BNK Petroleum closes $20 million equity financing

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

CALGARY, Nov. 13 /CNW/ - BNK Petroleum Inc. ("BNK" or the "Company") (TSX: BKX) is pleased to announce that it has closed its previously announced bought deal equity financing with a syndicate of underwriters co-led by Canaccord Capital Corporation, Genuity Capital Markets and Macquarie Capital Markets Canada Ltd. (together the "Underwriters"), pursuant to which the Underwriters purchased 16,000,000 common shares of the Company ("Common Shares") at Cdn$1.25 per Common Share to raise gross proceeds of Cdn$20,000,000 (the "Offering").

The Underwriters have been granted an over-allotment option to purchase, on the same terms, up to an additional 2,400,000 Common Shares. This option is exercisable, in whole or in part, by the underwriters, in their sole discretion, at any time before December 14, 2009. Additional gross proceeds of approximately Cdn$3 million will be realized, should the over-allotment option be exercised in full.

The net proceeds from this Offering will be used to repay outstanding debt as to Cdn$ $9.2 million and the balance will be directed to fund the Company's exploration and development program in Europe and the United States and for general corporate purposes.

This news release does not constitute an offer to sell or a solicitation of any offer to buy the securities in the United States. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of such Act.

Caution Regarding Forward-looking Information

This document may contain certain forward looking statements including statements with respect to the proposed use of proceeds of the offering. The forward looking information is based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks 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.

For a description of the risks and uncertainties facing BNK and its business and affairs, readers should refer to BNK's Annual Information Form for the year ended December 31, 2008, which is available at www.sedar.com. The Company assumes no obligation to update or revise the forward-looking information to reflect new events or circumstances, except as required by law. The reader is cautioned not to place undue reliance on forward-looking statements.

About BNK Petroleum Inc.

BNK Petroleum Inc. is a California based oil and gas exploration and production company focused on finding and exploiting large oil and gas resource plays. The Company holds an average of 50% interest in the Tishomingo gas field in Oklahoma and varied interests in three other areas in the Northern and Central regions of the United States and in Europe, where it is currently pursuing the exploration, development and production of shale and tight sand gas plays. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol BKX.

NEITHER THE TSX EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

SOURCE BNK Petroleum Inc.

For further information: For further information: Wolf Regener, President and Chief Executive Officer, (805) 484-3613, Email: investorrelations@bnkpetroleum.com, Website: www.bnkpetroleum.com


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