries from gas analysis. Trace amounts of H2S were also detected. Although test data is preliminary, the estimated liquids to gas ratio is approximately 35 to 40 bbls/MMcf. Please see the press release dated April 17, 2018 for additional details.

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.