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CS - Analyst Notes - January 02, 2019

Painted Pony Energy (TSX: PONY; $1.33-Dec, 17; Hold; PT-$2)



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Painted Pony Energy (TSX: PONY; $1.33-Dec, 17; Hold; PT-$2) PONY's 2019 budget out yesterday includes spending of C$95--110MM to deliver production of 54--56mboed; in-line with TPHe at ~C$98MM/54mboepd and below the Street at C$125MM/58mboepd. The budget is designed to be cash flow neutral, however, budgeted pricing is above strip resulting in our cash flow estimate of C$92MM coming in below the budget midpoint at ~C$107MM. The company's budget assumes consensus pricing of C$1.90/mcf AECO and US$60/bbl WTI, vs. strip pricing of......
 
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