/C O R R E C T I O N -- BNK Petroleum Inc/

Calgary, Alberta, November 5 (ots/PRNewswire) - In the news
release, "BNK Petroleum inc. Reports Third Quarter 2010 Results"
issued on 4 Nov 2010 06:15 GMT, by BNK Petroleum Inc TSX:BKX over PR
Newswire, we are advised by a representative of the company that
errors occurred in the 'Average Netback per Barrel' row of the
Overview table as well as in the Statistics table where the '3RD
Quarter' and 'Nine Months' column numbers were mismatched.
Complete, corrected release follows:

OVERVIEW
Three Months Ended Sept 30 Nine Months Ended Sept 30
(US$000) 2010 2009 % Change 2010 2009 % Change
-------- ----------------------------------------------------------
Earnings
(Loss):
$ Thousands ($30) ($3,224) 99 ($611) ($9,915) 94
$ per common
share assuming
dilution $0.00 ($0.04) 100 ($0.01) ($0.14) 93
Capital
Expenditures $8,067 $4,722 71 $25,918 $11,878 118
Average
Production
(Boepd) 1,098 981 12 1,114 939 19
Average Product
Price per
Barrel $37.67 $29.37 28 $40.43 $26.40 53
Average Netback
per Barrel $19.97 $15.00 33 $21.13 $12.27 72
As at 9/30/2010 6/30/2010 12/31/2009
----------- ----------- -----------
(US$000)
--------
Cash and Cash
Equivalents $10,081 $20,096 $8,372
Working Capital $7,963 ($8,640) ($13,771)
BNK's President and CEO Wolf Regener commented:
-----------------------------------------------

"Excellent progress has been made on our European concessions
during the quarter. Six 2D seismic lines were acquired and
interpreted on our Baltic Basin Project. The seismic lines were
acquired to avoid encountering faults in our test wells so that all
targeted intervals can be properly evaluated. Tendering for our first
two wells is now nearly complete so that our 1st well, the Wytowno
No. 1 can be spudded near the end of November. In Germany our
geologic work continued with our team making excellent progress
towards further high-grading the concessions and achieving our goal
of being able to pursue farm down opportunities in the second quarter
of 2011. Our team has also been busy working on additional
concessions in other basins within Europe that we hope to be awarded
in the future which would further diversify our projects.

Our operating results in the U.S. also continued to improve and
were characterized by higher revenues resulting from improved product
pricing on increased production over last year with increased
investment in property, plant and equipment. The field work done in
the third quarter has resulted in our net production increasing
further to over 1,300 barrels of oil equivalent per day. The third
quarter loss of $30,000 was only 1% of last year's third quarter loss
of $3.2 million. For the nine month period the loss was $611,000, a
94% improvement as compared to a $9.9 million loss in the first nine
months of 2009".

"Working capital improved to a positive $8.0 million at September
30, 2010 versus negative working capital at June 30, 2010 and
December 31, 2009 of $8.6 million and $13.8 million, respectively."

"The recently announced private placement will increase our cash
and working capital by a net $64 million once fully funded. $26.9
million of these funds were received on October 27, 2010 and the
second tranche is expected to close in November 2010. This cash will
allow us to fully pursue our currently planned European exploration
activities and give us flexibility and options for our European
projects."

"On October 27, 2010 the Company's US operating subsidiary, BNK
Petroleum (US) Inc., obtained a new revolving reserve based credit
facility with an initial borrowing base of $23.8 million against
which $20 million of credit was extended and used to partially pay
off our former bank debt. The balance owed inclusive of accrued
interest of $3.5 million was paid from cash on hand. Absent any
reductions in the borrowing base this new three year facility
requires interest only payments versus required principal payments
under our former facility, which payments totaled $4,678,000 through
the first nine months of 2010. As a result the new facility will free
up more cash for operating needs".

