BNK Petroleum Inc. Announces 2010 Year End Reserves and Poland Update

Camarillo, California (ots/PRNewswire) - BNK Petroleum
Inc. (the "Company") announces a 31% increase in the estimated net
present value of future net revenue (before tax, discounted at 10%)
of its Tishomingo shale gas field proved and probable reserves, to
US$315 million from US$241 million at 2009 year-end. Proved and
probable reserves increased to 39.7 million boe from 37.9 million boe
at 2009 year-end, a 5% increase.

Forecast Price Case - Before Tax -
discounted at 10%
(as at December 31, 2010)
Gross Oil Net Oil Gross Gas Net Gas Gross NGL
Category (Mbbls) (Mbbls) (Mmcf) (Mmcf) (Mbbls)
Proved Developed Producing 727 593 13,997 11,294 2,956
Proved Dev Non-producing 217 176 3,011 2,442 637
Proved Undeveloped 4,012 3,272 55,765 45,481 11,795
Total Proved 4,956 4,040 72,773 59,217 15,388
Probable 2,615 2,124 36,351 29,522 7,689
Total Proved & Probable 7,571 6,164 109,124 88,740 23,077
(table continued)
Net NGL Net NPV 10%(1)
Category (Mbbls) Mboes (US$1000's)
Proved Developed Producing 2,385 4,860 65,183
Proved Dev Non-producing 517 1,099 13,636
Proved Undeveloped 9,620 20,472 144,974
Total Proved 12,521 26,431 233,793
Probable 6,244 13,289 91,168
Total Proved & Probable 18,766 39,720 314,962
(1) Future net revenue is calculated after deduction of forecast
royalties, operating expenses, capital expenditures and abandonment
costs but before corporate overhead or other indirect costs, including
interest and income taxes.

The NPV increase is principally attributable to the Company's
purchase of an overriding royalty interest and net profits interest
from it's previous lender last year, increased oil recoveries and
higher forecast oil prices which together more than offset the lower
forecast natural gas prices.

Sproule Forecast as of January 1, 2011

WTI, Henry Hub,
Year $US/Bbl $US/MMBtu
2011 $88.40 $4.44
2012 $89.14 $5.01
2013 $88.77 $5.32
2014 $88.88 $6.80
2015 $90.22 $6.90
2016 $91.57 $7.00
2017 $92.94 $7.11
2018 $94.34 $7.21
2019 $95.75 $7.32
2020 $97.19 $7.43

Poland

The second well, Lebork #1 on the Slupsk concession in Poland
began drilling on March 11, 2011 and drilling is anticipated to
finish around the end of April, 2011. The Company expects to receive
the analysis from the sidewall cores taken in the Wytowno #1 well in
April, following which the designing of the fracture stimulation
program for the Wytowno #1 well will begin. The possibility of
achieving project efficiencies by performing back-to-back fracture
stimulations on the Lebork #1 and the Wytowno #1 wells is currently
being evaluated.

The Wytowno #1 and Lebork #1, wells are being drilled by Saponis
Investments Sp z o.o., in which the Company has an indirect 26.67%
interest and is Manager.

Explanatory Notes and Caution Regarding Forward-Looking
Information

The 2009 and 2010 year-end Tishomingo Field reserves estimates
were prepared by MHA Petroleum Consultants, LLC. independent
petroleum engineering consultants of Lakewood, Colorado.

Reserves estimates are prepared in accordance with Canadian
National Instrument 51-101 using assumptions and methodology
guidelines outlined in the Canadian Oil and Gas Evaluation Handbook
and the Sproule Oil & Natural Gas Forecast effective January 1, 2011.
Proved reserves are those reserves that can be estimated with a high
degree of certainty to be recoverable. It is 90% likely that the
actual remaining quantities recovered will exceed the estimated
proved reserves. Probable reserves are those additional reserves that
are less certain to be recovered than proved reserves. It is equally
likely that the actual remaining quantities recovered will be greater
or less than the sum of the estimated proved plus probable reserves.

Unless otherwise stated, reserves refer to reserves of natural
gas, natural gas liquids and crude oil expressed in barrels of oil
equivalent ("boe"). Certain amounts cited herein have been rounded
for presentation purposes.

All references to 'boe' (barrel of oil equivalent) are calculated
on the basis of 6 mcf:1 bbl. Readers are cautioned that the
conversion used in calculating barrels of oil equivalent is based on
an energy equivalency conversion method primarily applicable at the
burner tip and does not represent a value equivalency at the
wellhead. Furthermore, boes may be misleading if used in isolation.
Future net revenues disclosed herein do not represent fair market
value.

Forward looking information

Reserves estimates are by their very nature forward-looking.
Certain other statements contained in this news release, such as the
Company's plans and expectations regarding the work program in Poland
also constitute "forward-looking information" as such term is used in
applicable Canadian securities laws. Forward-looking information is
based on plans, expectations and estimates of management and of the
Company's independent qualified reserves evaluator at the date the
information is provided and is subject to certain factors and
assumptions, including, with respect to the reserves estimates and
estimates of net present values of future net revenues, assumptions
that reservoirs will respond as anticipated, that pricing assumptions
are valid, that funding for development costs will be available when
required and at a reasonable cost, that costs of labor, drilling rigs
and other equipment will not vary materially from those estimated,
that operating, abandonment and other such costs on which
calculations are based will be as anticipated, and with respect to
all forward-looking statements in this press release, that no
unforeseen delays, unexpected geological or other effects, equipment
failures, permitting delays, labor or contract disputes are
encountered as well as that the Company's the financial condition and
development plans of the Company and its co-venturers will not
change. 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 occurrences
such as those referred to above are realized and result in delays, or
cessation in planned work, and that the Company's financial condition
and development plans of the Company or the other participants in the
concessions in Poland will change as well as the other risks and
uncertainties applicable to oil and gas exploration, development and
production activities and to the Company 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 . The Company undertakes no
obligation to update these forward-looking statements, other than as
required by applicable law.

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