CALGARY, ALBERTA--(Marketwire - June 12, 2012) -

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

Painted Pony Petroleum Ltd. ("Painted Pony") (TSX VENTURE:PPY) announces that pursuant to the terms and conditions of its stock option plan, it has granted, in the aggregate, 80,000 incentive stock options to purchase Common Shares of Painted Pony (the "Options"), to one of its directors. The Options are exercisable over a five year period at an exercise price of $7.10 per share, with 26,667 vesting immediately, 26,667 in one year, and 26,666 vesting in two years.

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

FOR FURTHER INFORMATION PLEASE CONTACT:

Patrick R. Ward
Painted Pony Petroleum Ltd.
President & CEO
(403) 475-0440
(403) 238-1487 (FAX)

OR

Joan E. Dunne
Painted Pony Petroleum Ltd.
Vice President, Finance & CFO
(403) 475-0440
(403) 238-1487 (FAX)

OR

300, 602 - 12 Ave SW
Painted Pony Petroleum Ltd.
Calgary, AB T2R 1J3

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.