Big Sky Petroleum Acquires Additional 1,100 Acres in Midland Basin Wolfcamp

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 12, 2013) - Big Sky Petroleum Corp. (TSX VENTURE:BSP) -

• Big Sky is an early mover in this area.
• New acreage is contiguous to areas acquired in December, 2012.
• First well drilled in February.

Big Sky Petroleum Corp. has acquired a 90 percent working interest in 1,100 acres contiguous to its Midland Basin Wolfcamp Prospect. This lease acquisition is in addition to the previously announced 2,300 acres that Big Sky acquired in December, 2012, and on which Big Sky drilled its first well. This latest acquisition increases the Midland Basin Prospect area to 3,400 + contiguous net operated acres which is 90% owned by Big Sky.

Sam Nastat, President, stated, "Due to the information we have accumulated from the Schafer No1. Well, Big Sky is actively seeking to increase its acreage position within this Wolfcamp prospect."

The Wolfcamp 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 depth of the Wolfcamp formation is around 5,000 feet on the normally pressured southeastern side of the play.

Big Sky is in the process of flow back and testing of the Schafer No.1 well which was completed in February, 2013 and will provide updates on this well in early April, 2013.

About Big Sky

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

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.