Painted Pony Petroleum Announces Conversion of Class B Shares to Class A Shares

Painted Pony Petroleum Ltd. ("Painted Pony" or the "Company") (TSX VENTURE:PPY.A) (TSX VENTURE:PPY.B) announces the conversion of all existing Class B Shares of the Company into Class A Shares of the Company, as permitted by the terms of the Class B Shares set forth in the Company's articles. The effective date of the conversion will be December 1, 2011. Pursuant to the Company's articles, Painted Pony shall provide formal written notice to each holder of Class B Shares of the conversion at least five days prior to the effective date. On the effective date, the holders of Class B Shares will receive 0.8250 of a Class A Share for each one (1) Class B Share held, resulting in an aggregate of up to 968,220 Class A Shares being issued, subject to rounding adjustments. No fractional Class A Shares will be issued; however, any fractional interest in a Class A Share will be rounded up to the next whole number of Class A Shares. The closing price of the Class A Shares on the TSX Venture Exchange on November 23, 2011 was $11.12.

The Company has notified Olympia Trust Company ("Olympia"), the Company's registrar and transfer agent, of the conversion and Olympia shall issue the new Class A Shares on the effective date. Registered holders of Class B Shares are requested to deliver share certificates for their Class B Shares to Olympia either by courier, registered mail or direct delivery and Olympia will deliver the new Class A Shares by first class mail. Beneficial owners of Class B Shares, being those holders whose shares are registered with a brokerage or investment house, need not take any action as the Class A Shares will be issued automatically through the CDS system. In connection with the conversion, the Corporation will make an application to the TSX Venture Exchange for the delisting of the Class B Shares following the effective date.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contacts: Painted Pony Petroleum Ltd. Patrick R. Ward President & CEO [phone] [phone] (FAX) Painted Pony Petroleum Ltd. Joan E. Dunne Vice President, Finance & CFO [phone] [phone] (FAX) Painted Pony Petroleum Ltd. 300, 602 - 12 Ave SW Calgary, AB T2R 1J3www.paintedpony.ca