THIRD QUARTER HIGHLIGHTS
- The net loss in the quarter was $30,000 versus $3,224,000 in the
third quarter of 2009
- Oil and gas revenue increased 77% to $3,805,000 in the quarter
compared to the same quarter in 2009
- Earnings per share was zero versus a four cent per share loss in the
same period last year
- Capital expenditures were $8,067,000 in the quarter up 71% from the
third quarter of 2009
- Production per day averaged 1,098 or 12% higher than the third
quarter of 2009
- Oil production increased 49% to 245 barrels per day versus the third
quarter of 2009
- Natural gas production increased 14% to 2,319 mcf per day versus the
third quarter of 2009
- NGL (Natural Gas Liquids) production declined 2% to 466 barrels per
day versus the third quarter of 2009
- Production per day declined 6% from the second quarter of 2010 as
three wells were shut in, preparing for fracing and the time
required for flowback after fracture stimulation
- Working capital improved $16.6 million to $7,963,000 at September 30,
2010 from a negative $8,640,000 at June 30, 2010

Third Quarter 2010 Compared to Third Quarter 2009

-------------------------------------------------

Oil and gas revenues net of royalties were $3,080,000 up from
$1,681,000 in the third quarter of 2009. Improved product pricing
averaging $37.67 a barrel up from $29.37 a barrel (a 28% increase) in
the third quarter of 2009 coupled with a 12% increase in average
daily production caused the increase in revenue between quarters.

During the quarter 27 gross stages from four Company operated
wells in its Tishomingo field were fracture stimulated. Three wells
were shut in for all or some of the quarter in preparation for
fracing and the time required for flowback after fracture
stimulations.

In the quarter the Company recorded an unrealized risk management
gain on its product hedges of $380,000 primarily related to its
hedges on natural gas that benefit the Company if the price of
natural gas declines.

Operating expenses increased 52% to $1,063,000 due to higher
gathering fees and production taxes while general and administrative
expenses increased 64% to $1,317,000 due primarily to increased
salaries and wages as the company grows.

Interest in the quarter declined $173,000 or 31% to $390,000 due
to lower debt levels between quarters.

A foreign exchange gain of $653,000 was recorded in the quarter
primarily due to the strengthening of the Canadian dollar to the US
dollar in the third quarter of 2010. A $28,000 foreign exchange loss
was recorded in the third quarter of 2009.

Stock-based compensation expense totaled $673,000 in the quarter
and was 51% lower than the third quarter of 2009 as more options were
granted in the third quarter of 2009 (6,740,000) than in the third
quarter of 2010 (1,160,000).

Depletion, Accretion and Depreciation expense totaled $1,278,000
in the quarter or 22% lower than the third quarter of 2009 due to
increased reserves decreasing the depletion rate per barrel.

First Nine Months of 2010 Compared to first Nine Months of 2009

---------------------------------------------------------------

The loss for the first nine months of $611,000 was 94% lower than
the loss in the first nine months of 2009 of $9,915,000.

FIRST NINE MONTHS HIGHLIGHTS
- Losses declined 94% to $611,000
- Loss per share declined 93% to one cent per share from 14 cents per
share
- Additions to property, plant and equipment totals $25,918,000 versus
$11,868,000 last year. Excluding the $12,000,000 paid to Wells Fargo
in the second quarter to purchase the net profits and overriding
royalty interests from its senior lender net additions to property
plant and equipment totaled $13,918,000 in the first nine months of
2010 and primarily relate to fracing and drilling costs in Oklahoma
- Average production per day increased 19% to 1,114 barrels per day
- Average product price increased 53% to $40.43 per barrel
- Oil and Gas revenue increased 78% to $12,297,000
- On January 26, 2010 the Company was awarded two additional
concessions of 770,000 acres in Germany
- On March 20, 2010 the Company was awarded three new concessions in
Poland totaling 880,000 acres
- On May 19, 2010 the Company was awarded an additional concession in
Germany totaling 840,000 acres bringing total gross acreage in Europe
to 3.9 million acres (3.5 million net)
- On May 18, 2010 the Company closed a bought deal equity financing
raising $43,593,000 in gross proceeds issuing 15,800,000 common
shares at a price of CAD$2.85
- On May 19, 2010 the Company repaid its subordinated debt of
$2,749,000
- On May 21, 2010 the Company purchased the net profits and overriding
royalty interests from its senior lender for $12,000,000

Oil and gas revenues net of royalties were $9,750,000 up from
$5,521,000 in the first nine months of 2009. This 77% increase was
caused by higher average product prices of $40.43 versus $26.40 in
2009, an increase of 53% and increased average production of 1,114
barrels per day or 19% versus the first nine months of 2009.

