CALGARY, Alberta – Painted Pony Energy Ltd. (“Painted Pony” or the “Corporation“) (TSX: PONY) today confirms the execution of an agreement with the Corporation’s syndicate of lenders to extend Painted Pony’s annual borrowing base redetermination date from June 30, 2020 to July 31, 2020. This extension affords both Painted Pony and the syndicate of lenders additional time to evaluate current market conditions as well as proposed Federal Government programs initiated through Export Development Canada (“EDC”) and Business Development Bank of Canada. The extension agreement includes an amendment which reduces Painted Pony’s existing syndicated credit facility by 7% or $25 million, from $350 million to $325 million. Painted Pony also has a $22 million unsecured letter of credit facility backstopped by EDC, bringing the Corporation’s present total credit capacity to $347 million. As at March 31, 2020, Painted Pony’s syndicated credit facility was drawn approximately $121 million.