BRIEF-Painted Pony Petroleum says Townsend facility is over 90 pct complete

Wed May 11, 2016 5:25pm EDT
 
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May 11 (Reuters) - Painted Pony Petroleum Ltd Says Completion Of 198 Mmcf/D Altagas Townsend Facility Remains On Schedule For A Mid

* Financial hedges currently cover 63% of remaining 2016 forecast average production (89.5 mmcf/d)

* Production averaged 99.6 mmcfe/d (16,601 boe/d) in q1 of 2016

* 2016 commissioning

* Average daily production volumes during q1 of 2016 represent a 2% increase over q1 2015 production volumes of 97.5 mmcfe/d

* Production guidance for 2016 remains unchanged

* Says altagas confirms that townsend facility is over 90% complete with construction progress continuing ahead of schedule

* Painted pony petroleum ltd says expects to begin delivering volumes to townsend facility during q3 of 2016

* Painted pony petroleum ltd says targeting 2016 exit production volumes of approximately 240 mmcfe/d

* Painted pony announces reconfirmed $325 million credit facility, townsend facility update, and first quarter 2016 financial and operating results Source text for Eikon: Further company coverage: (Bengaluru Newsroom +1-646-223-8780)