PPY.B Painted Pony Petroleum Ltd

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Painted Pony Petroleum Ltd. ("Painted Pony" or the "Corporation") (TSX
VENTURE:PPY.A) (TSX VENTURE:PPY.B) is pleased to announce that it has entered
into an agreement with a syndicate of underwriters led by FirstEnergy Capital
Corp. and including RBC Capital Markets, Cormark Securities Inc. and CIBC World
Markets Inc. under which they have agreed to purchase for resale to the public,
on a bought deal basis, 6,000,000 Class A Shares ("Class A Shares") at $2.85
each for aggregate gross proceeds of $17,100,000.


The Corporation intends to use the net proceeds to accelerate the Corporation's
drilling program and for general corporate purposes.


The Class A Shares shall be offered in all provinces of Canada (other than
Quebec) by way of short form prospectus, and in the U.S. on a private placement
basis pursuant to exemptions from registration requirements. The closing of the
offering is expected to occur on or about June 30, 2009, and is subject to
certain conditions, including, but not limited to, the receipt of all necessary
regulatory approvals, including the approval of the TSX Venture Exchange.


Painted Pony is a junior Canadian oil and gas exploration company that trades on
the TSX Venture Exchange under the symbols "PPY.A" and "PPY.B".


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


For further information please see www.paintedpony.ca.

Advisory

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 planning 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.


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.

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