Through the first nine months of 2010, 60 gross stages from 11
wells have been fracture stimulated in the Tishomingo field. In all
of 2009, 32 gross stages were fracture stimulated.

The Company has earned 8,400 out of a possible 40,000 net acres
in the Black Warrior Project .

Through the first nine months of 2010 the Company has recorded
gathering revenue of $2,406,000 versus $820,000 in the same period in
2009. However $1,150,000 of this year's gathering income resulted
from a correction of an accounting error that related to 2009 and
2008.

Through the first nine months of 2010 an unrealized gain on risk
management contracts of $937,000 versus a loss of $334,000 in the
same period last year relates to gains primarily on natural gas
hedges.

Operating expenses total $3,322,000 through the first nine months
of 2010 or 47% higher than the comparable period in 2009 due to
higher gathering fees and production taxes resulting from increased
production.

General and Administrative expenses totaled $3,586,000 through
the first nine months of 2010 versus $2,734,000 for the same period
in 2009, an increase of 31% due to higher salary and recruitment
costs as the company grows.

Interest through the first nine months of 2010 total $1,356,000
versus $2,604,000, a decline of 48% due to lower debt levels.

Stock based compensation expense declined 46% to $1,733,000 due
to lower levels of options granted in 2010 than 2009.

Depletion, depreciation and accretion declined 30% to $3,575,000
due to increased reserves decreasing the depletion rate per barrel.

Three months ended Nine months ended
September 30 September 30
------------------------- -------------------------
2010 2009 2010 2009
------------ ------------ ------------ ------------
Revenue
Oil and gas $3,805 $2,148 $12,297 $6,918
Royalties (725) (467) (2,547) (1,397)
Gathering 464 313 2,406 820
Realized gain on risk
management contracts 122 31 238 43
Unrealized gain
(loss) on risk
management contracts 380 (146) 937 (334)
Interest and other 14 - 26 5
Equity loss on
investment (22) - (43) -
------------ ------------ ------------ ------------
4,038 1,879 13,314 6,055
------------ ------------ ------------ ------------
Expenses
Operating 1,063 698 3,322 2,256
General and
administrative 1,317 803 3,586 2,734
Interest on long-term
debt 390 479 1,297 2,132
Interest on
subordinated debt - 84 59 472
Foreign exchange
(gain) loss (653) 28 353 80
Stock-based
compensation 673 1,376 1,733 3,220
Depletion,
depreciation and
accretion 1,278 1,635 3,575 5,076
------------ ------------ ------------ ------------
4,068 5,103 13,925 15,970
------------ ------------ ------------ ------------
Net loss and
comprehensive loss
for the period (30) (3,224) (611) (9,915)
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Loss per share $(0.00) $(0.04) $(0.01) $(0.14)
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
Average shares
outstanding 117,404,930 82,763,422 109,428,482 76,145,521
------------ ------------ ------------ ------------
------------ ------------ ------------ ------------
BNK Petroleum Inc.
Third Quarter 2010
($000 except as noted)
3RD Quarter Nine Months
2010 2009 2010 2009
------------------------- -------------------------
Oil revenue before
royalties 1,654 753 4,605 2,740
Gas revenue before
royalties 825 347 2,858 1,745
NGL revenue before
royalties 1,326 1,048 4,834 2,433
------------------------- -------------------------
Oil and Gas revenue 3,805 2,148 12,297 6,918
Funds from (used in)
operations 1,563 (67) 3,803 (1,285)
Additions to
property, plant
& equipment 8,067 4,722 25,918 11,868
Advances to and
investments in
affiliates 695 - 1,278 -
Issue of equity
instruments - 4,506 41,083 4,506
Proceeds from
long-term debt - 1,480 - 28,996
Repayment of
long-term debt 1,343 478 4,678 478
Repayment of
subordinated debt - 416 2,749 2,028
Statistics:
3RD Quarter Nine Months
2010 2009 2010 2009
Average natural gas
production (mcf/d) 2,319 2,040 2,456 2,133
Average NGL
production (Boepd) 466 477 485 375
Average Oil
production (Bopd) 245 164 220 208
Average production
(Boepd) 1,098 981 1,114 939
Average natural gas
price ($/mcf) $3.87 $2.88 $4.26 $3.00
Average NGL price
($/bbl) $30.95 $25.68 $36.48 $22.29
Average oil price
($/bbl) $73.41 $65.35 $76.60 $48.34
Average price per
barrel $37.67 $29.37 $40.43 $26.40
Royalties per barrel 7.18 6.22 8.38 5.33
Operating expenses
per barrel 10.52 8.15 10.92 8.80
------------------------- -------------------------
Netback per barrel $19.97 $15.00 $21.13 $12.27
------------------------- -------------------------
------------------------- -------------------------

