BNK Petroleum INC. Announces $66 Million Private Placement

CAMARILLO, California, October 19, 2010 - BNK Petroleum Inc. (the "Company") (TSX: BKX) is pleased to announce a
non-brokered Cdn.$66 million private placement, representing 26,000,000
common shares at a price of Cdn.$2.54 per share, to Quantum Partners LP, a
private investment fund managed by Soros Fund Management LLC.. ("Quantum").

The financing is subject to, among other things, approval of the Toronto
Stock Exchange. The Company will pay fees of approximately 3% of the gross
proceeds in aggregate to Macquarie Capital Markets Canada Ltd., who acted as
the Company's financial advisor on the transaction and GMP Securities L.P.,
TD Securities Inc., Paradigm Capital Inc. and others who acted as strategic
advisors to the Company.

The shares issued pursuant to the financing will be subject to a four
month hold period in Canada commencing on the date of the closing. Upon
completion of the private placement Quantum will hold approximately 19.5% of
the Company's issued and outstanding shares. Closing of the financing is
currently scheduled to occur on or about October 25 2010, subject to receipt
of all necessary approvals.

The Company intends to use the net proceeds of the private placement for
general corporate purposes, including work commitments on its European shale
gas concessions.

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 all information regarding the anticipated closing
date of the financing, proceeds and the proposed use of proceeds.
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 the required capital and regulatory approvals will
be available to complete the financing. 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 the necessary
regulatory approvals will not be obtained in a timely manner or at all. 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, President and Chief Executive Officer, +1(805)484-3613
    Email: investorrelations@bnkpetroleum.com
    Website: www.bnkpetroleum.com

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