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


Painted Pony Petroleum Ltd ("Painted Pony" or the "Company") (TSX VENTURE:PPY.A)
(TSX VENTURE:PPY.B) is pleased to provide an operational update and announce
that it will be presenting at the FirstEnergy/Societe Generale EnergyGrowth
Conference in Toronto. 


BRITISH COLUMBIA OPERATIONS

The 50% horizontal Montney well at Diaber d-44-C/94-B-16, which tested at 24.5
mmcf/d as previously announced in a news release dated September 28, 2011, is
expected to be tied-in to production facilities late in the fourth quarter. A
further two (0.4 net) non-operated Montney wells on the nearby d-60-C/94-B-16
pad are also expected to be brought on-stream by year end.


The Company has committed additional Montney gas volumes towards a third party
midstream gas plant expansion in the Blair/Town area. With this expansion, total
gas processing capacity will increase to 70 mmcf/d and Painted Pony's firm share
of this capacity will increase to 32 mmcf/d. The expansion is currently
scheduled to be completed by the end of the second quarter of 2012. 


On the Blair a-41-F/94-B-16 pad, two (2.0 net) horizontal wells have been
completed and are currently undergoing initial production testing. Both wells
are in the early stages of clean-up flowback post-frac. These two wells are
expected to be tied into existing infrastructure by mid November, 2011. 


During the second half of 2011 to-date, Painted Pony has drilled 6 (3.9 net)
Montney wells in the Blair-Cameron project area. One (1.0 net) well is currently
drilling and another one (0.5 net) well is anticipated to be drilled by year
end. In 2012, the Company is currently anticipating drilling 25 (19.8) net wells
in British Columbia.


SASKATCHEWAN OPERATIONS 

During the third quarter, operating conditions in southeast Saskatchewan
improved following an abnormally wet and prolonged spring break-up season. Sales
of solution gas and associated liquids from the Midale-Huntoon area resumed late
in the third quarter, following the completion of repairs at a non-operated
midstream facility. Painted Pony has resumed its drilling program and has
drilled 18 (13.2 net) wells to date in the second half. An additional four (1.5
net) wells are expected to be drilled during the balance of the year. In 2012,
the Company is currently anticipating drilling 27 (18.0 net) wells in
Saskatchewan.


PRODUCTION

The Company's estimated third quarter average production, based on field
receipts, increased to approximately 4,000 boe/d, compared to 3,593 boe/d during
the second quarter of 2011. Production was weighted approximately 65% towards
natural gas. Current production is estimated at approximately 4,400 boe/d,
comprised of 1,700 boe/d in Saskatchewan and 2,700 boe/d in British Columbia.


FINANCIAL RESOURCES

On November 8, 2011, the Company closed the previously announced bought deal
financing for gross proceeds of $103.8 million. A total of 8.8 million Class A
shares were issued at a price of $11.80 per Class A share. The Company's current
bank line stands at $80 million and is unused. 


ENERGYGROWTH CONFERENCE

Painted Pony is pleased to announce that it will be participating in the
FirstEnergy/Societe Generale EnergyGrowth Conference, taking place on November
15 and 16, 2011 at The Ritz-Carlton hotel in Toronto, Ontario. Mr. Patrick Ward,
President and CEO, is scheduled to present on November 16, 2011, 1:00 PM EST
(3:00 PM MST). An updated investor presentation will be available on the
Company's website (www.paintedpony.ca) on Monday November 14, 2011.


To listen and view this online event, please visit: http://jetslides.tv/lobby/544

The webcast event will be available on demand at this link for 30 days following
the conference. 


For more information please visit www.paintedpony.ca or contact the persons
listed below.


Advisory

Special Note Regarding Disclosure of Production Estimates

BOEs may be misleading, particularly if used in isolation. A BOE conversion
ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.


Mcfges may be misleading, particularly if used in isolation. A Mcfge conversion
ratio of 1 bbl: 6 Mcf is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.


Special Note Regarding Forward-Looking Information

This news release contains certain forward-looking information (collectively
referred to herein as "forward looking statements ") within the meaning of
applicable Canadian securities laws. Forward-looking statements are often, but
not always, identified by the use of words such as "anticipate", "believe",
"plan", "potential", "intend", "objective", "continuous", "ongoing",
"encouraging", "estimate", "expect", "may", "will", "project", "should", or
similar words suggesting future outcomes. These forward-looking statements are
based on numerous assumptions including but not limited to (i) drilling success;
(ii) production; (iii) future capital expenditures; and (iv) cash flow from
operating activities. The reader is cautioned that assumptions used in the
preparation of such information may prove to be incorrect.


Forward-looking statements are based upon the opinions and expectations of
management of the Company as at the effective date of such statements and, in
some cases, information supplied by third parties. Although the Company believes
that the expectations reflected in such forward-looking statements are based
upon reasonable assumptions and that information received from third parties is
reliable, it can give no assurance that those expectations will prove to have
been correct. Forward-looking statements are subject to certain risks and
uncertainties that could cause actual events or outcomes to differ materially
from those anticipated or implied by such forward-looking statements.


With respect to forward-looking statements contained in this document, Painted
Pony has made a number of assumptions. The key assumptions underlying the
aforementioned forward-looking statements include assumptions that: (i)
commodity prices will be volatile throughout 2011; (ii) capital, undeveloped
lands and skilled personnel will continue to be available at the level Painted
Pony has enjoyed to date; (iii) Painted Pony will be able to obtain equipment in
a timely manner to carry out exploration, development and exploitation
activities; (iv) Painted Pony will have sufficient financial resources with
which to conduct the capital program; (v) the accuracy of geological and
geophysical data and Painted Pony's interpretation of that data; (vi) production
rates in 2011 are expected to show growth from the third quarter of 2011; (vii)
that production from new wells will be substantially similar to production rates
associated with existing wells in the vicinity of the Company's properties;
(viii) the continued ability of the Company to generate internal cash flow and
the availability of capital on acceptable terms; and (ix) the current tax and
regulatory regime will remain substantially unchanged. Certain or all of the
forgoing assumptions may prove to be untrue.


Certain information regarding Painted Pony set forth in this document, including
management's assessment of Painted Pony's future plans and operations, number,
type and timing of wells to be drilled, the planning and development of certain
prospects, production estimates, treatment under governmental regulatory regimes
and expected production growth 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, volatility of commodity prices, environmental
risks, 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, delays resulting from or
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, industry
conditions, 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, the lack of availability of qualified personnel
or management, fluctuations in foreign exchange or interest rates, and 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 Company
will derive therefrom. All subsequent forward-looking statements, whether
written or oral, attributable to the Company 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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