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

Painted Pony Petroleum Ltd.

April 30, 2008 15:58 ET

Painted Pony Petroleum Ltd. Announces the Closing of a $38,280,000 Bought Deal Private Placement of Class A Shares

CALGARY, ALBERTA--(Marketwire - April 30, 2008) -

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) is pleased to announce the closing of an equity financing arrangement entered into with a syndicate of underwriters led by FirstEnergy Capital Corp. and including Blackmont Capital Inc., Cormark Securities Inc., Thomas Weisel Partners Canada Inc. and CIBC World Markets Inc. on a bought deal basis (the "Offering").

A total of 8,800,000 class A shares (the "Class A Shares") were sold through the Offering at a price of $4.35 per Class A Share raising gross proceeds of $38,280,000.

Proceeds of the Offering will be used to further Painted Pony's capital program and for general corporate purposes.

The securities issued pursuant to the Offering are subject to a four-month hold period expiring August 31, 2008 in accordance with applicable securities laws.

The TSX Venture Exchange 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