BNK Petroleum Inc. Announces Closing of First Tranche of $66 Million Private Placement and Replacement Credit Facility

CAMARILLO, California, October 27, 2010 - BNK Petroleum Inc. (the "Company") (TSX: BKX) is pleased to announce that
the first tranche of the previously announced CAD$66 million private
placement has closed. 10,600,000 shares were issued for total gross proceeds
of CAD$26,924,000. The shares are subject to a four month hold period.

The Company also announced today that BNK Petroleum (US) Inc. ("BNK US")
has obtained a new Replacement Credit Facility from Amegy Bank of Texas and
its affiliate Vectra Bank Colorado the terms of which are disclosed in the
Company's news release dated October 25, 2010. BNK US is the Company's
indirect wholly-owned subsidiary which holds its US oil and gas interests.

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