One Exploration announces fourth quarter and year end financial and operating
results and 2009 reserves

CALGARY, April 6 /CNW/ - One Exploration Inc. ("OneEx" or the "Corporation" - TSXV:OE.A) announces its fourth quarter and full year 2009 financial and operating results and 2009 year-end reserves.

    
    2009 Highlights

    -   OneEx carried out limited field activities in 2009 as it continued to
        focus on cash conservation and balance sheet strength. OneEx
        eliminated its bank debt through significant asset dispositions in
        the Watelet, Willesden Green and various other non-operated areas in
        Alberta for proceeds totaling $8,754,406 and significantly reduced
        its net debt to $570,957 as at December 31, 2009 from $3,556,430 as
        at December 31, 2008.

    -   OneEx drilled 3 gross (2 net) wells in 2009. 2 (1 net) wells were
        drilled in North Eastern British Columbia that were successful,
        however, were not brought on production as a result of the low gas
        price environment. 1 (1 net) well was drilled in the fourth quarter
        of 2009 in the Leaman area of Alberta and recently brought on
        production at a rate of approximately 80 boe/d.

    -   The Corporation's year end reserves were 909 mboe on a total proved
        ("TP") basis and 1,393 mboe on a proved plus probable ("P+P") basis.
        Reserve life indices are 7.5 years and 11.4 years on a TP and P+P
        basis, respectively.

    -   On December 20, 2009, OneEx entered into a reorganization and
        investment agreement with TriOil Resources Ltd. ("TriOil"), Russell
        J. Tripp and certain other persons which provided for a
        recapitalization of the Corporation through a private placement, the
        appointment of a new management team and a new board of directors
        (collectively the "Recapitalization"), the acquisition of certain
        producing assets and undeveloped land by TriOil, the acquisition of
        TriOil by OneEx and a rights offering.

    Subsequent Events

    -   On January 13, 2010, the Corporation completed the private placement,
        the acquisition of TriOil and the then existing management team and
        board of directors were replaced.

    -   In February 2010, the Corporation entered into a commitment for the
        provision of a $6 million revolving credit facility with a Canadian
        chartered bank. The facility is expected to close by mid April.

    -   On February 10, 2010, the Corporation and Canext Energy Ltd.
        ("Canext") entered into an arrangement agreement, where the
        Corporation agreed to acquire all of the outstanding common shares of
        Canext for 2.0 Class A shares of OneEx (0.1 Class A shares on a post-
        consolidation basis) for each Canext share. The transaction is
        expected to close on or about April 12, 2010 and is subject to
        satisfaction of several closing conditions, including approval of
        Canext shareholders and the Court of Queens Bench of Alberta.

    -   On February 11, 2010, the Corporation completed a private placement
        of 100,000,000 special warrants at a price of $0.25 per special
        warrant for aggregate gross proceeds of $25 million. On March 15,
        2010, the Corporation filed a short form prospectus, qualifying the
        Class A shares underlying the special warrants which were then
        converted into 100,000,000 Class A shares on or about March 22, 2010.

    -   In the first quarter of 2010, the Corporation participated in the
        drilling of 4 gross (1.2 net) horizontal wells in Tableland in
        Southeast Saskatchewan and participated in 1 gross (0.3 net) well at
        Queenstown.

    -   In the first quarter of 2010, the Corporation acquired approximately
        18 net sections of undeveloped acreage on the Cardium Lochend trend
        of Alberta for total costs of approximately $6.1 million through a
        combination of crown land sales, freehold leasing and asset
        acquisitions.

    -   On March 31, 2010, the Corporation announced that it entered into an
        asset purchase agreement to purchase 17 net (35 gross) sections of
        undeveloped land in the Lochend area of Alberta and approximately 50
        boe/d of production for a cash purchase price of $7,500,000 and
        1,312,566 Class A shares on a post consolidation basis. The
        transaction is expected to close on April 30, 2010 and is subject to
        standard closing conditions.

    -   On April 1, 2010, the Corporation changed its name to TriOil
        Resources Ltd. and affected a 20 for 1 consolidation on its
        outstanding Class A shares. The Corporation's Class A shares are
        expected to begin trading on a post-consolidation basis under the new
        corporate name of TriOil Resources Ltd. and under the new stock
        symbol "TOL" on the TSX Venture Exchange on or about April 7, 2010.

