PetroBakken Announces Management Realignment

CALGARY, ALBERTA--(Marketwire - May 24, 2011) - PetroBakken Energy Ltd. ("PetroBakken" or the "Corporation") (TSX:PBN) is pleased to announce that Mr. John D. Wright, currently the Chairman and Chief Executive Officer of the Corporation, will assume the role of President and Chief Executive Officer effective May 24, 2011. With this appointment, Mr. Wright will be further focusing his attention on the long-term strategic direction of PetroBakken, as well as performance accountability for our growth plus yield model and shareholder communications. Mr. Gregg Smith will continue in his role as Chief Operating Officer of the Corporation, focusing on the efficient and innovative technical execution of our business plan through our four Business Units. In connection with this appointment, Mr. Wright will resign as Chairman of the Board of Directors but will continue to serve as a board member. Mr. Kenneth R. McKinnon will assume the role of Chairman of the Board.

We invite all shareholders to join us for a corporate update at our Annual General Meeting, to be held on Wednesday, May 25, 2011 at 9:00 a.m. in the Main Ballroom of the Metropolitan Center, 333 – 4^th Avenue S.W., Calgary, Alberta. The Meeting will be webcast live and available for replay at www.petrobakken.com/investors.

PetroBakken Energy Ltd. is an oil and gas exploration and production company combining light oil Bakken and Cardium resource plays with conventional light oil assets, delivering industry leading operating netbacks, strong cash flows and production growth. PetroBakken is applying leading edge technology to a multi-year inventory of Bakken and Cardium light oil development locations, along with a significant inventory of opportunities in the Horn River and Montney gas resource plays in northeast BC. Our strategy is to deliver accretive production and reserves growth, along with an attractive dividend yield.