2009-01-28-2008-12-03

To purchase 2,800 acres in Carter Co,, OK, & 86,000 acres in Black Warrior Basin.

An undisclosed buyer plans to acquire approximately 2,800 acres in Carter County, Oklahoma., and 86,000 acres in the Black Warrior Basin from BNK Petroleum Inc., Calgary, (TSX: BKX) for $10 million. BNK can earn up to a 50% working interest in the Black Warrior acreage in Mississippi and Alabama by drilling test wells on identified prospects for up to an additional $10 million. The buyer will also be able to participate in a new shale exploration project BNK is reviewing. Proceeds from the sale will be used for general capital purposes and the development of BNK's Tishomingo Field in Oklahoma's Ardmore Basin. The deal was expected to close in mid-December.