One Exploration Inc. Announces Date for Conversion of Class B Shares into
Class A Shares

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

CALGARY, Jan. 26 /CNW/ - One Exploration Inc. ("OneEx" - TSXV:OE.A or TSXV:OE.B) announces that effective February 1, 2010 (the "Effective Date"), all of the issued and outstanding Class B Shares of OneEx will be converted into Class A Shares of OneEx on the basis of ten (10) Class A Shares for each Class B Share held on the Effective Date.

The Class B Shares are currently listed and traded on the facilities of the TSX Venture Exchange under the symbol OE.B. In connection with the conversion of the Class B Shares into Class A Shares and the amendment of its Articles, OneEx has requested approval from the TSX Venture Exchange to de-list the Class B Shares. A letter of transmittal will be sent by the Corporation's transfer agent to each holder of Class B Shares requesting that such holders submit their Class B Share certificates (together with the completed letter of transmittal) to the Corporation's transfer agent, in order to receive new share certificates in respect of the Class A Shares.

Forward Looking Statements

This document contains forward-looking statements. More particularly, this document contains forward-looking statements concerning the completion of the conversion of the Class B Shares of OneEx into Class A Shares of OneEx, the sending of letters of transmittal by OneEx' transfer agent, and the de-listing of the Class B Shares of OneEx from the TSX Venture Exchange.

The forward-looking statements are based on certain key expectations and assumptions made by OneEx, including expectations and assumptions concerning timing of receipt of required regulatory approvals and the satisfaction of other conditions to the completion of the conversion.

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, risks that required regulatory and third party approvals and consents are not obtained on terms satisfactory to the parties within the timelines provided for in the this news release and risks that other conditions to the completion of the transactions are not satisfied on the timelines set forth in this news release or at all.

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.

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

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ONE EXPLORATION INC.

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