Painted Pony to make Montney acquisition

Painted Pony Petroleum Ltd., Calgary, will increase 2017 drilling in the Montney play of British Columbia to 71 wells and 64 completions from its previously planned 58 wells and 51 completions after acquiring UGR Blair Creek Ltd. in a $229.6-million (Can.) deal.

It has agreed to acquire the subsidiary of Unconventional Resources Canada, a portfolio investment held by private equity funds advised by ARC Financial Corp. and EnCap Investments LP, for shares.

Painted Pony also agreed with a syndicate of underwriters on equity financing expected to raise $100 million.

The acquisition covers 69,143 net acres producing 51 MMcfd of natural gas equivalent with proved reserves of 768.1 bcf of gas equivalent and proved developed producing reserves of 100.1 bcf.

It includes 197 undrilled locations, 99 associated with proved reserves and 98 with probable reserves.

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