Cormark Securities LNG Conference - Painted Pony Petroleum Ltd.

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Cormark Securities LNG Conference
January 11-12, 2012

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Focus Areas
Corporate Overview
Market capitalization: $770 MM (@ $11.00)
Shares outstanding: 69.7 MM
Options outstanding: 6.1 MM @ avg. price $8.03
Sept. 30, 2011 working capital: $6.7 MM
Dec. 2011 field estimated production: ~5,839 (71% Gas)
NE British Columbia
Targets: Montney, Buckinghorse shale gas
Land: 152,000 net acres (238 net sec) LBC
2012: drilling plan ~ 25 (19.8 net) wells
P+P reserves: 477 bcfge (79 mmboe) G ; NPV10: $621 MM G
Best Estimate of Contingent Resources: 2.1 Tcfge G ;
NPV:10: $2.1 Billion G
SE Saskatchewan
Target : Bakken & Mississippian oil
Land: 81,200 net acres (127 net sec) LS
P+P reserves: 6,107 mboe S ; NPV10: $177 MM
BC
NE BC
Area
AB
SK
SE
Saskatchewan
Area
MM = millions

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NE British Columbia
MM = millions
Year-round access
BC AB SK
152,000 net acres (238 net sec) LBC
93,300 net acres (146 net sec) LBC of Montney rights
82,800 net acres (129 net sec) LBC of Buckinghorse
shale rights
Sweet gas, high deliverability, liquids rich
(20-60 bbls/mmcf)
Excellent existing infrastructure
Royalty incentive approx $2.2 MM per Montney Hz
well (>1900m TVD & ~ 4000m MD)
Dec. 2011E production: ~4,167 boe/d

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Montney Test Results Overview
c-A55-F/94-B-16 HZ
U. Montney 5.0 mmcf/d
a-A50-F/94-B-16 HZ
U. Montney 4.8 mmcf/d
d-40-F/94-B-16 HZ
L. Montney 5.8 mmcf/d
d-72-A/94-B-15 HZ
TLM 4.1 mmcf/d
d-A60-C/94-B-16 HZ
U. Montney 6.0 mmcf/d
d-B60-C/94-B-16 HZ
L. Montney 10.4 mmcf/d
b-65-C/94-B-15 HZ
Montney & Doig 1.5 mmcf/d
a-31-B/94-B-15 vert
Doig phos. 4.6 mmcf/d
U. Montney 5.5 mmcf/d
U/M. Montney 2.3 mmcf/d
c-A58-J/94-B-9 HZ
L. Montney 10.9 mmcf/d
a-A10-J/94-B-9 HZ
M. Montney 7.0 mmcf/d
a-B10-J/94-B-9 HZ
L. Montney 9.8 mmcf/d
a-C10-J/94-B-9 HZ
L. Montney 10.8 mmcf/d
Cypress
Blair/ Town
Cameron/
Kobes
Source: Company records and geoSCOUT
Multiple wells HZ
U. Montney 5-10 mmcf/d
L. Montney 8.5 mmcf/d
d-5-K/94-B-16 HZ
U. Montney 6.4 mmcf/d
L. Montney 7.7 mmcf/d
M. Montney 5.8 mmcf/d
a-41-F/94-B-16 HZ
U. Montney 10.5 mmcf/d
L. Montney 3.0 mmcf/d
d-8-F/94-B-16 HZ
U. Montney 8.2 mmcf/d
L. Montney 9.6 mmcf/d
a-A67-A/94-B-16 HZ
U. Montney 16.5 mmcf/d
d-44-C/94-B-16 HZ
L. Montney 24.5 mmcf/d
c-67-J/94-B-9 HZ
L. Montney 7.9 mmcf/d
d-A67-J/94-B-9 HZ
U. Montney 2.4 mmcf/d
d-B67-J/94-B-9 HZ
L. Montney 13 mmcf/d

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PPY Montney Development Economics
Producing Rate (mcf/d)
12,000
10,000
8,000
6,000
4,000
2,000
0
Lower/Middle Montney Production
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
Assumptions (Base Case):
Initial well cost: $6.1 MM (drill, complete, equip, tie-in)*
Initial production: 4.5 mmcf/d (IP30d)*
Reserves: 5 Bcf/well R
Liquids: 20 bbls/mmcf
Production Month
GLJ 6 Bcf Type Well
(Lower)
PPY Wells (Lower)
PPY Wells (Middle)
NPV 10%: $7.4 MM**
Rate of return: 56%**
* Initial assumptions held through Phase 1 of development to remain conservative; however, costs and productivity are
expected to improve beyond these assumptions within the first year
** GLJ Oct 2011 pricing NYMEX $4.19 US 2011
***10% Rate of return
MM = millions
Producing Rate (mcf/d)
5,000
4,000
3,000
2,000
1,000
0
Upper Montney PPY Operated Wells
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18
Production Month
GLJ 4.5 Bcf Type
Well
PPY Wells
Breakeven gas price***: $1.50/mmbtu AECO

