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 "Company") (TSX
VENTURE:PPY.A) (TSX VENTURE:PPY.B) announces that it has signed the purchase
agreement for the previously announced transaction with a private company to
acquire certain oil properties focused in the Bakken-prospective fairway in the
Company's Midale/Huntoon core area in southeast Saskatchewan. The terms of the
transaction remain as previously disclosed in the Company's press release dated
May 26, 2009. The completion of the acquisition is subject to certain
conditions, including normal regulatory approvals, and is expected to close on
July 15, 2009.


Investor Information

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". Painted Pony has
28,222,700 Class A shares, 1,173,600 Class B shares and 2,790,000 options (at an
average price of $5.00 per share) issued and outstanding.


READER 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 planning and development of certain
prospects, production estimates, reserve estimates, undeveloped land holdings
and values, capital expenditures and the timing thereof and the total future
capital required to bring undeveloped proved and probable reserves onto
production, 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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