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Opinion for Painted Pony Energy (PONY-T)

Signal Price Bias Subject Owned

A natural gas producer in Northeast BC. Have done an excellent job in executing their growth plan. They’ve got big plans out to 2020, and thinks they kind of want to broach that 100,000 barrels’ equivalent mark, and are currently at about 40,000. They have stepwise plan for adding infrastructure with their partner, AltaGas (ALA-T). AltaGas has built a plant, and have another phase planned. His issue is that they have vastly outspent cash flow and have ramped up debt levels. Management has done a fantastic job.

Mason Granger
Portfolio Manager, Sentry Investments

1 Comment


February 4th 2017 at 10:10pm

2017 PPY will trade at 1.3 time cash flow and 2018 they will trade at 1.2 time cash flow. They current have 40,000 boe of production and just over 200 million in debt. This year they will be producing 70,000 boe in October, and next year they will be 100,000 boe. Not exploration risk this is a development rampup. In 2019 they will be cash flow positive, only 100 million shares. BUY

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