Court of Queen’s Bench of Alberta Approves Painted Pony’s Proposed Transaction with Canadian Natural Resources Limited

Painted Pony Energy Ltd. (“

Painted Pony

”) (

TSX:

PONY

) today announces that the Court of Queen’s Bench of Alberta has granted a final order approving the previously announced proposed transaction with Canadian Natural Resources Limited (

TSX, NYSE: CNQ

) (the “

Arrangement

”). The Arrangement was approved by more than 88% of shareholders and optionholders (voting together as a single class) who voted at a special meeting of Painted Pony held on October 1, 2020. The Arrangement is still subject to other standard conditions to closing.

Additional information regarding the Arrangement is provided in the management information circular of Painted Pony dated August 31, 2020, which is available on the SEDAR website at www.sedar.com under Painted Pony’s profile. Assuming the satisfaction of the remaining conditions to closing, the transaction is expected to close on or about October 6, 2020.

DEFINITIONS AND ADVISORIES

Currency: All amounts referred to in this press release are stated in Canadian dollars unless otherwise specified.

Forward-Looking Information: This press release contains certain forward-looking information within the meaning of Canadian securities laws. Forward-looking information relates to future events or future performance and is based upon Painted Pony’s current internal expectations, estimates, projections, assumptions and beliefs. All information other than historical fact is forward-looking information. Words such as “expect”, “anticipate”, “may”, “will”, “proposed” and other similar words that indicate events or conditions may occur are intended to identify forward-looking information. More particularly and without limitation, this press release contains forward looking information relating to the ability of the parties to satisfy the other conditions to, and to complete, the Arrangement; and the anticipated timing of the closing of the Arrangement.

The forward-looking information provided in this press release is provided in reliance on certain assumptions that Painted Pony believes are reasonable at this time, including assumptions as to the ability of the parties to satisfy, in a timely manner, the remaining conditions to the closing of the Arrangement.

By its nature, forward-looking information is subject to numerous risks and uncertainties, some of which are beyond Painted Pony’s control. Completion of the Arrangement is subject to a number of conditions which are typical for transactions of this nature. Failure to satisfy any of these conditions may result in the termination of the Arrangement. The foregoing list is not exhaustive. Additional information on these and other risks that could affect completion of the Arrangement are set forth in the management information circular, which is available on SEDAR at www.sedar.com. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking information. The actual results could differ materially from those expressed in, or implied by, this forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits that Painted Pony will derive therefrom.

Painted Pony disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.

ABOUT PAINTED PONY

Painted Pony is a publicly traded natural gas company based in Western Canada. Painted Pony is primarily focused on the development of natural gas and natural gas liquids from the Montney formation in northeast British Columbia. Painted Pony’s common shares trade on the TSX under the symbol “PONY”.

Contact Information:Patrick R. WardPresident and Chief Executive Officer

Stuart W. JaggardChief Financial Officer

Jason W. FleuryDirector, Investor Relations(403) 776-3261

(403) 475-04401-866-975-0440 toll [e-mail]