Bayou Bend Petroleum Ltd.
TSX VENTURE : BBP

Bayou Bend Petroleum Ltd.

May 28, 2009 13:55 ET

Bayou Bend Closes the Sale of Oil and Gas Exploration and Production Assets

VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 28, 2009) - Bayou Bend Petroleum Ltd. ("Bayou Bend" or "the Company") (TSX VENTURE:BBP) is pleased to announce that the sale of substantially all of its U.S. oil and gas properties to Dynamic Offshore Resources, LLC has closed. The consideration received pursuant to the transaction was US $12.5 million. An additional payment of up to US $8.0 million may be made on April 1, 2011, based upon the increase in proved oil and gas reserves attributable to the purchased interests as at December 31, 2010 above a specified threshold, at a rate of US $0.20 per Mcfe.

At a special meeting of shareholders held on May 22, 2009, Bayou Bend's shareholders voted 99.06% in favour of the transaction and all regulatory approvals have been received.

Keith Hill, President of Bayou Bend, commented, "Bayou Bend now has a clear advantage in these currently challenging markets and is positioned to pursue the wealth of distressed, undervalued resource opportunities available. We are currently exploring several potential projects within the resource industry and look forward to the future successes of the Company."

Cautionary Statements

This document contains statements about expected or anticipated future events and financial results that are forward-looking in nature and as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events, and the Company's capability to execute and implement its future plans. Actual results may differ materially from those projected by management. For such statements, we claim the safe harbor for forward-looking statements within the meaning of the Private Securities Legislation Reform Act of 1995.

On Behalf of the Board

Keith C. Hill, President

Neither the TSX Venture 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.

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