Painted Pony (OTCPK:PDPYF) focuses on the development of natural gas and NGL from the Montney formation in British Columbia. As shown on the picture below, the company has been rapidly growing its production, from 15,602 boe/d in 2015 to an estimated rate of 60,000 boe/d in 2018.
Source: Presentation June 2018
The share price has been taking the opposite direction, preferring to follow the AECO gas price evolution.
Source: SEEKING ALPHA
In this article, I describe the reasons for this contrast by having a closer look at the assets and production profile.