Painted Pony Energy Ltd. (TSX: PONY) posted results from two recent Lower Montney wells drilled on the northern edge of the South Townsend block. Preliminary results indicate production levels higher than Painted Pony management’s Townsend type curve and include higher liquid yields compared to previous wells in the Townsend block. Painted Pony is encouraged by the results to-date and anticipates re-directing a portion of drilling activity within the existing 2018 development budget to better capitalize on these well results.
South Townsend Results
Painted Pony drilled two Lower Montney horizontal test wells from a single pad to vertical depths of approximately 2,000 meters and lateral lengths of approximately 1,900 meters. These wells were completed using an open-hole ball drop system and a modified completion program. Static gradient pressure tests indicated that both wells were approximately 1.8x over-pressured. Both wells are currently pipeline connected to the AltaGas Townsend Facility.
The first well, d-F57-H, averaged an estimated production rate of approximately 3,600 boe/d, 41% liquids, during the initial 24 hour test period of stabilized production flow. This production rate included 12.7 MMcf/d of natural gas and an estimated 1,475 bbls/d of natural gas liquids (85% condensate). The flowing pressure of the well during the initial 24 hours of the seven day test period was 2,800 psi through a 9/16 inch choke.
During the final 24 hours of the seven day production test period the d-F57-H well averaged a production rate of approximately 3,000 boe/d (38% liquids) including 11.1 MMcf/d of natural gas and an estimated 1,140 bbls/d of natural gas liquids (83% condensate). The flowing pressure of the well during the final 24 hours of the seven day test period was 2,280 psi through a 9/16 inch choke.
The second well, d-E57-H, averaged an estimated production rate of more than 2,300 boe/d, 39% liquids, during the initial 24 hour test period of stabilized production flow. This production rate included 8.6 MMcf/d of natural gas and an estimated 900 bbls/d of natural gas liquids (82% condensate). The flowing pressure of the well during the initial 24 hours of the 14 day test period was 2,300 psi through a 9/16 inch choke.
During the final 24 hours of the 14 day production test period the d-E57-H well averaged a production rate of over 2,275 boe/d (38% liquids) including 8.5 MMcf/d of natural gas and an estimated 865 bbls/d of natural gas liquids (82% condensate). The flowing pressure of the well during the final 24 hours of the 14 day test period was 1,900 psi through a 9/16 inch choke.
These production rates are higher than Painted Pony management’s Townsend type curve. Increased overall natural gas and significantly higher liquids production rates position the South Townsend block to potentially deliver the strongest economics in Painted Pony’s portfolio of properties.
Painted Pony’s South Townsend block is located on the southern block of the Corporation’s Montney acreage in northeast British Columbia.
The Oil and Gas Conference®
Painted Pony is presenting at EnerCom’s The Oil & Gas Conference® at the Denver Downtown Westin Hotel, Denver, Colo. Aug. 19-23, 2018. EnerCom expects to have more than 80 presenting oil and gas companies and more than 2000 financial professionals attending this year’s conference.
To learn more about the conference and presenter schedule please visit the conference website here.
