One Exploration Inc. to acquire private company



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

    CALGARY, April 18 /CNW/ - One Exploration Inc. (the "Corporation" or
"One") is pleased to announce that it has signed a share sale and purchase
agreement with Tsunami Petroleum Corp. ("Tsunami") and its shareholders for
the acquisition of all of the issued and outstanding shares of Tsunami (the
"Acquisition") in exchange for 5,000,000 Class A Common Shares of the
Corporation. Tsunami is a private Alberta incorporated exploration company
that holds various non-operated working interests in a number of locations
throughout Alberta including the Morley, Ferrier, Highvale and Atmore areas.
    This acquisition provides One with high quality properties and additional
development and exploration opportunities. One will have 18,440,337 Class A
Common Shares outstanding and 1,268,862 Class B Common Shares Outstanding
after closing the acquisition. Acquisition parameters include:

    
    -  Company gross share proved reserves of 264.1 mboe and proved plus
       probable reserves of 393.5 mboe based on an independent report by
       Sproule Associates Limited (the "Sproule Report") with an effective
       date of August 31, 2006. The pre-tax net present value based on
       forecast prices and costs, discounted at 10 percent as of August 31,
       2006 in the Sproule Report, was $ 5.8 million. Sproule provided an
       additional report reflecting assets developed during the fourth
       quarter of 2006 in the Atmore area with an effective date of January
       31, 2007 (the "Sproule Atmore Report"). Company gross share proved
       reserves of 42 mboe and proved plus probable reserves of 56 mboe were
       assigned in the Sproule Atmore Report. The pre-tax net present value
       based on forecast prices and costs discounted at 10 percent as of
       January 31, 2007 in the Sproule Atmore Report was $ 1.1 million.

    -  Approximately 4,900 net undeveloped acres of land.

    -  Current daily production of approximately 165 boe per day.

    -  Tsunami has no long-term debt.

    -  Expenses of the transaction are estimated at $125,000.


    Finding, development and acquisition costs for this acquisition are as
    follows:

    Finding, Development and Acquisition Costs - (including undeveloped land)
    -------------------------------------------------------------------------
                                                    Proved ($)   Proved plus
                                                                 probable ($)
                                                -----------------------------
    Acquisition of reserves (thousands)(1)           6,924             6,924
    Acquisition of undeveloped land (thousands)        400               400
    -------------------------------------------------------------------------
    Total (thousands)                                7,324             7,324
    -------------------------------------------------------------------------
    Total reserve additions (mboe)                     306               450
    -------------------------------------------------------------------------
    Finding, development and acquisition costs
     (per boe)(2)                                    23.93             16.29
    -------------------------------------------------------------------------

    (1) Value is based on the Sproule Report and the Sproule Atmore Report
        pre-tax cash flow discounted at 10 percent and includes $1,314,000
        for future development costs for proven reserves and $1,378,000
        future development costs for proven plus probable reserves.

    (2) Finding, Development and Acquisition Costs per barrel of oil
        equivalent (boe) is calculated by dividing the identified capital
        expenditures by the applicable reserve additions. One has adopted the
        standard of six mcf of natural gas being equivalent to one barrel of
        oil when converting natural gas to barrels of oil equivalent. This
        practice may be misleading, particularly if used in isolation. A 6:1
        conversion ratio is based on an energy equivalency conversion method
        primarily applicable at the burner tip and does not represent a value
        equivalency at the wellhead.

    The following table outlines the pricing assumptions used in the Sproule
    Report dated August 31, 2006:

                  West Texas                 Edmonton AECO   Foreign Exchange
    Year       Intermediate Oil   Light Oil       Gas              Rate
    -------------------------------------------------------------------------
                  ($US/bbl)       ($Cdn/bbl)   ($Cdn/mcf)       ($Cdn/$U.S)
             ----------------------------------------------------------------
    2006            75.33            82.25         7.91            0.900
    2007            77.54            84.70         9.35            0.900
    2008            69.42            75.66         8.90            0.900
    2009            57.31            62.18         7.50            0.900
    2010            54.12            58.62         7.25            0.900
    2011            55.20            59.80         7.41            0.900
    2012            56.31            61.00         7.54            0.900
    2013            57.43            62.23         7.67            0.900
    2014            58.58            63.48         7.80            0.900
    2015            59.75            64.76         7.93            0.900
    2016            60.95            66.06         8.07            0.900
    2017            62.17            67.39         8.21            0.900
    -------------------------------------------------------------------------
    Thereafter  2.0% escalated  2.0% escalated  2.0% escalated     0.900
    -------------------------------------------------------------------------

    The following table outlines the pricing assumptions used in the Sproule
    Atmore Report dated January 31, 2007:

                  West Texas                 Edmonton AECO   Foreign Exchange
    Year       Intermediate Oil   Light Oil       Gas              Rate
    -------------------------------------------------------------------------
                  ($US/bbl)       ($Cdn/bbl)   ($Cdn/mcf)       ($Cdn/$U.S)
             ----------------------------------------------------------------
    2007            59.09            66.45         7.01             0.87
    2008            62.41            70.25         8.19             0.87
    2009            62.45            70.28         7.86             0.87
    2010            58.37            65.56         7.55             0.87
    2011            55.20            61.90         7.72             0.87
    2012            56.31            63.15         7.85             0.87
    2013            57.43            64.42         7.99             0.87
    2014            58.58            65.71         8.12             0.87
    2015            59.75            67.03         8.26             0.87
    2016            60.95            68.38         8.40             0.87
    2017            62.17            69.76         8.54             0.87
    -------------------------------------------------------------------------
    Thereafter  2.0% escalated  2.0% escalated  2.0% escalated      0.87
    -------------------------------------------------------------------------
    

    Closing:

    Closing of the Acquisition is expected to occur on or about April 23,
2007, subject to TSX Venture Exchange approval.

    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.

    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.

    In this press release: boe/d means boe per day; mcf/d means thousand
cubic feet per day; mboe means thousand boe; mmcf means million cubic feet;
and bbl means barrel.

    This news release contains information regarding estimated net present
values of reserves. It should not be assumed that the estimate of net present
value of the reserves represents the fair market value of the reserves.
    The reserve estimates above are in accordance with National Instrument
51-101 Standards of Disclosure for Oil and Gas Activities.

    The Corporation has adopted the standard of 6 Mcf of natural gas being
equivalent to 1 barrel of oil when converting natural gas to barrels of oil
equivalent (boe). This practice may be misleading, particularly if used in
isolation. A 6:1 conversion ratio is based on an energy equivalency conversion
method primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.

    This news release contains certain forward-looking statements, which are
based on One'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" and similar expressions. These statements are not guarantees of future
performance and involve a number of risks and uncertainties, many of which are
beyond One's control. Such forward-looking statements necessarily involve
known and unknown risks and uncertainties, which may cause One'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 One 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; One's ability to comply with current and future
environmental or other laws; One'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 One's Final Prospectus dated November 23, 2006.
Readers are also referred to risk factors described in other documents One
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, One Exploration Inc., Phone: (403) 265-4115 ext 222, Fax: (403)
232-8463; Dennis Ward, Vice President, Finance and Chief Financial Officer,
One Exploration Inc., Phone: (403) 265-4115 ext 226, Fax: (403) 232-8463

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ONE EXPLORATION INC.

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