March 16 (Reuters) - Painted Pony Petroleum Ltd PPY.TO
* Painted Pony announces strategic montney acquisition and $100 million equity financing
* Painted Pony Petroleum Ltd - total consideration of 41.0 million common shares of Painted Pony will be issued to urc
* Painted Pony Petroleum Ltd - Painted Pony will also assume other expected transaction costs of arc, encap, urc and ugr
* Painted Pony Petroleum Ltd- portion of proceeds will be used to fund drilling on acquired assets and on existing Painted Pony lands
* Painted Pony Petroleum Ltd- balance of proceeds will be used to reduce bank indebtedness and general corporate purposes
* Painted Pony Petroleum Ltd - total consideration for ugr of approximately $276.6 million
* Painted Pony Petroleum Ltd - acquisition significantly increases painted pony's reserves base, increasing 2p reserves by 39% or 2.0 tcfe
* Painted Pony Petroleum Ltd - acquisition also increases painted pony's reserves base, increasing 1p reserves by 29% or 768 bcfe
* Painted Pony Petroleum Ltd - expanded program would take painted pony's 2017 capital program to $348 million from current forecast of $288 million
* Painted Pony Petroleum Ltd - believes that incremental activities will drive production and cash flow accretion in first full year of ownership
* Painted Pony petroleum-2018 annual average daily production seen to be up about 41% from 360 mmcfe/d (60,000 boe/d) to 509 mmcfe/d (84,800 boe/d)
* Painted Pony Petroleum Ltd - board approved terms of deal and unanimously recommends that co's shareholders vote in favour of share issuance resolution Source text for Eikon: ID:nCCN3mSdRj Further company coverage: PPY.TO