    Financial and Operating Results
    -------------------------------------------------------------------------
    unaudited  Three months ended December 31         Year ended December 31
    -------------------------------------------------------------------------
                       2009        2008    %          2009        2008    %
                                        Change                         Change
    -------------------------------------------------------------------------
    ($s, except per
     share and share
     numbers)

    Financial
    Total
     revenue(1)   1,373,191   3,390,399   (59)   7,120,877  18,431,217   (61)
    Funds from
     operations(2) (295,280)    456,651  (165)  (1,457,889)  5,815,751  (125)
      Per share
       - diluted      (0.01)       0.01  (200)       (0.03)       0.14  (118)
    Net earnings
     (loss)      (5,171,421) (2,002,032)  158  (11,455,674) (1,404,814)  715
      Per share
       - basic and
       diluted        (0.09)      (0.04)  110        (0.20)      (0.03)  485
    Net Debt        570,957   3,556,430   (84)     570,957   3,556,430   (84)
    Total assets 35,618,543  52,482,424   (32)  35,818,543  52,482,424   (32)
    Capital
     expendi-
     tures(3)    (4,119,776) 11,560,977  (136)  (4,722,283) 21,261,884  (122)
    Class A shares
     outstanding
     (No.)        44,418,095 44,384,095     -   44,418,095  44,384,095     -
    Class B shares
     outstanding
     (No.)         1,268,862  1,268,862     -    1,268,862   1,268,862     -
    Weighted
     average
     shares
     outstanding
     (No.)(4)
    Basic        57,106,715  46,527,988    23   57,101,926  40,949,126    39
    Diluted      57,106,715  46,527,988    23   57,101,926  41,110,014    39
    -------------------------------------------------------------------------
    Operating
    Average daily
     production
    Natural gas
     (mcf/d)          1,379       3,988   (65)       2,453       4,099   (40)
    Crude oil and
     NGLs (bbls/d)      127         144   (12)         156         172    (9)
    Total (boe/d)       356         809   (56)         565         855   (34)
    -------------------------------------------------------------------------
    Average selling
     prices
    Natural gas
     ($/mcf)           4.68        6.99   (33)        4.18        8.54   (51)
    Crude oil and
     NGLs ($/bbl)     59.29       46.64    27        51.92       78.91   (34)
    -------------------------------------------------------------------------
    Total ($/boe)     39.18       43.76   (10)       32.50       57.69   (44)
    -------------------------------------------------------------------------
    Operating
     netback ($/boe)
    Total Revenue(1)  41.88       45.57    (8)       34.54       59.05   (42)
    Royalties         (2.88)     (10.28)  (72)       (3.09)     (11.66)  (73)
    Operating costs  (24.68)     (20.47)   21       (21.82)     (19.55)   12
    Transportation
     (costs)
     recovery         (1.66)      (0.93)   79        (1.41)      (1.11)   27
    Operating netback 12.66       13.90    (9)        8.21       26.72   (69)
    -------------------------------------------------------------------------

    Notes:
    (1) Total revenue includes processing income.
    (2) Funds from operations is calculated as cash flow from operating
        activities before the change in non-cash working capital and asset
        retirement obligation expenditures.
    (3) Capital expenditures include property acquisitions and are presented
        net of proceeds of disposals.
    (4) Class B shares are converted to Class A shares at $10 divided by the
        greater of $1 and the Class A closing market price for the period. At
        December 31, 2009 and 2008, the closing Class A common share price
        was $0.31 and $0.32 respectively and as such Class B common shares
        were converted at $1 for all periods presented. Effective February 1,
        2010, all of the issued and outstanding class B shares of the
        Corporation were converted into Class A Shares on the basis of 10
        Class A Shares for each Class B Share held in accordance with the
        Corporation's articles. 1,268,862 Class B Shares were automatically
        converted into 12,688,620 Class A Shares effective February 1, 2010.
    

Financial and Operational Summary

Capital expenditures, before dispositions, were $4,032,123 for the year ended December 31, 2009 as compared to $14,196,731 for the year ended December 31, 2008. During 2009, the Corporation drilled 3 gross (2 net) wells with a success rate of 100%. 2 gross (1 net) wells were drilled in North Eastern British Columbia that were successful, however, were not brought on production as a result of a low gas price environment. One gross (1 net) well was drilled in the fourth quarter of 2009 in the Leaman area of Alberta. This well was recently brought on production at a rate of approximately 80 boe/d.

As a result of focusing on cash conservation and balance sheet strength, OneEx disposed of several significant properties in the Watelet, Willesden Green and other non-operated areas of Alberta. Proceeds from dispositions totaled $8,754,406 for the year ended December 31, 2009. Proceeds of disposition were used to reduce bank debt.

The Corporation's funds from operations were $(1,457,889) in 2009 compared to $5,815,751 in 2008 as a result of a significant decline in production and a significant decrease in commodity prices.

Production was 565 boe per day in 2009 compared to 855 boe per day in 2008 as a result of dispositions and natural production declines.

Corporate Reserves Summary

Sproule Associated Limited ("Sproule") was engaged to prepare an evaluation of the Corporation's reserves as of December 31, 2009.

