PetroBakken Announces Lender Commitment to $150 Million Increase in Senior Credit Facility

CALGARY, ALBERTA--(Marketwire - Jan. 23, 2012) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR RELEASE OVER UNITED STATES WIRE SERVICES

PetroBakken Energy Ltd. ("PetroBakken" or the "Company") (TSX:PBN), is pleased to announce that lenders under our senior credit facility have committed to our request to increase the facility size by $150 million to a total facility lending limit of $1.5 billion. At December 31, 2011, PetroBakken had approximately $1.2 billion drawn under this facility, which matures June 2, 2014. The prospective increase in the senior credit facility is expected to be made effective concurrent with the completion of our US$750 million high yield notes offering and, together with the net proceeds from such offering and our recently announced non-core asset sale, should further enhance our liquidity position.

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.

Forward Looking Statements. Certain information provided in this press release constitutes forward-looking statements. Specifically, this press release contains forward-looking statements relating to the completion of the increase to our senior credit facility, our high yield notes offering and the proposed sale of the non-core assets and the timing thereof. The forward-looking statements are based on certain key expectations and assumptions, including expectations and assumptions of market conditions, our ability to complete the high yield notes offering on favourable terms and the ability of the parties to the asset sale to satisfy the conditions to the sale. Although we believe that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because we can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production); risks associated with application for and receipt of required regulatory approvals; risks that the proposed sale of the assets is not completed as a result of a failure to satisfy one of the conditions to the offering; market risk relating to the proposed high yield notes offering and general economic conditions. Certain of these risks are set out in more detail in our Annual Information Form which has been filed on SEDAR and can be accessed at www.sedar.com. Except as may be required by applicable securities laws, PetroBakken assumes no obligation to publicly update or revise any forward-looking statements made herein or otherwise, whether as a result of new information, future events or otherwise.