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In connection with the Offer, the board of directors and officers of Alpetro have been replaced by nominees of the Offeror.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

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts: Neil Wilson President [phone]