    
    December 31, 2009 Summary Reserves (Corporation interest before
    royalties)
    -------------------------------------------------------------------------
                                                            Natural      Oil
                                            Total  Natural      Gas    Equiv-
                                              Oil      Gas  Liquids    alent
                                             MBbl     Mmcf     MBbl     Mboe
    -------------------------------------------------------------------------
    Proved Developed Producing               18.8  2,752.0    179.6    657.1
    Proved Developed Non Producing           83.8    793.0     10.9    226.9
    -------------------------------------------------------------------------
    Total Proved Developed                  102.6  3,545.0    190.5    883.9
    Proved Undeveloped                          -    152.0        -     25.3
    -------------------------------------------------------------------------
    Total Proved                            102.6  3,697.0    190.5    909.3
    Probable                                208.9  1,359.0     48.7    484.1
    -------------------------------------------------------------------------
    Total Proved + Probable                 311.5  5,056.0    239.2  1,393.4
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

Net Present Value of Future Net Revenue

    
    December 31, 2009 Net Present Values "NPV" Summary (Corporation interest
    before royalties)
    -------------------------------------------------------------------------

    Reserves Category (numbers
     may not add due to rounding)     0%       5%      10%      15%      20%
    -------------------------------------------------------------------------
    ($ 000s)

    Proved Developed Producing    15,369   11,911    9,718    8,228    7,159
    Proved Developed Non
     Producing                     7,094    5,990    5,152    4,501    3,985
    -------------------------------------------------------------------------
    Total Proved Developed        22,463   17,901   14,870   12,729   11,144
    Proved Undeveloped               715      511      373      279      212
    -------------------------------------------------------------------------
    Total Proved                  23,179   18,411   15,243   13,008   11,355
    Probable                      17,142   11,416    8,121    6,063    4,693
    -------------------------------------------------------------------------
    Total Proved + Probable       40,321   29,828   23,364   19,070   16,048
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

The above includes undiscounted future development capital of $1,164,000 on a TP basis and $3,169,000 on a P+P basis.

    
    Select Summary Pricing and Inflation Rate Assumptions (Forecast Prices)

    -------------------------------------------------------------------------
                             Edmonton
             WTI Cushing          Par     AECO - C    Inflation     Exchange
                Oklahoma     Price 40         Spot         Rate         Rate
    Year         $US/Bbl    API $/Bbl      ($/Mmcf)     (%/Year)   (US$/Cdn$)
    -------------------------------------------------------------------------
    2010           79.17        84.25         5.36          2.0        0.920
    2011           84.46        89.99         6.21          2.0        0.920
    2012           86.89        92.61         6.44          2.0        0.920
    2013           90.20        96.19         7.23          2.0        0.920
    2014           92.01        98.13         7.98          2.0        0.920
    2015           93.85       100.11         8.16          2.0        0.920
    2016           95.72       102.13         8.34          2.0        0.920
    2017           97.64       104.19         8.52          2.0        0.920
    2018           99.59       106.30         8.71          2.0        0.920
    2019          101.58       108.44         8.90          2.0        0.920
    2020          103.61       110.63         9.10          2.0        0.920
    There-after      +2%          +2%          +2%          2.0        0.920
    -------------------------------------------------------------------------


    Corporate Working Interest Reserves Reconciliation (Forecast Prices and
Costs)

    -------------------------------------------------------------------------
                                                                Total Proved
    Oil Equivalent (Mboe)                          Total Proved   + Probable
    -------------------------------------------------------------------------

    Opening Balance                                       1,537        2,712
    Extensions/Discoveries                                   84          162
    Technical Revisions                                    (119)        (515)
    Dispositions                                           (388)        (761)
    Production                                             (205)        (205)
    -------------------------------------------------------------------------
    Closing Balance                                         909        1,393
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------
    

Subsequent Events

On January 13, 2010, a new management group, led by Russell J. Tripp as President and CEO, completed the recapitalization of OneEx, which included (i) a private placement of 21,982,407 Class A shares at $0.17 per share for aggregate gross proceeds of $3,730,000 and (ii) the concurrent private company acquisition of TriOil Resources Ltd. (subsequently renamed TriOil Holdings Ltd.) pursuant to which the Corporation issued an aggregate of 47,831,272 Class A shares. The Corporation closed a second traunche of the private placement on January 28, 2010, issuing an aggregate of 1,470,526 Class A shares at a price of $0.17 per share for gross proceeds of $249,989. In February 2010, the Corporation entered into a commitment for the provision of a $6 million revolving credit facility with a Canadian chartered bank. The facility is expected to close by mid April.

The new management group implemented a new growth strategy focused on light oil resource plays in Alberta and Southeast Saskatchewan. The Corporation has assembled significant land positions on emerging light oil resource plays at Tableland in Southeast Saskatchewan and at Queenstown and Lochend in Southern Alberta.

