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Independent proxy advisory firm ISS recommends Painted Pony shareholders vote for arrangement with Canadian Natural Resources Ltd.


CALGARY, Alberta – Painted Pony Energy Ltd. (“Painted Pony” or the “Corporation“) (TSX: PONY) announces today that Institutional Shareholder Services Inc. (“ISS”), a leading independent proxy advisory firm that provides voting recommendations to shareholders and whose analyses and recommendations are relied upon by many major institutional investors, has recommended that Painted Pony shareholders vote in favour of the proposed plan of arrangement with Canadian Natural Resources Limited (“CNRL”) whereby CNRL will acquire all of the issued and outstanding Painted Pony shares at a price of $0.69, in cash, per share (the “Arrangement”), as announced on August 10, 2020.

The Arrangement is the result of an extensive and thorough arm’s length negotiation between Painted Pony and CNRL and their respective advisors. Painted Pony shareholders and optionholders (collectively, the “Securityholders”) of record at the close of business on August 31, 2020 are entitled to vote their Painted Pony common shares and options at a meeting of Securityholders to be held on October 1, 2020 at 3:00 p.m. (Calgary time) (the “Meeting”).  To proactively respond to the public health impact of COVID-19, the Meeting will be held in a virtual-only format, which will be conducted via live audio webcast online at www.virtualshareholdermeeting.com/PONY2020. Securityholders will not be able to attend the Meeting in person.

Full details of the proposed Arrangement and voting instructions are disclosed in the management information circular of Painted Pony dated August 31, 2020 (the “Information Circular”) and related Meeting materials, which were mailed to Securityholders on September 9, 2020. The Information Circular is also available under Painted Pony’s profile on SEDAR (www.sedar.com) and on Painted Pony’s website using the following link:
https://s2.q4cdn.com/513538771/files/doc_downloads/2020/Painted-Pony-Information-Circular-(FINAL).pdf



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