In the fourth quarter of 2009, the Company grew production to an average 1,990 boe/d, up 20% compared to the third quarter of 2009, and by 70% compared to the fourth quarter of 2008.

Saskatchewan Light Oil Operations
In 2009, Painted Pony carried out an active horizontal Bakken development drilling program with the drilling of 19 (16.5 net) wells at 98% success. Painted Pony has budgeted to increase its Bakken drilling in 2010, with approximately 30 net wells forecast. In the first quarter of this year, the Company expects to drill 10 (8.8 net) horizontal oil wells in Saskatchewan. The Company has drilled 3 (2.3 net) wells to date, and 2 (2.0 net) wells are currently drilling. Painted Pony expects to have two operated rigs drilling primarily in the Midale and Huntoon development areas for the balance of 2010. In January 2010, ten net Bakken wells were tied in to the newly-constructed Huntoon area battery and gathering system. The Company expects to enjoy reduced operating costs from wells tied into this facility.

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