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Press release from Marketwire

PetroBakken Confirms May Dividend

Monday, May 16, 2011

PetroBakken Confirms May Dividend12:55 EDT Monday, May 16, 2011CALGARY, ALBERTA--(Marketwire - May 16, 2011) - PetroBakken Energy Ltd. ("PetroBakken") (TSX:PBN) is pleased to announce that our cash dividend for the month of May will be paid on June 15, 2011 to all PetroBakken shareholders of record on May 31, 2011. The May dividend will be $0.08 per PetroBakken share. The ex-dividend date is May 27, 2011.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.FOR FURTHER INFORMATION PLEASE CONTACT: John D. WrightPetroBakken Energy Ltd.Chairman of the Board and Chief Executive Officer403.750.4400ORR. Gregg SmithPetroBakken Energy Ltd.President and Chief Operating Officer403.750.4400ORPeter D. ScottPetroBakken Energy Ltd.Senior Vice President and Chief Financial Officer403.750.4400ORBill A. KantersPetroBakken Energy Ltd.Vice President Business Development and Corporate