Painted Pony Petroleum Ltd. provide the following operations update.

During the third quarter of 2012, Painted Pony completed drilling operations on 12 (8.2 net) wells, including 2 (1.2 net) wells on its Montney gas project in northeastern British Columbia and 10 (7.0 net) wells on the Company's light oil projects in southeastern Saskatchewan. To date in the fourth quarter, the Company has completed drilling a further 2 (2.0 net) wells.

In northeastern British Columbia, Painted Pony has commenced completion and extended production testing on 2 new 100% working interest Montney wells located on the Blair/Town c-11-F/94-B-16 pad. Test results from these operations are expected to become available prior to year-end. Elsewhere at Blair, the Company has spudded the first of two 100% working interest Montney wells on the a-62-F/94-B-16 pad. Both of these wells are expected to finish drilling prior to year-end and are currently scheduled to be completed and production tested during the first quarter of 2013. The Company also expects to participate in the drilling of 1 (0.2 net) well in the Cameron area prior to year-end 2012.

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