BNK Petroleum Inc. Provides U.S. and International Shale Update

TSX ticker symbol; BKX

CAMARILLO, CA, Oct. 30, 2012 /PRNewswire/ – BNK Petroleum Inc. (the “Company“) (TSX: BKX) provides the following update on its operations in
Oklahoma and Poland.

Oklahoma

The Company-operated horizontal Barnes 6-2H well in Oklahoma, targeting
the Lower Caney and Upper Sycamore formations (Mississippian Lime
equivalent), was recently fracture stimulated in 13 stages over its
4,274 feet lateral section.   As previously reported, the well was
drilled to separately evaluate the Sycamore and two lower zones of the
Caney formation.  To date, although the well is early in the recovery
process having flowed back only 32% of the fracture stimulation fluid,
it has produced between 170 and 250 barrels of oil equivalent per day
with more than 80 percent of the production being oil.  A wellbore
cleanout was performed on the lateral section where a proppant plug was
encountered.  The plug may have interfered with production as it
appeared to have isolated approximately 2/3rds of the lateral,
essentially excluding the two Caney zones.

Testing of the three individual zones has commenced to confirm the
production rates of each zone and to obtain data that will aid in
better positioning of future horizontal wells to optimize production
rates. Testing is expected to be completed in mid-to-late November,
2012.

Poland

The Company, through the Company’s wholly owned subsidiary Indiana
Investments Sp. z o.o., has received additional data on the whole core
from the Gapowo B-1 well from the third party contractors. The Gapowo
B-1 core data in the table below validates the Company’s geologic model
of increasing thickness and organic content over the Lower
Silurian/Ordovician target interval.

                         Gapowo B-1 WELL

                         Target Interval

    Thickness m *                 110

    Net thickness m *             54

    Porosity %        3.9 - 6.1 (Avg 5.1)

    TOC %             1.1 - 4.2 (Avg 2.5)

    Silica/Carbonate              46%

    Clay                          43%

    Other                         11%

*  Does not include another 20m of prospective intervals where core data
is not available

Detailed inspection of the whole core revealed numerous fractures,
believed to be caused by the overpressure, and are consistent with the
gas isotope analyses which also indicated over pressured, permeable
shales. These analyses are also consistent with the very high gas
readings observed while drilling the Gapowo B-1 well. Approvals
required to drill a lateral out of the Gapowo B-1 wellbore are
pending.  The Company is anticipating the environmental approval to be
granted within the next 6 weeks with the concession modification
submitted subsequently.

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 generated from operating and producing shale
in the US 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 Company’s
current plans and expectations in regard to the Gapowo B-1 well and the
Barnes 6-2H well and it’s interpretation of results, and expected
timing of completion and results of data processing, anticipated timing
of approvals and concession modifications.,.  Forward-looking
information is based on plans and estimates of management and
interpretations of early 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
indications of early results are reasonably accurate predictors of the
prospectivity of the shale intervals, that required regulatory
approvals will be available when required and on terms that are
acceptable to the Company, that no unforeseen delays, unexpected
geological or other effects, equipment failures, permitting delays,
labor or contract disputes are encountered, that the Company’s
financial condition and 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
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 Company or its subsidiaries
is not able for any reason to obtain and provide the information
necessary to secure required approvals, 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,
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. These risks as well as the other risks and
uncertainties applicable to exploration 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. The Company undertakes no obligation to update these forward-looking
statements, other than as required by applicable law.

SOURCE BNK Petroleum Inc.