NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED
STATES


Painted Pony Petroleum Ltd. ("Painted Pony") (TSX VENTURE:PPY.A) (TSX
VENTURE:PPY.B) is pleased to announce the closing of an equity financing
arrangement entered into with a syndicate of underwriters led by FirstEnergy
Capital Corp. and including Blackmont Capital Inc., Cormark Securities Inc.,
Thomas Weisel Partners Canada Inc. and CIBC World Markets Inc. on a bought deal
basis (the "Offering").


A total of 8,800,000 class A shares (the "Class A Shares") were sold through the
Offering at a price of $4.35 per Class A Share raising gross proceeds of
$38,280,000.


Proceeds of the Offering will be used to further Painted Pony's capital program
and for general corporate purposes.


The securities issued pursuant to the Offering are subject to a four-month hold
period expiring August 31, 2008 in accordance with applicable securities laws.
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