TSX ticker symbol; BKX

CAMARILLO, CA, March 17, 2013 /PRNewswire/ – BNK Petroleum Inc. (the “Company“) (TSX: BKX) is pleased to announce that its indirect wholly owned
subsidiary BNK Petroleum (US) Inc. (“BNK US”) has entered into a
Purchase and Sale Agreement with XTO Energy Inc. (“XTO”), a subsidiary
of Exxon Mobil Corporation, for the sale by BNK US of its Tishomingo
Field, Oklahoma assets other than the Caney and upper Sycamore
formations, for US$147.5 million, subject to customary closing
adjustments.

Subject to completion of customary conditions, the transaction is
expected to close in late April. If the transaction is completed, the
proceeds of the sale are expected to be used to accelerate the drilling
of Caney wells in the Tishomingo field, the Company’s ongoing
exploration efforts in Europe and for repayment of the Company’s credit
facility.

Wolf Regener BNK’s President and CEO, stated: “We are very pleased to
announce this transaction, which is the culmination of the Company’s
efforts to maximize the value of our Woodford shale gas assets. The
transaction is also structured to preserve our rights in the relatively
undeveloped Caney and Upper Sycamore formations in the Tishomingo
Field. We believe these intervals represent a promising opportunity
to develop new oil reserves and production, in an area in which we have
a successful operating history. If completed, this transaction will
provide the Company with sufficient funds to accelerate our planned
Caney development and flexibility to pursue our exciting European
projects on our own or with partners.”

Macquarie Capital Markets Canada Ltd. is the lead financial advisor to
the Company in connection with this transaction, and has delivered an
opinion to the Company’s board of directors that, as of the date hereof
and based upon and subject to the assumptions, limitations and
qualifications set forth in the opinion, the consideration to be
received by the Company pursuant to the transaction is fair, from a
financial point of view, to the Company.

Update on Caney Development

A drilling rig is currently mobilizing to the next planned Caney well,
the Barnes 6-3H well. Once it is rigged up, drilling is expected to
begin immediately. The drilling rig has been contracted for two wells
with the option for two additional wells.

About BNK Petroleum Inc.

BNK Petroleum Inc. is an international oil and gas exploration and
production company focused on finding and exploiting large,
predominately unconventional oil and gas resource plays. Through
various affiliates and subsidiaries, the Company owns and operates
shale gas properties and concessions in the United States, Poland,
Spain and Germany. Additionally the Company is utilizing its technical
and operational expertise to identify and acquire additional
unconventional projects outside of North America. The Company’s shares
are traded on the Toronto Stock Exchange under the stock symbol BKX.

Caution Regarding Forward-Looking Information

Certain statements contained in this news release constitute
“forward-looking information” as such term is used in applicable
Canadian securities laws, including information regarding the sale of
the Company’s Woodford shale, Tishomingo assets (the “Proposed Sale”),
the anticipated use of proceeds from the Proposed Sale and
Sycamore/Caney wells development. Forward-looking information is based
on plans and estimates of management and interpretations of exploration
information by the Company’s exploration team at the date the
information is provided and is subject to several factors and
assumptions of management, including that the conditions to completion
of the Proposed Sale will be satisfied and that the Proposed Sale will
be completed as expected, that indications of early results are
reasonably accurate predictors of the prospectiveness of the shale
intervals, that required regulatory approvals will be available when
required, that expected production from future wells can be achieved as
modeled, declines will match the modeling, future well production rates
will be improved over existing wells, that rates of return as modeled
can be achieved, that recoveries are consistent with management’s
expectations, that additional wells are actually drilled and completed,
that no unforeseen delays, unexpected geological or other effects,
equipment failures, permitting delays or labor or contract disputes are
encountered, that the development plans of the Company and its
co-venturers will not change, that the demand for oil and gas will be
sustained, that the Company will continue to be able to access
sufficient capital through financings, farm-ins or other participation
arrangements to maintain its projects, and that global economic
conditions will not deteriorate in a manner that has an adverse impact
on the Company’s business, its ability to advance its business strategy
and the industry as a whole. Forward-looking information is subject to
a variety of risks and uncertainties and other factors that could cause
plans, estimates and actual results to vary materially from those
projected in such forward-looking information. Factors that could
cause the forward-looking information in this news release to change or
to be inaccurate include, but are not limited to, the risk that any of
the assumptions on which such forward looking information is based vary
or prove to be invalid, including that the conditions to completion of
the Proposed Sale will be not be satisfied or that the Proposed Sale is
otherwise not completed in the anticipated timeframe or at all, the
Company or its subsidiaries is not able for any reason to obtain and
provide the information necessary to secure required approvals or that
required regulatory approvals are otherwise not available when
required, that unexpected geological results are encountered, that
completion techniques require further optimization, that production
rates do not match the Company’s assumptions, that very low or no
production rates are achieved, that the Company is unable to access
required capital, that occurrences such as those that are assumed will
not occur, do in fact occur, and those conditions that are assumed will
continue or improve, do not continue or improve, and the other risks
and uncertainties applicable to exploration and development activities
and the Company’s business as set forth in the Company’s management
discussion and analysis and its annual information form, both of which
are available for viewing under the Company’s profile at www.sedar.com, any of which could result in delays, cessation in planned work or loss
of one or more concessions and have an adverse effect on the Company
and its financial condition. The Company undertakes no obligation to
update these forward-looking statements, other than as required by
applicable law.

SOURCE BNK Petroleum Inc.