ISS and Glass Lewis Recommend Painted Pony Shareholders Vote for UGR Acquisition

CALGARY, May 1, 2017 /CNW/ - Painted Pony Petroleum Ltd. ("Painted Pony" or the "Corporation") (TSX: PPY) is pleased to announce that Institutional Shareholder Services, Inc. ("ISS") and Glass, Lewis & Co. ("Glass Lewis"), two leading independent proxy advisory firms whose analyses and recommendations are relied upon by many major institutional investors, have both recommended that Painted Pony shareholders vote FOR the resolution (the "Share Issuance Resolution") approving the issuance to Unconventional Resources Canada, LP ("URC") of 41 million common shares of Painted Pony as consideration for the purchase of all of the issued and outstanding shares of UGR Blair Creek Ltd. ("UGR"), with respect to the acquisition of UGR by Painted Pony (the "Acquisition") announced on March 15, 2017.

UGR is a privately held, 100% controlled subsidiary of URC, a portfolio investment held principally in certain private equity funds advised by ARC Financial Corp. and EnCap Investments, L.P.  UGR operates high working interest Montney assets with established production, infrastructure and land holdings jointly with and adjacent to Painted Pony's assets in northeast British Columbia.

All Painted Pony shareholders are encouraged to refer to the management information circular of Painted Pony dated March 30, 2017 (the "Circular") for details regarding the Acquisition, which was mailed to shareholders of record at the close of business on April 11, 2017. The Circular is also available under Painted Pony's profile on SEDAR (www.sedar.com) and on Painted Pony's website using the following link:

http://s2.q4cdn.com/513538771/files/doc_financials/2016/annual/Information-Circular-(March-30-2017).pdf

The Share Issuance Resolution will be considered at the upcoming annual general and special meeting of shareholders (the "Meeting") of Painted Pony to be held at 3:00 p.m. (Calgary time) on Thursday, May 11, 2017 at the Ranchmen's Club, in the Bennett Room, at 710 – 13th Avenue S.W., Calgary, Alberta. 

ADVISORIES

This press release contains certain forward-looking information within the meaning of Canadian securities laws. Forward-looking information relates to future events or future performance and is based upon the Corporation's current internal expectations, assumptions and beliefs. All information other than historical fact is forward-looking information. In addition, and without limiting the generality of the foregoing, this press release contains forward-looking information in respect of the Meeting.  Readers should not place undue reliance on forward-looking information, as actual results could vary from those expressed or implied by the forward-looking information contained in this press release, and depend on various factors, some of which are beyond the Corporation's control. Forward-looking information contained in this press release is made as of the date of this press release and, other than as required by applicable securities laws, Painted Pony does not assume any obligation to update or revise it to reflect new events or circumstances. The forward-looking information contained in this press release is expressly qualified by this cautionary statement.

ABOUT PAINTED PONY

Painted Pony is a publicly-traded natural gas corporation based in Western Canada.  The Corporation is primarily focused on the development of natural gas and natural gas liquids from the Montney formation in northeast British Columbia.  Painted Pony's common shares trade on the Toronto Stock Exchange under the symbol "PPY".

SOURCE Painted Pony Petroleum Ltd.

For further information: Patrick R. Ward, President and CEO, (403) 475-0440; John H. Van de Pol, Senior Vice President and CFO, (403) 475-0440; Jason Fleury, Director, Investor Relations, (403) 776-3261, info@paintedpony.ca, www.paintedpony.ca

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