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BNK Petroleum Inc. Announces Sale of Woodford Assets; Accelerates Drilling in BNK's Caney Formation

BNK Petroleum Inc. Announces Sale of Woodford Assets; Accelerates Drilling in
                            BNK's Caney Formation

  PR Newswire

  CAMARILLO, California, March 17, 2013

CAMARILLO, California, March 17, 2013 /PRNewswire/ --

TSX ticker symbol; BKX

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
http://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 .

For further information: Wolf E. Regener+1-(805)-484-3613 Email:
investorrelations@bnkpetroleum.com Website: http://www.bnkpetroleum.com

(BKX.)
 
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