BNK Petroleum Announces Share Repurchase Program

BNK Petroleum Inc. ("BNK" or the "Company") (TSX: BKX)

Company to Repurchase Up to 10% of Outstanding Shares

Houston, Texas--(Newsfile Corp. - July 11, 2023) - BNK Petroleum Inc. is pleased to announce a normal course issuer bid ("NCIB") to repurchase for cancellation up to 10% of its issued and outstanding common shares ("Common Shares"). The NCIB will commence on July 13, 2023 and will expire on July 12, 2024, or such earlier date as the Company may determine. The Company believes that the repurchase of its Common Shares represents an attractive use of capital and is in the best interests of the Company and its shareholders. The Company intends to fund the repurchases under the NCIB through its available cash on hand. The actual number of Common Shares that the Company repurchases will depend on a number of factors, including the market price of the Common Shares, the liquidity and trading volume of the Common Shares, general market and economic conditions, and other factors. The Company has appointed Tudor, Pickering, Holt & Co. as its broker to effect the purchases of the Common Shares on the Toronto Stock Exchange ("TSX") and/or alternative trading systems in accordance with the TSX's published rules and policies. Under the TSX's rules, the Company is entitled to purchase up to 131,266 Common Shares per day, which represents 25% of the average daily trading volume of the Common Shares on the TSX for the six calendar months prior to the grant of the NCIB. The Company may make purchases outside of the TSX if it believes it is in the best interests of the Company to do so. All Common Shares purchased under the NCIB will be purchased at the prevailing market price at the time of purchase. The Company believes that the NCIB provides it with the flexibility to opportunistically repurchase its Common Shares when it believes that they are trading at a price that does not reflect their underlying value. The Company intends to monitor the market price of its Common Shares and may adjust the size and timing of its repurchases under the NCIB accordingly. The NCIB has been approved by the Toronto Stock Exchange. About BNK Petroleum Inc. BNK Petroleum Inc. is an international oil and gas exploration and production company focused on the deepwater Gulf of Mexico. The Company holds a significant portfolio of exploration and production assets, including a 100% working interest in the ultra-deepwater Cascade and Chinook fields in the Walker Ridge area of the Gulf of Mexico. BNK Petroleum Inc. is committed to the safe and responsible development of its assets and to being a leader in the industry. For further information, please contact: BNK Petroleum Inc. Jodie Stutsman Director, Investor Relations 1.713.860.1500 IR@bnkpetroleum.com