NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Painted Pony Petroleum Ltd. ("Painted Pony" or the "Corporation")(TSX
VENTURE:PPY.A) (TSX VENTURE:PPY.B) is pleased to announce that it has closed its
previously announced bought deal financing (the "Offering"). Pursuant to the
Offering, the Corporation has issued a total of 8,800,000 Class A Shares of the
Corporation (the "Class A Shares"), which included the full exercise of the
over-allotment option granted to the underwriters of the Offering. All of the
Class A Shares were issued at a price of $11.80 per Class A Share for gross
proceeds of $103,840,000. The syndicate of underwriters was led by Cormark
Securities Inc. and included FirstEnergy Capital Corp., CIBC World Markets Inc.,
RBC Capital Markets and Scotia Capital Inc. (collectively, the "Underwriters").
The Underwriters also received a fee of 5% of the gross proceeds of the
Offering.


The Corporation intends to use the net proceeds of the Offering to fund a
portion of the Corporation's capital program for 2011 and 2012.


Painted Pony is a junior Canadian oil and gas exploration company that trades on
the TSX Venture Exchange under the symbols "PPY.A" and "PPY.B". Subsequent to
the closing of the Offering, Painted Pony has 68,654,306 Class A Shares issued
and outstanding.


This news release shall not constitute an offer to sell or the solicitation of
any offer to buy the securities in any jurisdiction. The Class A Shares issued
have not been registered under the United States Securities Act of 1933, as
amended, and may not be offered or sold in the United States, or to a U.S.
person, absent registration, or an applicable exemption therefrom.


Advisory

Certain information regarding Painted Pony set forth in this document, including
use of proceeds of the Offering may constitute forward-looking statements under
applicable securities laws and necessarily involve substantial known and unknown
risks and uncertainties. These forward-looking statements are subject to
numerous risks and uncertainties, certain of which are beyond Painted Pony's
control, including without limitation, risks associated with oil and gas
exploration, development, exploitation, production, marketing and
transportation, loss of markets, industry conditions, volatility of commodity
prices, environmental risks, the lack of availability of qualified personnel or
management, inability to obtain drilling rigs or other services, capital
expenditure costs, including drilling, completion and facility costs, unexpected
decline rates in wells, wells not performing as expected, stock market
volatility, delays resulting from our inability to obtain required regulatory
approvals and ability to access sufficient capital from internal and external
sources, the impact of general economic conditions in Canada, the United States
and overseas, changes in laws and regulations (including the adoption of new
environmental laws and regulations) and changes in how they are interpreted and
enforced, increased competition, fluctuations in foreign exchange or interest
rates, stock market volatility and market valuations of companies with respect
to announced transactions and the final valuations thereof. Readers are
cautioned that the foregoing list of factors is not exhaustive. Painted Pony's
actual results, performance or achievement could differ materially from those
expressed in, or implied by, these forward-looking statements and, accordingly,
no assurance can be given that any of the events anticipated by the
forward-looking statements will transpire or occur, or if any of them do so,
what benefits, including the amount of proceeds, that the Corporation will
derive therefrom. Readers are cautioned that the foregoing list of factors is
not exhaustive. All subsequent forward-looking statements, whether written or
oral, attributable to the Corporation or persons acting on its behalf are
expressly qualified in their entirety by these cautionary statements.


Additional information on these and other factors that could affect Painted
Pony's operations and financial results are included in reports on file with
Canadian securities regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com) or Painted Pony's website (www.paintedpony.ca).


The forward-looking statements contained in this document are made as at the
date of this news release and Painted Pony does not undertake any obligation to
update publicly or to revise any of the included forward-looking statements,
whether as a result of new information, future events or otherwise, except as
may be required by applicable securities laws.


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