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


Painted Pony Petroleum Ltd. ("Painted Pony") (TSX VENTURE:PPY.A) (TSX
VENTURE:PPY.B) announces that pursuant to the terms and conditions of its stock
option plan, it has granted, in the aggregate, 897,700 incentive stock options
to purchase Class A Shares of Painted Pony (the "Options"), to certain of its
directors, officers, employees and consultants. The Options are exercisable over
a five year period at an exercise price of $11.80 per share, with 33.3% vesting
immediately, 33.3% in one year, and the final 33.3% vesting in two years.


Painted Pony Petroleum Ltd., Class A (TSXV:PPY.A)
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Painted Pony Petroleum Ltd., Class A (TSXV:PPY.A)
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