Twinkie Tales Pony Penning is a about a wild Chincoteague Pony born on Assateague Island in Virginia. Teresa, a woman from Tennessee immediately fell in love in with this wild colt and just had to have him as her own. After months of waiting for Pony Penning to arrive, she drove to Chincoteague to attend all the festivities and of course, the Pony Penning auction. The week was filled with stress over the little colt as many wanted to purchase him. Teresa managed to stay strong and won this colt at the auction and many tears were shed.