With the help of the balloon you've found the reward, an emerald blowpipe.
Not to shabby for my first cool balloon reward. I'm level 24 at the moment.
Also finally a reason to say hello to the forum. Just starting playing again after lurking some small amount of time between 2007-2011 but I can't remember what actual year I was playing. All I remember at the time was a character named Major Headache with a Cartman profile pic was on top of the leaderboard and only level 72 (I think). Could be incorrect on the level though.
The Larkinor Guide site has been incredibly helpful teaching me how to play the correct way. :D