Alpetro Announces Take-Up of Shares Pursuant to Take-Over Bid

Alpetro Resources Ltd. ("Alpetro") (TSX VENTURE:ALF) is pleased to announce that
10,513,171 of its issued and outstanding common shares (the "Alpetro Shares")
have been validly deposited pursuant to the previously announced offer to
acquire all of the outstanding shares of Alpetro (the "Offer") made by Big
Coulee Resources Ltd. (the "Offeror") representing approximately 96.5% of the
outstanding Alpetro Shares. Under the terms of the Offer, shareholders of
Alpetro are entitled to receive $0.39 cash for each Alpetro Share tendered
pursuant to the Offer. The Offeror has advised that, as all conditions of the
Offer have been satisfied, it has taken up and paid for all Alpetro Shares so
deposited. Payment will be made by the depositary to tendering shareholders
within 3 business days. 


The Offer expired at 10:00 a.m. (Calgary time) on November 9, 2011 and will not
be extended. 


Given the Offer has been accepted by holders of more than 90% of Common Shares,
the Offeror has exercised its right to acquire the remaining Common Shares
pursuant to the compulsory acquisition provisions of the Business Corporations
Act (Alberta), as described in the Offer. The compulsory acquisition of the
remaining Common Shares was completed on November 15, 2011, the date that
Offeror paid for the Common Shares taken up pursuant to the Offer. 


The Offeror will also take the necessary steps to delist Alpetro from the TSX
Venture Exchange and make the necessary applications to cease to be a reporting
issuer in the Provinces of British Columbia and Alberta. 


Alpetro shareholders are encouraged to contact Computershare Investor Services
Inc. at 1-800-564-6253 (North American Toll Free Number) for further information
on the compulsory acquisition procedures and any other information relating to
the Offer. 


In connection with the Offer, the board of directors and officers of Alpetro
have been replaced by nominees of the Offeror.


FORWARD LOOKING STATEMENTS 

Certain statements in this press release may contain "forward-looking
statements". Forward-looking statements are based on the current expectations or
forecasts of future events by management of the Offeror or Alpetro. In
particular, this news release contains forward-looking statements with respect
to, among other things, without limitation, the timing of the payment for the
Common Shares taken up pursuant to the Offer and the completion of the
compulsory acquisition. These statements involve known and unknown risks,
uncertainties and other factors that may cause actual results or events to
differ materially from those anticipated in such forward-looking statements.
These statements are based on respective company management's current
expectations as of the date made and no assurance can be given that such
expectations will prove correct. Readers are cautioned not to place undue
reliance on these forward-looking statements and are encouraged to read the full
cautionary statements in Alpetro's public disclosure filings. All
forward-looking statements speak only as of the date they are made and the
Offeror and Alpetro disclaim any obligation to publicly update or revise any of
the forward-looking statements in light of new information, future events or
otherwise, except as required by law.