BNK Petroleum Inc.

BNK Petroleum Inc.

April 26, 2010 09:30 ET

CORRECTION: BNK Petroluem Inc. Announces $45 Million Bought-Deal Financing

CALGARY, ALBERTA--(Marketwire - April 26, 2010) -


A correction is being issued with respect to the release that was disseminated on April 26, 2010 at 8:15 AM ET. The ticker symbol in the header of the release was incorrectly listed as "BNK"; the ticker symbol should have read "BKX". The complete and corrected release follows.

BNK Petroleum Inc. ("BNK" or the "Company") (TSX:BKX) announced that it has entered into an agreement with a syndicate of underwriters co-led by Macquarie Capital Markets Canada Ltd. and Canaccord Financial Ltd. (together the "Underwriters"), under which the Underwriters have agreed to purchase, on a bought deal basis, 15,800,000 common shares ("Common Shares") of the company at $2.85 per Common Share (the "Offering") to raise gross proceeds of $45,030,000. Closing of the Offering, which is subject to customary conditions and regulatory approvals, including approval of the Toronto Stock Exchange, is expected on or about May 18, 2010. BNK has also granted the Underwriters an over-allotment option to purchase, on the same terms, up to an additional 2,370,000 Common Shares. This option is exercisable, in whole or in part, by the Underwriters, in their sole discretion, at any time up to 30 days after closing. The maximum gross proceeds raised under the Offering will be $51,784,500, should the over-allotment option be exercised in full.

The net proceeds from this Offering will be used to fund the Company's exploration and development program in Europe and the United States and for general corporate purposes.

The Common Shares to be issued under the Offering will be offered by way of a short form prospectus to be filed in Alberta, British Colombia, Ontario, and such other Canadian Provinces or territories as the syndicate and the Company may agree; and in the United States on a private placement basis pursuant to exemptions from the registration and prospectus requirements of the United States Securities Act of 1933.

Caution Regarding Forward-Looking Information

Certain statements contained in this news release constitute "forward-looking statements" as such term is used in applicable Canadian securities laws, including statements concerning the Offering, the anticipated timing for closing of the Offering, as well as the use of the net proceeds of the Offering. Such forward-looking statements are based on certain assumptions, including that all necessary regulatory approvals will be obtained as and when required, that there will be no material adverse change in the Company's affairs or laws, rules or regulations relating to the Company, its securities or business, there will be no regulatory proceedings involving the Company or any of its directors or officers, or any cease trade or other order prohibiting or restricting trading in the Company's securities, no major national or international event will have occurred that has or would reasonably be expected to have a material adverse effect on financial markets or the business, operations or affairs of the Company and that at all material times the Company will be in compliance with its obligations under the underwriting agreement. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual timing and events to be materially different from any those expressed or implied by such forward-looking statements, including but not limited to the risks and factors identified in the Company's Annual Information Form, National Instrument 51-101F1 Statement of Reserves and Other Oil and Gas Information and Management's Discussion and Analysis of the Company's financial condition and results of operations for the year ended December 31, 2009, filed under the Company's profile at

Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements there may be other factors that cause actions events or results not to be anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could vary or differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this news release.

Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and the Company undertakes no obligation to update forward-looking statements and if these beliefs, estimates and opinions or other circumstances should change, except as expressly required by applicable law.

Not for distribution to United States newswire services or for dissemination in the United States.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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. 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.


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