Painted Pony Energy Ltd. announced earnings and operating results for the first quarter ended March 31, 2018. For the quarter, the company generated adjusted funds from operations of CAD 46.4 million or CAD 0.27 per diluted share against CAD 24.8 million or CAD 0.25 per diluted share a year ago. Net loss was CAD 8.4 million or CAD 0.05 per basic and diluted share against profit of CAD 56.9 million or CAD 0.56 per diluted share a year ago. Capital expenditures were CAD 78.1 million against CAD 96.7 million a year ago. Cash flows from operating activities were CAD 51.6 million or CAD 0.30 per diluted share against CAD 31.7 million or CAD 0.31 per diluted share a year ago. Petroleum and natural gas revenue was CAD 100.8 million against CAD 64.9 million a year ago. Net debt was CAD 396.1 million against CAD 299.8 million a year ago.

For the quarter, the company's total production was 60,703 boe/d against 35,878 boe/d a year ago. Total production was 364.2 MMcfe/d against 215.3 MMcfe/d a year ago.

The company anticipates annual average daily production guidance for 2018 of between 348 MMcfe/d (58,000 boe/d) and 360 MMcfe/d (60,000 boe/d) from 366 Mcfe/d (61,000 boe/d) to 378 MMcfe/d (63,000 boe/d).

While 2018 expected capital spending of CAD 155 million (mid-point of the guidance range) represents a reduction of approximately 16% when compared to previous 2018 capital budget spending guidance of CAD 185 million.