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Press release from Marketwire

Painted Pony Announces Completion of Northeast BC Montney Asset Acquisition and Officer Appointment and Retirement

Friday, December 21, 2012

Painted Pony Announces Completion of Northeast BC Montney Asset Acquisition and Officer Appointment and Retirement14:19 EST Friday, December 21, 2012CALGARY, ALBERTA--(Marketwire - Dec. 21, 2012) - Painted Pony Petroleum Ltd. (TSX VENTURE:PPY) ("Painted Pony" or the "Company") is pleased to announce that it has completed its previously announced acquisition (the "Acquisition") of certain assets and lands in the Kobes area of northeast British Columbia ("BC"). Painted Pony paid $108 million in cash, before closing adjustments and related costs, pursuant to the Acquisition, as previously announced on December 4, 2012.With the completion of the Acquisition, Painted Pony expands its Montney land position by adding approximately 25 contiguous sections (approximately 97% working interest). Painted Pony is uniquely positioned as having one of the largest, contiguous northeast BC Montney land blocks of any independent company operating in the area.Cormark Securities Inc. acted as exclusive financial advisor to Painted Pony with respect to the Acquisition. Painted Pony is also pleased to announce the appointment of Mr. Edwin S. (Ted) Hanbury, P. Eng. as Vice President, Engineering, effective January 1, 2013. Mr. Hanbury brings more than 26 years of oil and gas experience in executive and technical roles. He spent the last 5 years as Executive Vice President at Sinopec Daylight Energy Ltd., with responsibilities including mergers, acquisitions and strategic planning. Mr. Hanbury holds a B.A. Sc. degree in Civil Engineering from the University of Waterloo.Painted Pony also announces that Mr. James H. (Jim) French, Vice President, Production Operations, will retire effective December 31, 2012. Mr. French has been with Painted Pony since its inception, and has been a major contributor to its success. Mr. French will remain with the Company in an advisory capacity until January 31, 2013. Painted Pony, its management and Board, would like to thank Mr. French for his extensive contributions to the success of the Company and wish him the best in his retirement. The Company also announces that the acquisition of light oil assets in Alberta previously announced on December 4, 2012 will not be completed.Painted Pony is a Canadian oil and gas exploration company that trades on the TSX Venture Exchange under the symbol "PPY".For more information please visit 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.FOR FURTHER INFORMATION PLEASE CONTACT: Neither 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. Contact Information: Painted Pony Petroleum Ltd.Patrick R. WardPresident & CEO(403) 475-0440(403) 238-1487 (FAX)Painted Pony Petroleum Ltd.Joan E. DunneVice President, Finance & CFO(403) 475-0440(403) 238-1487 (FAX)Painted Pony Petroleum Ltd.300, 602 - 12 Ave SWCalgary, AB T2R