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

All Figures are US Dollars Unless Otherwise Stated

CAMARILLO, California, March 15, 2011 - BNK Petroleum Inc. (the "Company") (TSX: BKX) 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
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: www.bnkpetroleum.com

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