PetroBakken Announces Settlement Terms of 3.125% Convertible

PetroBakken Announces Settlement Terms of 3.125% Convertible Bonds 
CALGARY, ALBERTA -- (Marketwire) -- 12/27/12 -- PetroBakken Energy
Ltd. ("PetroBakken" or the "Company") (TSX:PBN) announces that
holders of US$293.4 million principal amount of the Company's 3.125%
Senior Unsecured Convertible Bond Issue bearing ISIN NO 001 0563240
(the "Bonds") have exercised their right to have the Company
repurchase their Bonds. The repurchase date will be February 8, 2013,
and we have elected to repay the Bonds in cash and expect to fund the
repurchase from our $1.4 billion credit facility. Upon completion of
this repurchase, Bonds having a principal amount of US$6.6 million
will remain outstanding and mature in February 2016.  
PetroBakken Energy Ltd. is an oil and gas exploration and production
company combining light oil Bakken and Cardium resource plays with
conventional light oil assets, delivering industry leading operating
netbacks, strong cash flows and production growth. PetroBakken is
applying leading edge technology to a multi-year inventory of Bakken
and Cardium light oil development locations. Our strategy is to
deliver accretive production and reserves growth, along with an
attractive dividend yield.
Contacts:
PetroBakken Energy Ltd.
John D. Wright
President and Chief Executive Officer
(403) 268.7800 
PetroBakken Energy Ltd.
Peter D. Scott
Senior Vice President and Chief Financial Officer
(403) 268.7800 
PetroBakken Energy Ltd.
Bill A. Kanters
Vice President Capital Markets
(403) 268.7800
ir@petrobakken.com
www.petrobakken.com