One Exploration Inc. announces 2009 budget and operational update



    
    /NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
    UNITED STATES./
    

    CALGARY, Jan. 16 /CNW/ - One Exploration Inc. (the "Corporation" or
"OneEx") announces that its Board of Directors has approved a capital budget
for the first six months of 2009 of $3.2 million, to be funded by cash flow
and existing bank lines. The Corporation plans to participate in three (0.5
net) wells in central Alberta and two (1.0 net) wells in the Nig Creek and
Bubbles area of NE British Columbia. The Nig Creek well targets a potential
pool extension at a depth of 1,300 metres, and the Bubbles well will test a
3-D seismically defined anomaly at a depth of 1,450 metres. The three central
1,500 metre Alberta wells are follow-up locations to the Corporation's 2008
central Alberta drilling program. Two of the proposed central Alberta wells
will be drilled horizontally and, if warranted, will be completed with
multi-stage fracs. The Corporation estimates that the proposed program will
add 135 boe/d on a risked basis, not including the Bubbles well which is
anticipated to be tied-in in the first quarter of 2010 if successful.
    The Corporation's current production is estimated to be 950 barrels of
oil equivalent (approximately 80 percent natural gas and 20 percent liquids),
and production prior to considering uplift from 2009 capital spending is
forecast to average between 800 and 900 boe/d. As of December 31, 2008, the
Corporation had an estimated net debt of $1.8 million and a $10 million credit
facility with a Canadian chartered bank.

    About One Exploration Inc.

    One Exploration Inc. participates in oil and gas exploration, development
and production in Canada. Specifically, the Corporation intends to generate
and develop its own prospects, acquire oil and gas properties and participate
in joint ventures with other industry partners in oil and gas exploration and
development in the Western Canadian Sedimentary Basin. The Corporation has
44.4 million Class A common shares and 1.3 million Class B common shares
outstanding.

    Barrels of oil equivalent ("boe") may be misleading, particularly if used
in isolation. A boe conversion ratio has been calculated using a conversion
rate of six thousand cubic feet of natural gas to one barrel and is based on
an energy equivalency conversion method application at the burner tip and does
not represent an economic value equivalency at the wellhead.
    Certain information regarding OneEx set forth in this news release
including management's assessment of the Corporation's future plans and
operations, production increases and future production levels contain
forward-looking statements that involve substantial known and unknown risks
and uncertainties. These forward-looking statements are subject to numerous
risks and uncertainties, certain of which are beyond the Corporation's control
including, without limitation, the impact of general economic conditions,
industry conditions, volatility of commodity prices, currency fluctuations,
imprecision of reserve estimates, environmental risks, competition from other
producers, lack of availability of qualified personnel, stock market
volatility, ability to access sufficient capital from internal and external
sources. In addition to other factors and assumptions which may be identified
in this press release, assumptions have been made regarding, among other
things: the ability to obtain equipment and services in a timely and cost
efficient manner; drilling results; commodity prices; and field production
rates and decline rates. The Corporation's actual results, performance or
achievements may differ materially from those expressed in, or implied by,
these forward-looking statements and, accordingly, no assurance can be given
that any events anticipated by the forward-looking statements will transpire
or occur, or if any of them do so, what benefits that the Corporation will
derive therefrom. Additional information on these and other factors that could
affect the Corporation's results are included in reports on file with Canadian
securities regulatory authorities and may be accessed through the SEDAR
website (www.sedar.com). Furthermore, the forward-looking statements contained
in this news release are made as at the date of this news release and OneEx
does not undertake any obligation to update publicly or to revise any of the
forward-looking statements, whether as a result of new information, future
events or otherwise, except as may be required by applicable securities laws.
    The term "net debt" is not recognized measures under Canadian generally
accepted accounting principles ("GAAP"). Net debt is the net result of
deducting current assets from total bank debt and current liabilities.

    
    Neither the TSX Venture Exchange nor its Regulation Service Provider (as
    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this release.
    





For further information:

For further information: Walter Vrataric, President and Chief Executive
Officer, One Exploration Inc., Phone: (403) 781-2752, Fax: (403) 232-8463;
Dennis Ward, Vice President, Finance and Chief Financial Officer, One
Exploration Inc., Phone: (403) 781-2756, Fax: (403) 232-8463

Organization Profile

ONE EXPLORATION INC.

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