Since the recapitalization transaction, the Corporation completed a $25 million bought deal financing, a $2.3 million rights offering and entered into an arrangement agreement to acquire Canext Energy Ltd. which is expected to close on or about April 12, 2010. The Canext transaction will significantly increase the Corporations critical mass and adds another key light oil property with identifiable production and reserve growth potential.

In the first quarter of 2010, the Corporation acquired approximately 18 net sections of undeveloped acreage on the Cardium Lochend trend of Alberta for total costs of approximately $6.1 million through a combination of crown land sales, freehold leasing and asset acquisitions.

The Corporation also entered into an asset purchase agreement to purchase 17 net (25 gross) sections of undeveloped land in the Lochend area of Alberta and approximately 50 boe/d of production for a cash purchase price of $7,500,000 and the issuance of 1,312,566 Class A shares (on a post consolidation basis). This transaction doubles the Corporation's position in its core Lochend Cardium light oil play in Southern Alberta to 35 net sections of land. The Lochend Cardium transaction is expected to close on April 30, 2010.

On April 1, 2010, the Corporation changed its name to TriOil Resources Ltd. and effected a 20 for 1 consolidation on its outstanding Class A shares. The Corporation's Class A shares are expected to begin trading on a post-consolidation basis under the new corporate name of TriOil Resources Ltd. and under the new stock symbol "TOL" on the TSX Venture Exchange on or about April 7, 2010.

2010 Outlook

The Corporation has made significant progress since the recapitalization transaction in mid January, 2010. Through a series of corporate, asset and financial transactions the new management team has repositioned OneEx as a high growth, light oil resource focused company with a strong balance sheet, an enhanced production and reserve base and large undeveloped land positions on a portfolio of Cardium, Bakken, Sanish and Pekisko light oil resource plays.

The Corporation's 2010 horizontal drilling program is entirely focused on light oil resource plays and we continue to remain opportunistic on additional strategic light oil acquisitions to further increase the Corporations oil weighting, critical mass and opportunity base.

One Exploration Inc. is a Calgary, Alberta based company engaged in the exploration, development and production of petroleum and natural gas. OneEx has 242,698,877 Class A shares issued and outstanding that trade on the TSXV under the symbol OE.A. Additionally, it is expected that OneEx's Class A shares will begin trading on the TSX Venture Exchange under the symbol "TOL" on April 7, 2010 giving effect to the previously announced share consolidation, on the basis of one (1) new Class A share for each twenty (20) Class A shares currently issued and outstanding, and previously announced name change from "One Exploration Inc." to "TriOil Resources Ltd."

To view OneEx's audited financial statements and the related Management's Discussion and Analysis for the years ended December 31, 2009 and 2008, respectively, please visit www.sedar.com.

Forward Looking Statements

This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "believe", "plans", "intends", "confident", "may", "objective", "ongoing", "will", "should", "project", "should" and similar expressions are intended to identify forward-looking information. More particularly, this document contains forward looking statements which include, but are not limited to, receipt of the required regulatory and third party approvals and satisfaction of conditions to complete the acquisition of Canext Energy Ltd. and the acquisition of certain assets in the Lochend Area of Alberta, the future operations of, and transactions completed by, OneEx as well as timing regarding trading of the class A shares on the TSX Venture Exchange on a post-consolidation and name change basis.

The forward-looking statements contained in this document are based on certain key expectations and assumptions made by OneEx, including: (i) with respect to the anticipated closing dates of the acquisition of Canext Energy Ltd. and the acquisition of certain assets in the Lochend Area of Alberta, expectations and assumptions concerning timing of receipt of required shareholder, court and regulatory approvals and third party consents and the satisfaction of other conditions to the completion such transactions, and (ii) with respect to the anticipated exploration and development opportunities and the outlook for the fiscal year ending December 31, 2010, expectations and assumptions concerning the success of future exploration and development activities, the performance of new wells, prevailing commodity price and the availability of additional capital if and when required by the Corporation.

Although OneEx believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because OneEx can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals or satisfy the conditions to closing the transactions, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Certain of these risks are set out in more detail in OneEx's Annual Information Form which has been filed on SEDAR and can be accessed at www.sedar.com and OneEx's other public disclosure documents which have been filed on SEDAR and can be accessed at www.sedar.com.

The forward-looking statements contained in this press release are made as of the date hereof and OneEx undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Meaning of BOE

The term "boe" may be misleading, particularly if used in isolation. A boe conversion of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE ONE EXPLORATION INC.

For further information: For further information: Russell J. Tripp, President & CEO, One Exploration Inc., Phone: (403) 265-4115

Organization Profile

ONE EXPLORATION INC.

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