One Exploration Inc. Completes Rights Offering

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

CALGARY, March 29 /CNW/ - One Exploration Inc. ("OneEx" - TSXV:OE.A) is pleased to announce the completion of its previously announced rights offering (the "Rights Offering"). Under the Rights Offering, holders of Class A shares of OneEx subscribed for and purchased an aggregate of 13,747,957 Class A shares at a price of $0.17 each, resulting in gross proceeds to OneEx of approximately $2,337,153. The proceeds of the Rights Offering will be used by the Corporation for capital expenditures, including funding a portion of the Corporation's 2010 drilling program, and for general corporate purposes.

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 will shortly implement its 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 (the "Share Consolidation") and previously announced name change from "One Exploration Inc." to "TriOil Resources Ltd." (the "Name Change").

Forward Looking Statements

This document contains forward-looking statements. More particularly, this document contains statements concerning the use of proceeds of the Rights Offering and the anticipated timing and completion of the Share Consolidation and Name Change. 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 Share Consolidation and Name Change. 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.

Completion of the Share Consolidation and Name Change are subject to a number of conditions, including but not limited to the ability of the Corporation to maintain its TSX Venture Exchange Tier Maintenance Requirements post consolidation. There can be no assurance that the Share Consolidation or Name Change will be completed as proposed, or on a specific date, or at all. Further to this, there can be no assurances that the market price of the new Class A shares will increase as a result of the Share Consolidation. The marketability and trading liquidity of the consolidated shares of the Corporation may not improve as a result of the Share Consolidation. The Share Consolidation may result in some shareholders owning "odd lots" of less than 100 Class A shares which may be more difficult for such shareholders to sell or which may require greater transaction costs per share to sell.

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 the board of directors of OneEx determines that it would be in the best interests of OneEx to deploy the proceeds for some other purpose and risks that conditions to the completion of the Share Consolidation and Name Change 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

Organization Profile

ONE EXPLORATION INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890