The town of Chincoteague is known worldwide for its annual Pony Penning & Auction. Every July, “Saltwater Cowboys” round up the wild ponies from Chincoteague National Wildlife Refuge on Assateague Island and let them swim across the channel to Chincoteague Island. The first foal to come ashore will be named King or Queen Neptune and will be given away in a raffle drawing at the carnival grounds later in the day. After swimming the short distance across the channel, the ponies will rest for approximately 45 minutes to an hour before “parading” to the carnival grounds on Main Street. The carnival will open at 7 PM with rides, games and lots of good food.