Big Sky Petroleum Acquires Texas Oil & Gas Interests

Big Sky Petroleum Corp. (TSX VENTURE:BSP) has entered the prolific
Wolfcamp/Wolfberry play currently developing in the southern Midland Basin
portion of the Permian Basin located in west Texas. Big Sky has acquired 90%
working interest in an initial lease block of 2,300+ net operated acres on the
eastern shelf of the southern Midland Basin in West Texas. The initial vertical
Wolfberry well is currently scheduled to spud early the first quarter of 2013,
depending on service availability. 


The Horizontal Wolfcamp Formation

The Wolfcamp area is a blanket formation across the Permian Basin of western
Texas and acts as a source rock for much of the conventional oil production in
the area. The Wolfcamp has multiple productive benches and generally varies in
thickness from 800-1,200 feet, although some areas are up to 2,000 feet thick.
The depth of the Wolfcamp formation is around 5,000 feet on the normally
pressured southeastern side of the play. The productive limits of the play have
not yet been established, but industry insiders think the acreage prospective
for the play currently covers more than 1 million acres, and this could reach 2+
million acres as more acreage is proved up. Initial Production ("IP") rates have
averaged around 580 Boepd since the inception of the play, but have shown solid
increases over time as completion techniques have improved and lateral lengths
have increased. IP rates to date are averaging nearly 700 Boepd with estimated
ultimate recoveries ("EUR's") of 450,000 - 500,000 BOE.


The Vertical Wolfberry Formation 

The Wolfberry is named such because of the comingling of production from the
Wolfcamp and Spraberry Formations. The overall Wolfberry interval, which is the
principal focus of Big Sky's vertical drilling activities, is an oil play that
also includes a liquids-rich natural gas component. The gas produced by
Wolfberry wells tends to be very rich, with energy content of 1,200-1,500 btu
per cubic foot. Operators are experiencing IP's from 80 to 180 Boepd and
estimate EUR's from 120,000 to 150,000 Bbls. Based on 40 acre spacing Big Sky
has 57 Wolfberry drilling locations. The upside to this Wolfberry play is that
several operators are now drilling on 20 acre spacing with no reports of
communication between wellbores.


Initial Exploration plans

Big Sky is the operator for this new project. The wellbore design and drilling
prognosis have been completed and are currently undergoing the process of
permitting the initial Wolfberry well. Current plans are to spud the first well
in the first quarter 2013.


Quoting recent comments by industry analysts, Sam Nastat, President, reiterated:
"Geology in the Southern Midland Basin is just about perfect for an oil-shale
wish list: high TOC, filled with silica; having good porosity and natural
fractures; and in the optimal thermal maturation window for oil generation. It's
the ideal package when it comes to fracability and productivity. Deeper drilling
to depths beyond previously producing intervals and multi-stage hydraulic
fracturing in both horizontal and vertical wells are important elements in the
successful drilling in the area" Mr. Nastat also commented that "given the high
success rate of Wolfcamp/Wolfberry exploration in the Southern Midland Basin,
management is confident that Big Sky's positioning within this exciting play
will enable Big Sky to establish itself as one of the early key players in the
expansion of this play."


Montana Update

Big Sky's Montana projects are located in Glacier and Toole Counties of Montana.
Big Sky continues to analyze the results of exploration work done in the past
year. Agreements on the Somont farmout have expired due to work commitments not
being met. However, as a result of the positive results seen to date, Big Sky
continues to be confident that the interests that it continues to hold have
potential for oil production. In addition, other operators in the area have
recently permitted 5 horizontal Bakken wells all within 1.5 to 6 miles of Big
Sky's leasehold. If these wells are successful, certain data swap agreements
currently in place with the other operators could be beneficial to Big Sky's
development plans for this area.


About Big Sky 

Big Sky is an oil and gas exploration and production company with U.S.
operations in Montana and Texas. The Company is currently focused on the
development of unconventional tight oil reservoirs in the Southern Alberta Basin
of Montana and the Southern Midland Basin in West Texas. 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Big Sky Petroleum Corp.
Sandrine Lam
604-687-3520
1-888-889-4874 (FAX)
www.bspcorp.com