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) announces that pursuant to the terms and conditions of its Stock
Option Plan, it has granted, in the aggregate, 1,090,000 incentive stock options
to purchase Class "A" Shares of Painted Pony (the "Options"), to certain of its
Directors, Officers, Employees and Consultants. The Options are exercisable over
a three year period at $6.68 per share, with 33.3% vesting immediately, 33.3% in
one year, and the final 33.3% vesting in two years.


This news release shall not constitute an offer to sell or the solicitation of
an offer to buy the Class A Shares in any jurisdiction. Such securities have not
been registered under the United States Securities Act of 1933 and may not be
offered or sold in the United States, or to a U.S. person, absent registration
or an applicable exemption from the registration requirement.
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