BNK Reports 2009 Year End Reserve Update

By Bnk Petroleum Inc, PRNE
Friday, February 26, 2010

CALGARY, Canada, February 27, 2010 - BNK Petroleum Inc. (the "Company" or "BNK")/(TSX: BKX) is pleased to
announce a 182% increase of its Tishomingo shale gas field reported proved
and probable reserves ("2P") to 37.9 million boe from 13.5 million boe at
year end 2008. Proved and Probable reserves as of December 31, 2009 were
U.S.$241.2 million, up from 2008 year end of U.S.$187.8 million, calculated
at a 10% pre-tax present value ("NPV") of future net revenue. Proved reserves
("1P") were up 198% to 24.9 million boe from 8.4 million boe at year end
2008. 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

The 2008 and 2009 year-end reports were both prepared by MHA Petroleum
Consultants, LLC. ("MHA"), independent petroleum engineering consultants of
Lakewood, Colorado. As a result of the Company's planned drilling and
completion program on its existing properties in the Tishomingo Field,
Oklahoma, all reserves that had been classified as probable reserves in the
2008 year-end report have been converted to proved reserves in the updated
report, also prepared by MHA (the "2009 Year End Report"). All updated
reserve estimates are effective as at December 31, 2009.

In December, 2008, BNK applied for and received approval to drill three
additional wells in one of its sections at an 80-acre spacing pattern. An
80-acre spacing pattern would allow for eight wells per section which could
allow for over 340 total gross wells for this project. To date the Company
has drilled and participated in 39 gross wells in this project.

Forecast Price Case - Pre Tax

     Category   Gross     Net  Gross     Net   Gross     Net     Net      NPV
                  Oil     Oil    Gas     Gas     NGL     NGL   Mboes      10%
               (Mbbls) (Mbbls) (Mmcf)  (Mmcf) (Mbbls) (Mbbls)      (US$000's)
      Developed   482    380  13,614  10,738   2,686   2,119   4,288   45,109
      Proved    4,272  3,369  59,377  46,831  11,927   9,407  20,581  127,270
      Proved    4,753  3,749  72,991  57,568  14,613  11,525  24,869  172,380
     Probable   2,708  2,136  37,639  29,686   7,560   5,963  13,046   68,815
      Proved &
      Probable  7,461  5,885 110,630  87,254  22,173  17,488  37,915  241,195

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

The 2009 Year End Report was prepared in accordance with 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, 2010 as set forth below. 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

                    Sproule Forecast as of January 1, 2010
                                    WTI,       Henry Hub,
                     Year         $US/Bbl      $US/MMBtu
                     2010          $77.59        $5.70
                     2011          $82.77        $6.48
                     2012          $85.15        $6.70
                     2013          $88.40        $7.43
                     2014          $90.17        $8.12
                     2015          $91.97        $8.28
                     2016          $93.81        $8.45
                     2017          $95.69        $8.62
                     2018          $97.60        $8.79
                     2019          $99.55        $8.96
                     2020         $101.54        $9.14

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.

BNK is continuing its pursuit of additional shale gas concessions in both
Eastern and Western Europe. The Company has acquired 2.1 million gross acres
in Europe to date, which are located in 4 basins. The Company continues to
apply for concession grants and is awaiting other potential concession

About BNK Petroleum Inc.

BNK Petroleum Inc. is a U.S. based oil and gas exploration and production
company focused on finding and exploiting large predominately unconventional
oil and gas resource plays. The Company holds and operates shale gas wells in
the United States. Additionally the Company is utilizing its technical and
operational expertise to identify and acquire unconventional projects outside
of North America. The Company's shares are traded on the Toronto Stock
Exchange under the stock symbol BKX.

Estimations of reserves and net present values of future net revenue in
this press release constitute forward-looking information. See "Forward
Looking Information" below. The reserve data in this release is subject to
and should be read in conjunction with the entire Form 51-101F1 - Statement
of Reserves Data and Other Oil and Gas Information which the Company expects
to file on or before March 31, 2010 and which will be available by electronic
access under the Company's profile at and on the
Company's website.

Forward-looking Information

Information in this news release respecting estimations of reserves and
net present values of future net revenue and the Company's plans and future
activities constitutes 'forward-looking information' and as such is based on
certain assumptions and subject to risk and uncertainties which could cause
actual results to differ materially from those anticipated. Such information
is based on information available to the Company at the date of this news
release and which it believes to be reasonable. The reserves and future
pre-tax net revenue in this press release represent estimates only. The
reserves and future pre-tax net revenue from the company's properties have
been independently evaluated by MHA with effective dates of December 31, 2009
and December 31, 2008, respectively. This evaluation includes a number of
assumptions relating to factors such as initial production rates, production
decline rates, ultimate recovery of reserves, timing and amount of capital
expenditures, marketability of production, future prices of crude oil and
natural gas, operating costs, abandonment and salvage values, royalties and
other government levies that may be imposed during the producing life of the
reserves. These assumptions were based on the Sproule Oil & Natural Gas
Forecast from the 2009 Year End Report as at the dates of the report and many
of these assumptions are subject to change and are beyond the control of the
Company. Actual production, sales and cash flows derived therefrom will vary
from the evaluation and such variations could be material. The present value
of estimated future net revenues referred to herein should not be construed
as the current market value of estimated crude oil and natural gas reserves
attributable to the Company's properties. Risks and uncertainties that could
affect the forward looking information include, but are not limited to: the
risks associated with the oil and gas industry and BNK's ability to identify
suitable drilling locations (e.g., operational risks in development,
exploration and production; delays or changes in plans with respect to
exploration or development projects or capital expenditures; the uncertainty
of reserve estimates; the uncertainty of estimates and projections relating
to production, costs and expenses, and health, safety and environmental
risks), risk associated with equipment procurement and equipment failure,
risks related to international operations and doing business in foreign
jurisdictions, the risk of commodity price and foreign exchange rate
fluctuations, risks related to future royalty rate changes and risks and
uncertainties associated with securing and maintaining necessary regulatory
approvals. In addition, the current financial crisis has resulted in severe
economic uncertainty and resulting illiquidity in credit and capital markets
which increases the risk that actual results will vary from forward looking
expectations and these variations may be material. Additional risks and
uncertainties are described in detail in BNK's most recent Annual Information
Form, which is available at The Corporation assumes no
obligation to update or revise the forward-looking information to reflect new
events or circumstances, except as required by law.

The TSX does not accept responsibility for the adequacy or accuracy of
this news release.

For further information: Wolf Regener, President and Chief Executive
Officer, +1-805-484-3613, Email:, Website:

For further information: Wolf Regener, President and Chief Executive Officer, +1-805-484-3613, Email: investorrelations at

will not be displayed