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) is pleased to provide the following operations update and
announces that it will be presenting at the FirstEnergy/Societe Generale East
Coast Energy Conference in New York, New York. 


FIRST QUARTER 2012 DRILLING: 

To date, during the first quarter of 2012, the Company has completed drilling
operations on 10 (7.6 net) horizontal wells. Five (4.4 net) wells have been
drilled in Saskatchewan, including 3 (2.5 net) wells on the Company's Flat Lake
Bakken light oil play. In northeastern British Columbia, the Company has drilled
4 (2.2 net) wells on the Blair-Cameron Montney gas project.


On March 5, 2012, Painted Pony completed drilling the Company's first
exploratory earning well targeting the Viking light oil play in Alberta. The
Company has access to 22 net sections of land offsetting this 100% working
interest well.


Subject to weather and access conditions, all of the new wells in Saskatchewan
and Alberta have been or will be completed as soon as equipment and services are
available. The Company expects to complete and production test the new wells in
British Columbia commencing in June 2012. 


PRODUCTION: 

Painted Pony's first quarter 2012 production is estimated to be 7,000 boe/d,
weighted 78% gas. On February 22, 2012, the Company commenced gas sales from its
recently completed (50% working interest) processing facility located on the
44-C pad at north Cameron, British Columbia. The Company's (50% working
interest) d-44-C Lower Montney gas well (please refer to press release dated
September 28, 2011) has been producing through this facility for 12 days at
field-estimated rates averaging 14.8 MMcf/d (2,500 boed). The well is currently
flowing at 17.7 MMcf/d (2,950 boe/d). This new facility, constructed and
operated by Painted Pony, has a current throughput capacity of 25 MMcf/d,
immediately expandable to 60 MMcf/d. 


WEBCAST EVENT: 

Painted Pony will be presenting at the FirstEnergy/Societe Generale East Coast
Energy Conference in New York, New York on Friday, March 9, 2012, 10:15 AM EST
(8:15 AM MST). To listen and view this online event, please visit:
http://jetslides.tv/lobby/672. The Company will also be undertaking a series of
presentations to interested parties over the next two weeks in various cities
across the United States. Interested parties are invited to visit the Company's
website beginning on March 7, 2012 to view an updated presentation. The webcast
event will be available in an archived version at this link for 30 days
following the live presentation. For more information on the webcast please
visit www.firstenergy.com or see www.paintedpony.ca.


For more information please visit www.paintedpony.ca.

Painted Pony Petroleum Ltd. was recognized as a TSX Venture 50(R) Company in
2012. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.


Advisory

Special Note Regarding Forward-Looking Information

This news release contains certain forward-looking statements, which 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. In addition, and without limiting the generality of the foregoing,
the key assumptions underlying the forward-looking statements contained herein
include the following: (i) commodity prices will be volatile, and natural gas
prices will remain low, throughout 2012; (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)
production rates in 2012 are expected to show growth from the fourth quarter of
2011; (v) Painted Pony will have sufficient financial resources with which to
conduct the capital program; and (vi) the current tax and regulatory regime will
remain substantially unchanged. The reader is cautioned that certain or all of
the forgoing assumptions may prove to be incorrect.


Certain information regarding Painted Pony set forth in this document, including
its future plans and operations, and the planning and development of certain
prospects, 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.


Special Note Regarding Disclosure of Reserves or Resources

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. Given the value ratio based on the current price of
crude oil as compared to natural gas is significantly different from the energy
equivalency of 6 Mcf: 1 bbl, utilizing a conversion ratio of 6 Mcf: 1 bbl may be
misleading as an indication of value.


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