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PPY Montney Reserves & Contingent Resources
Land classified as P+P:
~12% U. & L. Montney
~3% M. Montney
Proved reserves:
NPV10 $173.1 MM G
18,132 mboe
(108,794 mmcfge)
19 bbls/mmcf
P+P reserves:
NPV10 $621.1 MM G
79,487 mboe
(476,926 mmcfge)
20 bbls/mmcf
Best estimate of contingent
resources* (excludes P+P reserves):
NPV10 $2.1 billion G
358 mmboe
(2.1 tcfge)
1.9 tcf gas &
40 mmboe liquids
Lower
Middle Upper
*"Contingent Resources" is defined in the Canadian Oil and Gas Evaluation Handbook as those
quantities of petroleum estimated, as of a given date, to be potentially recoverable from known
accumulations using established technology or technology under development, but which are not
currently considered to be commercially recoverable due to one or more contingencies.
Contingencies may include factors such as economic, legal, environmental, political, and regulatory
matters, or a lack of markets. It is also appropriate to classify as contingent resources the estimated
discovered recoverable quantities associated with a project in the early evaluation stage.
Contingent resources are further classified in accordance with the level of certainty associated with
the estimates and may be sub classified based on project maturity and/or characterized by their
economic status. The contingent resources estimates, including the corresponding estimates of
before tax present value estimates, are estimates only and the actual results may be greater than or
less than the estimates provided herein. There is no certainty that it will be commercially viable or
technically feasible to produce any portion of the resources.

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Blair/Town & Cameron/Kobes Montney Operations
Spectra
T-North
700 MMcf/d spare capacity
U. Montney HZ
8.2 mmcf/d
L. Montney HZ IP
9.6 mmcf/d
U.Montney HZ
6.0 mmcf/d IP
L. Montney HZ
10.4 mmcf/d IP
AltaGas
Plant
CNRL Plant
TLM Daiber
Facility
L. Montney c-A58-J HZ
10.9 mmcf/d
U. Montney HZ IP
10.5 mmcf/d
L. Montney HZ IP
3.0 mmcf/d
L. Montney d-44-C HZ
24.5 mmcf/d
L. Montney d-A44-C HZ
Drilled
M. Montney d-B44-C HZ
Drilling
Gundy
Compressor
L. Montney HZ
10.8 mmcf/d
Kobes Facility
Blair/Town Montney Operations
64,500 net acres (101 net sec) LBC of Montney rights
100% operated with avg. ~ 93% WI
2012 drilling plan: ~16 (16.0 net) wells
AltaGas facility:
Recently expanded to 32 mmcf/d
Expansion by ~Q2 2012 to est. 80 mmcf/d
Cameron/Kobes Montney Operations
Joint venture ongoing – avg WI 27%
11,100 net acres (17 net sec)
2012 drilling plan: ~8 (2.8 net) wells
L. Montney discovery well (PPY 50%) tested over
24.5 mmcf/d @ 2,700 PSI

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PPY Montney 5 Year Development Scenario
Assumptions of:
IP30d 4.5 mmcf/d & 5 Bcf
recoverable/well R
Drilling 330 net wells:
250 wells at Blair
80 wells at Cameron
Production results (exit 2016):
466 mmcf/d gas
9,800 bbls/d liquids
525 mmcfe/d (87,500 boe/d)
Land base

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Buckinghorse Shale Overview
Regionally extensive sweet gas resource play
82,800 net acres (129 net sections) LBC
BC Government estimated gas-in-place of 60
Bcf / section per 100m thickness*
800m thick in the area – 16-32 vertical wells per
section
Shallow drilling depths 400m (1,300 ft) TVD
Low drilling costs est. < $0.5MM
Currently 3 existing producing wells in
Blair/Town area
2 (1.0 net) PPY wells drilled, 1 well fracing
planned for ~H1 2012
Over pressured (average 0.5 psi/ft) & highly
permeable compared to other shale plays
*Source: BC Ministry of Energy, Mines & Petroleum Resources, Oil & Gas Division
“BC Oil and Gas 2009 – Yours to Explore”. Management is unable to confirm that the estimate
was prepared by a qualified reserves evaluator or auditor or in accordance with the COGE
Handbook.

