Painted Pony Petroleum Ltd. is engaged in the exploration, development and production of petroleum and natural gas resources. The Company focuses on light oil in southeast Saskatchewan and central Alberta and natural gas in northeast British Columbia. During the year ended December 31, 2011, in Saskatchewan, it drilled 27 horizontal and two vertical wells targeting light oil in the Bakken and Mississippian formations in the Midale, Huntoon, Kisbey and Flat Lake areas. During 2011, it drilled 12 (7.6 net) horizontal wells in British Columbia and owned 81,213 net acres of land (93% undeveloped) in Saskatchewan, 149,797 net acres of land (80% undeveloped) in British Columbia, and 12,640 net acres of land (100% undeveloped) in Alberta. During 2011, it acquired certain southeast Saskatchewan light oil properties and northeast British Columbia gas properties. On March 7, 2011, it acquired Bakken oil in the Flat Lake area of southeast Saskatchewan and provides an operational update.