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.