Painted Pony Petroleum Ltd. reported in their second quarter financial results that they increased their production and drilled oil wells, and plan to continue drilling wells in the balance of 2012.
Production for Painted Pony grew in the first half of 2012 to an average of 6,369 barrels of oil equivalent per day, weighted as 76 per cent gas and 24 per cent oil and liquids, an increase of 67 per cent from the same period in 2011.
With all of the company’s locations, they drilled 12 (or 9.7 net) oil wells in the first half, with two (1.9 net) in the second quarter.
In southeast Saskatchewan, Painted Pony drilled seven (or 6.5 net) wells, and to date in the third quarter have drilled an additional seven (5.4 net) wells.
In the balance of 2012, the company expects to drill nine more oil wells, or 4.6 net, and they expect also to begin water injection on its planned Bakken pressure maintenance plan at Midale late in the third quarter.
From their operations in the Bakken and Mississippian light oil projects, they generated an average field operating netback of $50.78 per boe for the Saskatchewan oil weighted assets.
Sales from their Saskatchewan operations averaged 1,489 boe per day in the second quarter, weighted 93 per cent oil and liquids.
The company’s operations in the second half of 2012 will be focussed on high netback, light oil opportunities in southeast Saskatchewan.