March 6 (Reuters) - Painted Pony Petroleum Ltd PPY.TO
* Painted Pony Petroleum Ltd - reduced 2017 capital spending to $288 million from previously announced capital budget of $319 million
* Painted Pony Petroleum Ltd - expect capital spending in 2018 of $216 million
* Painted Pony Petroleum Ltd - anticipate drilling 58 net wells and completing 51 net wells as part of 2017 capital program
* Painted Pony Petroleum Ltd - expect to drill 37 net wells and complete 42 net wells in 2018
* Painted Pony Petroleum Ltd - anticipate annual average daily production in 2018 of 360 mmcfe/d (60,000 boe/d)
* Painted Pony Petroleum Ltd - expect 2017 annual average daily production of approximately 260 mmcfe/d
* Painted Pony Petroleum Ltd - 2018 capital plan is expected to deliver annual average daily production of 360 mmcfe/d (60,000 boe/d)
* Painted Pony - believes decision to reduce 2017 capital budget, reduction to 2018 development plan is based on current commodity strip price outlook
* Painted Pony - production levels from reduced 2017 budget, 2018 development plan are expected to fulfill co's take-or-pay processing commitments Source text for Eikon: Further company coverage: PPY.TO