Painted Pony Petroleum Ltd. (PPY-A.V, PPY-B.V) reported that its third-quarter net loss was C$2.05 million or C$0.05 per share, compared to net income of C$328 thousand or C$0.01 per share in the same quarter last year. Funds flow from operations were C$4.51 million or C$0.12 per share, compared to C$4.85 million or C$0.16 per share in the year ago quarter.
Petroleum and natural gas revenue, before royalties, for the quarter were C$7.83 million, up from C$7.19 million in the prior year quarter.
The Company also announced the appointment of Michael Belenkie as Vice President, Corporate Development. Belenkie was previously Manager of Corporate Development since joining Painted Pony in September 2008. Prior to that, he held numerous positions with a major oil and gas company, lastly as Montney Development Lead.
Painted Pony expects to continue to generate solid operating and financial results through successful drilling, complemented by a strong financial position and healthy oil prices. During the balance of 2009 and in 2010, the Company intends to expand its Bakken exploration and development program and commence the exploratory evaluation of its Montney and Buckinghorse shale gas resource plays. Approximately 75% of the expected drilling, completion and equipping costs in 2010 are targeted for light oil operations. The Company's budget anticipates 2010 capital expenditures of approximately C$90 million.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.