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Bahamas Media Release

14 March 2012

Bahamas Petroleum is undertaking all actions necessary to comply with the terms of the licences which the company has been granted by The Government of The Bahamas. All such activities are being and will continue to be conducted in a manner consistent with industry best practices and respecting all obligations placed upon the Company by the Government.  The shares of Bahamas Petroleum are publicly traded and as such the Company has an obligation under its listing rules to continually disclose any event that would have a material effect on the value of those shares. The contracting of a rig to drill would constitute such a material event. Bahamas Petroleum is neither qualified to comment on matters of government policy, nor wishes to do so.