In connection with the strategic alliance between Painted Pony and AltaGas announced on
Painted Pony intends to use the proceeds of the Private Placement to further expand its planned 2015 capital program to accelerate development of its
Following the closing of the Private Placement, Painted Pony has approximately 94 million common shares outstanding.
Painted Pony is a Canadian oil and gas exploration company that trades on the
This news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction. The common shares issued have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in
Special Note Regarding Forward-Looking Information
This news release contains certain forward-looking statements, which are based on numerous assumptions including but not limited to: (i) drilling success; (ii) production; (iii) future capital expenditures;(iv) accuracy of reserves and resources estimates; and (v) cash flows from operating activities. In addition, and without limiting the generality of the foregoing, the key assumptions underlying the forward-looking statements contained herein include the following: (i) commodity prices will be volatile, and natural gas prices will remain low, throughout 2014; (ii) capital, undeveloped lands and skilled personnel will continue to be available at the level Painted Pony has enjoyed to date; (iii) the effect of hedges on risk management programs; (iv) Painted Pony will be able to obtain equipment in a timely manner to carry out exploration, development and exploitation activities; (v) production rates in 2014 are expected to show growth from the first quarter of 2014; (vi) Painted Pony will have sufficient financial resources with which to conduct the capital program; and (vii) the current tax and regulatory regime will remain substantially unchanged. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect.
Certain information regarding Painted Pony set forth in this news release, including the expected use of proceeds of the Private Placement, may constitute forward-looking statements under applicable securities laws and necessarily involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Painted Pony's control, including without limitation, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity prices, environmental risks, inability to obtain drilling rigs or other services, capital expenditure costs, including drilling, completion and facility costs, unexpected decline rates in wells, wells not performing as expected, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and external sources, the impact of general economic conditions in
The forward-looking statements contained in this document are made as at the date of this news release and Painted Pony does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
Additional information on these and other factors that could affect Painted Pony's operations and financial results is included in the Company's Management's Discussion and Analysis for the year ended
FOR FURTHER INFORMATION PLEASE CONTACT:
Painted Pony Petroleum Ltd. Patrick R. WardPresident & CEO (403) 475-0440 (403) 238-1487 (FAX) Painted Pony Petroleum Ltd. John H. Van de PolVice President, Finance & CFO (403) 475-0440 (403) 238-1487 (FAX) www.paintedpony.ca Source: Painted Pony Petroleum Ltd.