The information outlined above is extracted from and should be
read in conjunction with the Company's unaudited financial statements
for the nine months ended September 30, 2010 and the related
management's discussion and analysis thereof, copies of which are
available under the Company's profile at www.sedar.com.

Non-GAAP Information

Netback per barrel and its components are calculated by dividing
revenue, royalties and operating expenses by the Company's sales
volume during the period. Netback per barrel is a non-GAAP measure
but it is commonly used by oil and gas companies to illustrate the
unit contribution of each barrel produced. This is a useful measure
for investors to compare the performance of one entity with another.
The non-GAAP measures referred to above do not have any standardized
meaning prescribed by GAAP and therefore may not be comparable to
similar measures used by other companies.

The Company also uses the "barrels" (bbls) or "barrels of oil
equivalent" (boe) reference in this report to reflect natural gas
liquids and oil production and sales. All boe conversions are derived
by converting gas to oil in the ratio of six thousand cubic feet of
gas to one barrel of oil, representing the approximate energy
equivalency.

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
expected closing of the second tranche of the private placement and
timing thereof, expectations that the funds from the private
placement will be sufficient to fund the Company's planned
exploration expenditures in Europe, and work plans and timing of same
in the United States and Europe. Forward-looking information is based
on plans and estimates of management at the date the information is
provided and certain factors and assumptions of management, including
that all conditions to closing of the second tranche of the private
placement will be fulfilled that costs of planned exploration
activities in Europe will be as currently anticipated and that the
Company will not need to use the funds for other purposes, that the
capital, equipment and approvals required to conduct the proposed
work will be available when required. 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 respecting the private placement to change or to be
inaccurate include, but are not limited to, the risk that regulatory
approval of the private placement will be delayed or not obtained,
that the Company could experience a material adverse effect, that the
costs of equipment and labor are higher than budgeted, that
unexpected events and contingencies could occur that require a
diversion of funds to other purposes, that the required capital,
equipment, regulatory and third party approvals are not available
when required or at all.

About BNK Petroleum Inc.

BNK Petroleum Inc. is a U.S. based 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 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.

For further information: For further information: Wolf E.
Regener, President and Chief Executive Officer, +1-805-484-3613,
Email: investorrelations@bnkpetroleum.com; Website:
http://www.bnkpetroleum.com

ots Originaltext: BNK Petroleum Inc
Im Internet recherchierbar: http://www.presseportal.de

Contact:
CONTACT: For further information, contact: Wolf E. Regener,
President andChief Executive Officer, +1(805)484-3613,
Email:investorrelations@bnkpetroleum.com