One Exploration Inc. provides fourth quarter 2007 operational update



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

    CALGARY, Jan. 23 /CNW/ - One Exploration Inc. (the "Corporation" or
"OneEx") is providing an operational update relating to its fourth quarter
drilling activity, estimates on its 2007 exit production, corporate debt and
its first quarter 2008 capital budget.

    Fourth quarter drilling, completion and tie-in operations

    OneEx drilled and cased ten (6.20 net) wells in the fourth quarter of
2007 with completion operations performed on two (1.08 net) of the ten wells.
One (0.40 net) of the wells tested natural gas at a gross rate of 1.5 mmcf/d
(250 boe/d gross or 100 boe/d net to OneEx) while the other well (0.46 net)
tested natural gas at a gross rate of 0.8 mmcf/d (135 boe/d gross or 62 boe/d
net to OneEx). Tie in operations are anticipated to add approximately
110 boe/d net to OneEx by March, 2008. Completion operations on the remaining
eight (5.02 net) wells are expected to be completed early in the first quarter
of 2008.
    In addition to the ten well drilling program in the fourth quarter, OneEx
conducted completion operations on two (1.50 net) wells which were drilled in
the third quarter of 2007. One (0.50 net) well tested natural gas at a gross
rate of 1.38 mmcf/d (230 boe/d gross or 115 boe/d net to OneEx) and was
subsequently tied in late December at an initial gross restricted production
rate of 0.8 mmcf/d (133 boe/d gross or 66 boe/d net to OneEx). The
Corporation's working interest in the well will convert to 25% after payout.
The second (1.0 net) well, which converts to a 65% working interest following
completion, tested natural gas at a gross rate of 1.29 million cubic feet per
day (215 boe/d or 140 boe/d net to OneEx). Subsequent to the completion, OneEx
was successful in acquiring 5.25 (3.4 net) sections of land immediately
offsetting the discovery well at the December 5th, 2007 Alberta land sale.
During the first quarter of 2008 OneEx anticipates drilling a follow-up well
on the acquired acreage. A tie in operation is currently underway on the
discovery well and is expected to initially add 100 boe/day net to the
Corporation by March, 2008.
    The Corporation also equipped and tied-in two (2.0 net) wells in the
fourth quarter of 2007 both of which were completed in the third quarter of
2007 adding 1.20 mmcf/d (200 boe/d) net to the Corporation.

    
    A summary of the Corporations fourth quarter activity is detailed below:

    -------------------------------------------------------------------------
                                                                    Q1 2008
                                                                   production
                                            Test rates                adds
                 Wells        Wells       mmcf/d (boe/d)    Wells   (boe/d)
                Drilled     Completed        (Note 1)      Tied-in  (Note 2)
             ----------------------------------------------------------------
    Area      Gross   Net  Gross   Net     Gross       Net   Gross
    -------------------------------------------------------------------------
    Peace River
     Arch         2  1.00    Nil   Nil       Nil       Nil     Nil       Nil
    Central
     Alberta      6  3.75      2  1.12  2.88(480) 1.29(215)      2       100
    SE Alberta    1  1.00      1  1.00  1.29(215) 0.84(140)      1       100
    Eastern
     Alberta      1  0.46      1  0.46  0.81(135)  0.37(62)    Nil        10
    -------------------------------------------------------------------------
    Total        10  6.21      4  2.58  4.98(830) 2.50(417)      3       210
    -------------------------------------------------------------------------

    Note 1:  References in this news release to initial test production rates
    and "flush" production rates are useful in confirming the presence of
    hydrocarbons, however, such rates are not determinative of the rates at
    which such wells will commence production and decline thereafter. While
    encouraging, readers are cautioned not to place reliance on such rates in
    calculating the aggregate production for the Company.

    Note 2: Represents forecasted production additions from wells that have
    been completed and does not include potential production from wells
    awaiting completion.
    

    2007 Exit Production and corporate debt

    OneEx exited 2007 with production, based on field estimates, of
approximately 910 boe per day. Operational constraints at third party
processing facilities resulted in 2007 exit production being constrained by
approximately 50 boe/d.
    Debt and working capital deficiency is forecasted to be approximately
$3.0 to $3.5 million at December 31, 2007.

