Big Sky Petroleum to Spud Initial Wolfberry Well on January 15th

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 14, 2013) - Big Sky Petroleum Corp (TSX VENTURE:BSP) through its Texas subsidiary, BSP Operating, LLC, has completed permitting of the first vertical Wolfberry test in its most recently acquired Midland Basin prospect located in the Southeastern portion of the prolific Permian Basin in west Texas. The Midland Basin Prospect is a contiguous lease block consisting of approximately 2,300 net operated acres. Big Sky holds a 90% interest in this prospect. The Wolfberry Play is named such because of the comingling of production from the Wolfcamp and Spraberry Formations. The overall Wolfberry interval, which is approximately 1,000-feet thick, is an unconventional oil play that also includes a liquids-rich natural gas component. The scheduled spud date for the Schafer No.1 is January 15^th and will be drilled to a vertical depth of 7,300 feet. The plan is to log the entire Wolfberry interval and pull a minimum of 35 sidewall cores for evaluation. Upon receipt of the evaluation of the logs and cores, the fracture stimulation design will be engineered and implemented.

Sam Nastat, President, recently stated, "Given the high success rate of Wolfcamp/Wolfberry exploration in the Southern Midland Basin, the management and technical team of Big Sky is confident that Big Sky's positioning within this continually expanding play will enable Big Sky to establish itself as one of the early key players in the expansion of this play."

About Big Sky

Big Sky is an oil and gas exploration and production company with U.S. operations in Montana and Texas. The Company is currently focused on the development of unconventional tight oil reservoirs in the Southern Alberta Basin of Montana and the Southern Midland Basin in West Texas.

Sam Nastat, President

This press release contains "forward-looking information". Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the Canadian securities administrators (available at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected.