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Message: Letter of Intent for Sale of Substantially All of Its U.S. Subsidiaries and/or

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Letter of Intent for Sale of Substantially All of Its U.S. Subsidiaries and/or

posted on Feb 18, 09 11:34AM

February 18, 2009

Bayou Bend Signs Letter of Intent for Sale of Substantially All of Its U.S. Subsidiaries and/or Assets

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 18, 2009) - Bayou Bend Petroleum Ltd. ("Bayou Bend" or "the Company") (TSX VENTURE:BBP) is pleased to announce that it has entered into a non-binding letter of intent in respect of the sale of substantially all of its U.S. subsidiaries and/or assets to a private company based in Houston, Texas. The purchase price for the transaction is the sum of US $18 million, payable in cash at closing.

The transaction is subject to the negotiation and execution of a definitive agreement, due diligence, board and shareholder approval as well as all requisite regulatory approvals.

Bayou Bend plans to hold a special meeting of shareholders to approve the transaction and related matters on April 15, 2009. Upon receipt of all approvals, the transaction is expected to close by the end of April 2009, with an effective date of April 1, 2009.

Bayou Bend President Keith Hill stated, "This transaction is an essential component of the Company's future business strategy. At the end of 2008, Bayou Bend had an approximate cash and investments balance of US $45 million (CAD$56.7 million). With the addition of US $18 million (CAD$22.7 million) from this transaction, and after accounting for post-year end adjustments, the Company will be well-financed to pursue distressed resource opportunities in the current difficult market environment."

Canaccord Adams in Houston Texas served as financial advisor to Company in its evaluation of strategic alternatives.

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