    First Quarter 2008 Budget

    The Corporation's Board of Directors has approved a $3.3 million capital
expenditure budget for the first quarter of 2008. In addition to its ongoing
completion operations, the Corporation has budgeted to drill four (3.15 net)
wells in the first quarter of 2008. The Corporation anticipates exiting the
first quarter of 2008 with a production rate between 1,100 and 1,200 boe/d.

    About One Exploration Inc.

    OneEx has 26,363,337 Class A common shares outstanding that trade on the
TSX-V under the symbol OE.A and 1,268,860 Class B common shares outstanding
that trade on the TSX-V under the symbol OE.B.

    This news release does not constitute an offer to sell securities, nor is
it a solicitation of an offer to buy securities, in any jurisdiction. All
sales will be made through registered securities dealers in jurisdictions
where the offering has been qualified for distribution. The securities offered
are not, and will not be, registered under the securities laws of the United
States of America, nor any state thereof and may not be sold in the United
States of America absent registration in the United States or the availability
of an exemption from such registration.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this news release.

    Natural gas reserves are converted to barrel of oil equivalent at six
thousand cubic feet of natural gas for each barrel of oil equivalent ("boe")
based on the relative heating content of natural gas to crude oil. Readers are
cautioned that the relative values of natural gas and crude oil may differ and
that the barrel of oil equivalent measure may not be representative of the
relative values of natural gas and crude oil. In this press release: boe/d
means boe per day; mcf/d means thousand cubic feet per day; mmcf/d means
million cubic feet per day; mboe means thousand boe; mmcf means million cubic
feet; bbl means barrel and mmbtu means million British Thermal Units.

    Investors are further cautioned that the preparation of financial
statements in accordance with Canadian generally accepted accounting
principles ("GAAP") requires management to make certain judgments and
estimates that affect the reported amounts of assets, liabilities, revenues
and expenses. Estimating reserves is also critical to several accounting
estimates and requires judgments and decisions based upon available
geological, geophysical, engineering and economic data. These estimates may
change, having either a negative or positive effect on net earnings as further
information becomes available, and as the economic environment changes.

    This news release contains certain forward-looking statements, which are
based on OneEx's current internal expectations, estimates, projections,
assumptions and beliefs. Some of the forward-looking statements may be
identified by words such as "expects", "anticipates", "believes", "projects",
"plans", "forecasts" and similar expressions. These statements are not
guarantees of future performance and involve a number of risks and
uncertainties, many of which are beyond OneEx's control. Such forward-looking
statements necessarily involve known and unknown risks and uncertainties,
which may cause OneEx's actual performance and financial results in future
periods to differ materially from any projections of future performance or
results expressed or implied by such forward-looking statements and,
accordingly, no assurances can be given that any of the events anticipated by
the forward-looking statements will transpire or occur, or if any of them do,
what benefits OneEx will derive from them. The risks and uncertainties
associated with the forward-looking statements included in this news release
include, among other things, changes in general economic, market and business
conditions; changes or fluctuations in production levels, unexpected drilling
results, commodity prices, currency exchange rates, capital expenditures,
reserves or reserves estimates and debt service requirements; changes to
legislation, investment eligibility or investment criteria; OneEx's ability to
comply with current and future environmental or other laws; OneEx's success at
acquisition, exploration and development of reserves; actions by governmental
or regulatory authorities including increasing taxes, changes in investment or
other regulations; and the occurrence of unexpected events involved in the
exploration for, and the operation and development of, oil and gas properties.
Many of these risks and uncertainties are described in OneEx's Annual
Information Form which is available at www.sedar.com. Readers are also
referred to risk factors described in other documents OneEx files with
Canadian securities authorities. Copies of these documents are available
without charge from the Corporation. Except as required by applicable law, the
Corporation disclaims any responsibility to update these forward-looking
statements.





For further information:

For further information: Walter Vrataric, President and Chief Executive
Officer, walterv@one-ex.ca, Phone: (403) 781-2752, Fax: (403) 232-8463; Dennis
Ward, Vice President, Finance and Chief Financial Officer, dennisw@one-ex.ca,
Phone: (403) 781-2756, Fax: (403) 232-8463

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ONE EXPLORATION INC.

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