Painted Pony Petroleum Ltd. Announces Grant of Stock Options15:13 EDT Monday, September 24, 2012CALGARY, ALBERTA--(Marketwire - Sept. 24, 2012) -NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESPainted 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, 423,000 incentive stock options to purchase Common Shares of Painted Pony (the "Options"), to an officer and employees. The Options are exercisable over a five year period at an exercise price of $10.86 per share, with one-third vesting immediately, one-third in one year, and the remaining one-third 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. WardPainted Pony Petroleum Ltd.President & CEO(403) 475-0440(403) 238-1487 (FAX)ORJoan E. DunnePainted Pony Petroleum Ltd.Vice President, Finance & CFO(403) 475-0440(403) 238-1487 (FAX)OR300, 602 - 12 Ave SWPainted Pony Petroleum Ltd.Calgary, AB T2R 1J3Neither 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.