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Footnotes
S – Sproule Report effective June 30, 2011 using Sproule price forecast dated July 1, 2011
G – GLJ Report effective June 30, 2011 using GLJ price forecast dated June 30, 2011
SG – Consolidated from Sproule Report & GLJ Report effective June 30, 2011 using GLJ
price forecast dated June 30, 2011 and Sproule price forecast dated July 1, 2011
R – Internal Company estimate prepared by a qualified reserve evaluator
LS – SK land at December 22, 2011
LBC – BC land at December 22, 2011

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Disclaimer
This presentation contains a summary of management’s assessment of results and should be read in conjunction with the Annual Information Form and the
Consolidated Financial Statements and related Management’s Discussion and Analysis for the year ended December 31, 2010 and the Condensed Consolidated
Financial Statements and related Management’s Discussion and Analysis for the period ended September 30, 2011 of the Company, as filed on SEDAR. This
presentation contains certain forward-looking statements, which include assumptions with respect to (i) drilling success; (ii) production; (iii) future capital
expenditures; and (iv) cash flow. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect.
Certain information regarding the Company set forth in this document, including management’s assessment of the Company’s future plans and operations, the
planning and development of certain prospects, production estimates, reserve estimates, undeveloped land holdings and values, capital expenditures and the
timing thereof (including the number, location and costs of planned wells), facility expansion plans, the total future capital required to bring undeveloped
proved and probable reserves onto production, and expected production growth may constitute forward-looking statements under applicable securities laws
and necessarily involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and
uncertainties, certain of which are beyond the Company’s control, including without limitation, risks associated with oil and gas exploration, development,
exploitation, production, marketing and transportation, loss of markets, the impact of general economic conditions, industry conditions, volatility of commodity
prices, currency fluctuations, environmental risks, competition, the lack of availability of qualified personnel or management, inability to obtain drilling rigs or
other services, capital expenditure costs, including drilling, completion and facility costs, unexpected decline rates in wells, wells not performing as expected,
stock market volatility, delays resulting from or inability to obtain required regulatory approvals and ability to access sufficient capital from internal and
external sources, the impact of general economic conditions in Canada, the United States and overseas, industry conditions, changes in laws and regulations
(including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced, increased competition, fluctuations
in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final
valuations thereof, and obtaining required approvals of regulatory authorities. Readers are cautioned that the foregoing list of factors is not exhaustive. The
Company’s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and,
accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so,
what benefits, including the amount of proceeds, that the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not
exhaustive. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly
qualified in their entirety by these cautionary statements. Additional information of these and other factors that could affect the Company’s operations and
financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website
(www.sedar.com) or the Company’s website (www.paintedpony.ca).
The forward-looking statements contained in this document are made as of the date on the front page and the Company assumes no obligation to update
publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be
required by applicable securities laws.

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Disclaimer
Special Note Regarding Disclosure of Reserves or Resources
“Contingent Resources” is defined in the Canadian Oil and Gas Evaluation Handbook as those quantities of petroleum estimated, as of a given date, to be
potentially recoverable from know accumulations using established technology under development, but which are not currently considered to be commercially
recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political, and regulatory matters, or
a lack of markets. It is also appropriate to classify as contingent resources the estimated discovered recoverable quantities associated with a project in the
early evaluation stage. Contingent resources are further classified in accordance with the level of certainty associated with the estimates and may be sub
classified based on project maturity and/or characterized by their economic status.
The contingent resources estimates, including the corresponding estimates of before tax present value estimates, are estimates only and the actual results may
be greater than or less than the estimates provided herein. There is no certainty that it will be commercially viable or technically feasible to produce any
portion of the resources.
BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Mcfges may be misleading, particularly if used in isolation. A Mcfge conversion ratio of 1 bbl: 6 Mcf is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Netbacks are calculated on a per unit basis as oil, gas and natural gas liquids revenues less royalties and transportation and operating costs.

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Corporate Overview
Legal Burstall Winger LLP
Auditor KPMG LLP
Evaluation Engineers Sproule & Associates
GLJ Petroleum Consultants Ltd.
Bank National Bank of Canada
Corporate Office
300, 602 – 12 th Avenue SW, Calgary, AB T2R 1J3
Toll Free Investor 1 (866) 975-0440
Tel (403) 475-0440 Fax (403) 238-1487
Email: info@paintedpony.ca
www.paintedpony.ca

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www.paintedpony.ca