Painted Pony Announces Completion of Northeast BC Montney

Painted Pony Announces Completion of Northeast BC Montney Asset
Acquisition and Officer Appointment and Retirement 
CALGARY, ALBERTA -- (Marketwire) -- 12/21/12 -- 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,
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
Painted Pony is a Canadian oil and gas exploration company that
trades on the TSX Venture Exchange u
nder the symbol "PPY". 
For more information please visit 
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. 
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
Painted Pony Petroleum Ltd.
Patrick R. Ward
President & CEO
(403) 475-0440
(403) 238-1487 (FAX) 
Painted Pony Petroleum Ltd.
Joan E. Dunne
Vice President, Finance & CFO
(403) 475-0440
(403) 238-1487 (FAX) 
Painted Pony Petroleum Ltd.
300, 602 - 12 Ave SW
Calgary, AB T2R 1J3
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