Painted Pony Petroleum Ltd. entered into an amending agreement dated on May 16, 2017, to increase its credit facilities to $500 million, consisting of available credit facilities of $400 million and a development line of $100 million. The development line of $100 million is anticipated to become available in stages of $50 million by October 31, 2017 and $50 million by April 30, 2018, subject to borrowing base review at those dates.

The company announced that Mr. Paul Beitel and Mr. George Voneiff have been appointed to the Painted Pony Board of Directors effective May 16, 2017. Mr. Beitel is Managing Director at ARC Financial Corp. and co-leads ARC's portfolio management team. Mr. Voneiff is the Chief Executive Officer of Unconventional Resources, LLC, and is a director and co-founder of the Vendor.