PPY.B Painted Pony Petroleum Ltd

Painted Pony Petroleum Ltd. (TSX VENTURE:PPY.A) (TSX VENTURE:PPY.B) ("Painted
Pony" or the "Company") is pleased to announce the operational progress made
since the end of the second quarter of 2008.


The Company grew production to a third quarter average rate of 925 boe/d,
estimated based on field production. Oil and liquids made up 52% of third
quarter sales, with 48% from natural gas. In September 2008, estimated sales
averaged 1,060 boe/d, based on field production, with light oil sales from
Saskatchewan averaging 580 bbls/d and NE BC contributing 480 boe/d (95% gas and
5% NGL's).


Painted Pony carried out a very active third quarter exploration and development
program with the drilling of 15 (7.8 net) wells, bringing total Company activity
in the first nine months of 2008 to 37 (17.1 net) wells at a 91% net success
rate. In the first nine months of 2008, 32 (13.1 net) Bakken horizontal wells
were drilled in Saskatchewan. In NE BC, Painted Pony has drilled 3 (1.0 net)
wells in the first nine months, of which 1 (0.5 net) well was in the third
quarter.


The Company continues to build its significant land position through farm-ins,
freehold leasing and purchases at crown land sales. Currently, in SE
Saskatchewan, Painted Pony has 51,200 net undeveloped acres plus access to
approximately 52,000 net acres of option lands through farm-in agreements. In NE
BC, the Company has 88,700 net acres of developed and undeveloped land.


As previously announced, as at June 30, 2008 Painted Pony had a positive net
working capital position of $32.3 million. With the significant recent
developments in credit markets, capital markets and the decline in the price of
oil, the Company will adjust the capital program as believed necessary to
continue its conservative financial management. Currently, Painted Pony plans to
drill up to 12 (4.4 net) horizontal Bakken wells during the fourth quarter of
2008. The Company is currently evaluating its 2009 budget plans; further details
will be provided early December.


Interested parties are invited to visit our website to view our updated
presentation dated November 12, 2008.


Painted Pony will be presenting at the FirstEnergy/ Societe Generale Energy
Growth Conference in Toronto, Ontario on November 19th 2008 at 10:20 AM EST
(8:20 AM MST). The Company is planning to release its financial results for the
nine months ended September 30, 2008 the last week of November 2008.


Advisory

This news release contains certain forward-looking statements, which include
assumptions with respect to (I) drilling success (ii) production; (iii) future
capital expenditures; and (iv) cash flow. The reader is cautioned that
assumptions used in the preparation of such information may prove to be
incorrect.


Certain information regarding Painted Pony set forth in this document, including
management's assessment of Painted Pony's future plans and operations, number,
type and timing of wells to be drilled, the plan and development of certain
prospects, production estimates, and expected production growth may constitute
forward-looking statements under applicable securities laws and necessarily
involve substantial known and unknown risks and uncertainties. These
forward-looking statements are subject to numerous risks and uncertainties,
certain of which are beyond Painted Pony's control, including without
limitation, risks associated with oil and gas exploration, development,
exploitation, production, marketing and transportation, loss of markets, the
impact of general economic conditions, industry conditions, volatility of
commodity prices, currency fluctuations, environmental risks, competition, the
lack of availability of qualified personnel or management, inability to obtain
drilling rigs or other services, capital expenditure costs, including drilling,
completion and facility costs, unexpected decline rates in wells, wells not
performing as expected, stock market volatility, delays resulting from or
inability to obtain required regulatory approvals and ability to access
sufficient capital from internal and external sources, the impact of general
economic conditions in Canada, the United States and overseas, industry
conditions, changes in laws and regulations (including the adoption of new
environmental laws and regulations) and changes in how they are interpreted and
enforced, increased competition, the lack of availability of qualified personnel
or management, fluctuations in foreign exchange or interest rates, stock market
volatility and market valuations of companies with respect to announced
transactions and the final valuations thereof, and obtaining required approvals
of regulatory authorities. Readers are cautioned that the foregoing list of
factors is not exhaustive. Painted Pony's actual results, performance or
achievement could differ materially from those expressed in, or implied by,
these forward-looking statements and, accordingly, no assurance can be given
that any of the events anticipated by the forward-looking statements will
transpire or occur, or if any of them do so, what benefits, including the amount
of proceeds, that the Corporation will derive therefrom. Readers are cautioned
that the foregoing list of factors is not exhaustive. All subsequent
forward-looking statements, whether written or oral, attributable to the
Corporation or persons acting on its behalf are expressly qualified in their
entirety by these cautionary statements.


Additional information on these and other factors that could affect Painted
Pony's operations and financial results are included in reports on file with
Canadian securities regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com) or Painted Pony's website (www.paintedpony.ca).


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.


BOEs may be misleading, particularly if used in isolation. A BOE conversion
ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.

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