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PetroBakken Announces Settlement Terms of 3.125% Convertible Bonds

CALGARY, ALBERTA -- (Marketwire) -- 12/28/12 -- PetroBakken Energy Ltd. ("PetroBakken" or the "Company") (TSX:PBN) announces that holders of US$293.4 million principal amount of the Company's 3.125% Senior Unsecured Convertible Bond Issue bearing ISIN NO 001 0563240 (the "Bonds") have exercised their right to have the Company repurchase their Bonds. The repurchase date will be February 8, 2013, and we have elected to repay the Bonds in cash and expect to fund the repurchase from our $1.4 billion credit facility. Upon completion of this repurchase, Bonds having a principal amount of US$6.6 million will remain outstanding and mature in February 2016.

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. Our strategy is to deliver accretive production and reserves growth, along with an attractive dividend yield.

Contacts:
PetroBakken Energy Ltd.
John D. Wright
President and Chief Executive Officer
(403) 268.7800

PetroBakken Energy Ltd.
Peter D. Scott
Senior Vice President and Chief Financial Officer
(403) 268.7800

PetroBakken Energy Ltd.
Bill A. Kanters
Vice President Capital Markets
(403) 268.7800
ir@petrobakken.com
www.petrobakken.com

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