Painted Pony Petroleum Ltd.
TSX VENTURE : PPY.A
TSX VENTURE : PPY.B

Painted Pony Petroleum Ltd.

November 14, 2007 08:13 ET

Painted Pony Petroleum Ltd. Announces $10,000,080 Bought Deal Private Placement of Class A Shares

CALGARY, ALBERTA--(Marketwire - Nov. 14, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Painted Pony Petroleum Ltd. ("Painted Pony") (TSX VENTURE:PPY.A)(TSX VENTURE:PPY.B) has entered into an equity financing arrangement with a syndicate of underwriters led by Blackmont Capital Inc. and including FirstEnergy Capital Corp., Westwind Partners Inc. and Cormark Securities Inc. (the "Underwriters") on a bought deal basis. The offering will consist of 4,166,700 class A common shares (the "Class A Shares") at a price of $2.40 per Class A Share for total proceeds of $10,000,080 (the "Offering").

The proceeds received by Painted Pony from the sale of the Class A Shares will be used to further the capital program or for general corporate purposes.

The offering is scheduled to close on or about December 6, 2007 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The securities issued pursuant to the offering shall be subject to a four-month hold period in accordance with applicable securities laws.

This news release shall not constitute an offer to sell or the solicitation of an offer to buy the common shares in any jurisdiction. Such securities have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States, or to a U.S. person, absent registration or an applicable exemption from the registration requirement.

THE TSXV DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Painted Pony Petroleum Ltd.
    Patrick R. Ward
    President and CEO
    (403) 475-0440
    or
    Painted Pony Petroleum Ltd.
    Joan E. Dunne
    Vice President, Finance and CFO
    (403) 475-0440