Painted Pony Petroleum Announces Flat Lake Bakken Discovery and Acquisition of Bakken Land at Midale

Painted Pony Petroleum Ltd. ("Painted Pony" or the "Company") (TSX
VENTURE:PPY.A) (TSX VENTURE:PPY.B) is pleased to announce that the Company's
first Bakken horizontal well in the Flat Lake area of southeast Saskatchewan has
tested at 208 bbls/d and the Company has entered into an agreement to acquire
5.25 net sections of land within its Midale core area. 


Flat Lake 

The Bakken discovery well, CPEC et al Flat Lake HZ 3B5-10-4B5-9-1-16W2 (35%
working interest) flowed at an average restricted rate of 208 bbls/d for a 24
hour period following 5 days of continuous testing. The well was shut-in
temporarily in order to prepare it for production. 


This is the first well drilled in the Company's new Flat Lake core area, which
was acquired through a farm-in arrangement. Through participation in the well,
Painted Pony now has a contiguous block of 6,000 net acres (9.4 sections), all
of which is Crown land that will receive Saskatchewan's deep horizontal royalty
incentive on the first 100,680 bbls produced per horizontal well. The Flat Lake
asset provides a significant increase to the Company's Bakken drilling
inventory. 


Midale 

In the Company's Midale core producing area, an agreement has been reached to
acquire 3,349 net acres (5.25 sections) of 100% working interest lands with
Bakken rights for $1.8 million. These Crown lands will receive Saskatchewan's
deep horizontal royalty incentive on the first 100,680 bbls produced per
horizontal well. The lands are contiguous to Painted Pony's existing producing
assets. The additional acreage provides significant development opportunities
and synergies with the Company's existing infrastructure. 


The information contained herein is for information purposes only and is not an
invitation to purchase securities listed on TSX Venture Exchange and/or Toronto
Stock Exchange. TMX Group Inc. and its affiliates do not endorse or recommend
any securities referenced. Neither TMX Group Inc. nor its affiliated companies
represents, warrants or guarantees the accuracy or the completeness of the
information. You should not rely on the information contained herein for any
trading, business or financial purposes. TMX Group Inc. and its affiliates
assume no liability for any errors or inaccuracies herein or any use or reliance
upon this information.


Painted Pony Petroleum Ltd. was recognized as a TSX Venture 50(R) company in
2010. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license.


Advisory 

Special Note Regarding Forward-Looking Information 

This news release contains certain forward-looking statements, which are based
on numerous assumptions including but not limited to (i) drilling success; (ii)
production; (iii) future capital expenditures; and (iv) cash flow from operating
activities. The reader is cautioned that assumptions used in the preparation of
such information may prove to be incorrect.


With respect to forward-looking statements contained in this document, Painted
Pony has made a number of assumptions. The key assumptions underlying the
aforementioned forward-looking statements include assumptions that: (i)
commodity prices will be volatile throughout 2010; (ii) capital, undeveloped
lands and skilled personnel will continue to be available at the level Painted
Pony has enjoyed to date; (iii) Painted Pony will be able to obtain equipment in
a timely manner to carry out exploration, development and exploitation
activities; (iv) Painted Pony will have sufficient financial resources with
which to conduct the capital program; and (v) the current tax and regulatory
regime will remain substantially unchanged. Certain or all of the forgoing
assumptions may prove to be untrue.


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, treatment under governmental regulatory regimes
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, volatility of commodity prices, environmental
risks, 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, 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, and stock
market volatility and market valuations of companies with respect to announced
transactions and the final valuations thereof. 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 Company will derive therefrom. All subsequent
forward-looking statements, whether written or oral, attributable to the Company
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.