A: Painted Pony Energy, $2.32, symbol PONY on Toronto (Shares outstanding: 161.0 million; Market cap: $373.5 million; www.paintedpony.ca), primarily explores for and produces natural gas in northeast B.C. About 91% of its output is gas. The remaining 9% is natural gas liquids.
The company’s production rose 69.2% in the three months ended March 31, 2018, to 60,703 barrels of oil equivalent per day from 35,878 a year earlier.
Cash flow jumped 87.1%, to $46.4 million from $24.8 million. The higher production offset 17.1% lower gas prices. However, cash flow per share rose just 16.0%, to $0.29 from $0.25, due to 60.7% more shares outstanding.
The sharp increase in the number of shares stems from the company’s May 2017 acquisition of privately held UGR Blair Creek Ltd. for $276 million. That added production, infrastructure and land holdings to Painted Pony’s properties in northeast B.C.
The company’s long-term debt is $350.7 million, or a very high 94% of its currently depressed market cap of $373.5 million.
Painted…
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