I have the same problem that was discussed here, but I haven't credit to comment an answer so I start new question.
I have in PATH way to libpq.dll (C:\PostgreSql\lib) but it doesn't solve this problem.
Using Python 2.7.9 32-bit, PostgreSQL 8.4, Win 8
Traceback (most recent call last):
File "<pyshell#1>", line 1, in <module>
import pg
File "C:\Python27\lib\site-packages\pg.py", line 21, in <module>
from _pg import *
ImportError: DLL load failed: The specified module could not be found.