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An investor analyzing a stock chart.
An investor analyzing a stock chart.
(B Szewczyk/Getty Images/iStockphoto)

Painted Pony shares gallop ahead 6 per cent on AltaGas deal

Painted Pony Petroleum Ltd. shares jumped 6 per cent as investors took a shine to a long-term processing deal and alliance with AltaGas Ltd. that provides both an outlet for Painted Pony’s liquids-rich Montney gas as well as funding for development.

Under the deal, AltaGas will build a 198 million cubic feet a day processing plant north of Fort St. John, B.C., of which Painted Pony will have 150 million cubic feet a day of guaranteed capacity. The $350-million plant is expected to be in service by the end of next year.