2009-10-28-2009-10-13

To purchase 80% WI in 3 exploration concessions in Poland.

Austrian E&P Rohöl-Aufsuchungs Aktiengesellschaft and Italian power producer Sorgenia E&P SpA plan to acquire an 80% interest in three exploration concessions in Poland with shale-gas potential from Camarillo, Calif.-based BNK Petroleum Inc. (Toronto: BKX) for US$3 million plus carried drilling costs. RAG/Sorgenia will pay BNK a management fee of US$250,000 each month for 12 months for technical consulting services and BNK will pay all of the costs attributable to the parties' interests to identify the first drilling location in the Starogard, Slupsk and Slawno licenses. After the first well location is identified, RAG/Sorgenia will each pay half of 73.33% of the next US$25 million in total exploration costs, BNK will pay 6.667% and BWB Exploration LLC will pay its 20% share. RAG/Sorgenia will earn a 53.23% interest in BNK's subsidiary Saponis Investments, which holds the concessions. BNK will remain operator and continue to hold a 26.67% interest in Saponis, which equates to approximately 200,000 net acres to BNK. BNK believes that the preliminary data it has analyzed indicate that the makeup of the some of the shales within its Polish concessions are silica rich and appear to have thermal maturities and total organic carbon in a range that could make them successful shale gas projects.