Big Sky Petroleum Extends Warrant Expiry Date

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 2, 2012) - Big Sky Petroleum Corporation (TSX VENTURE:BSP) has received conditional approval from the TSX Venture Exchange to extend the term of certain warrants which would otherwise expire on October 25, 2012.

1,560,000 warrants granted on April 25, 2011 with the original expiry date of October 25, 2012, are now extended to expire on October 25, 2013, with each warrant entitling the holder to purchase one common share of the Company at $0.45 per share.

Sam Nastat, President, commented that, "Our shareholders have been adversely affected by the poor financial market conditions and, by extending the term of these warrants, Big Sky has the opportunity to receive the funds from the exercise of the warrants, while giving our loyal shareholders a better opportunity to exercise the warrants."

About Big Sky

Big Sky is an oil and gas exploration and development company based in Vancouver, B.C., with its main focus on the exploration and development of oil and gas in the Alberta Basin, commonly referred to as the Bakken source system. Big Sky's operations cover three separate land packages in Toole and Glacier Counties, Montana, of which Big Sky has a 33.33% interest.

Sam Nastat, President

This press release contains "forward-looking information". Such forward-looking statements reflect our current views with respect to future events and are subject to certain risks, uncertainties and assumptions, including, the risks and uncertainties outlined in our most recent financial statements and reports and registration statement filed with the Canadian securities administrators (available at www.sedar.com). Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, believed, estimated or expected.