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Company News

BRIEF-Painted Pony announces updated 2017 capital budget and 2018 development plans

Aug 30 (Reuters) - Painted Pony Energy Ltd

* Painted Pony announces updated 2017 capital budget and 2018 development plans

* Painted Pony Energy Ltd - combined $72 million reduction to 2017 capital budget

* Painted Pony Energy Ltd - 2018 development plan comprised of a $33 million reduction in 2017 and a $39 million reduction in 2018

* Painted Pony Energy Ltd - expected 2017 annual average daily production to be between 261 MMcfe/d (43,500 boe/d) and 276 MMcfe/d (46,000 boe/d)

* Painted Pony Energy Ltd - anticipated 2018 annual average daily production to be between 411 MMcfe/d (68,500 boe/d) and 432 MMcfe/d (72,000 boe/d)

* Painted Pony - revised 2017 capital budget of $314 million is about 10% lower than $347 million capital budget disclosed by Painted Pony on March 15

* Painted Pony Energy Ltd - has four rigs currently running with an expectation to drill a total of 50 net wells in 2017

* Painted Pony Energy-2017 annual production guidance being influenced by about 6 MMcfe/d of voluntary production shut-ins due to low natural gas prices

* Painted Pony Energy-production volumes during Q4 2018 expected to average between 462 MMcfe/d (77,000 boe/d) and 480 MMcfe/d (80,000 boe/d) Source text for Eikon: Further company coverage:

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