One Exploration Inc. announces petroleum and natural gas reserves


    CALGARY, March 27 /CNW/ - One Exploration Inc. (the "Corporation" or
"OneEx") is pleased to announce its petroleum and natural gas reserves as of
December 31, 2007.
    In only its first year of full operation, the Corporation has
successfully executed on its strategy for growth through exploration and the
acquisition and exploitation of high quality properties. Highlights of the
Corporation's petroleum and natural gas reserves and capital efficiencies are
as follows:

    -   Total proved reserves of 1.389 million boe.

    -   Total proved plus probable reserves of 2.116 million boe.

    -   Proved plus probable present value of future net revenue after tax
        discounted at 10 percent of $34.75 million.

    -   Finding, Development and Acquisition ("FD&A") costs of $22.96/boe on
        a proved basis and $15.92/boe on a proved plus probable basis
        including future development capital.

    -   61,000 net undeveloped acres valued at $4.07 million by Independent
        Land Evaluations Inc.

    -   Approximately $94.7 million of tax pools.

    The following tables provide information on OneEx's petroleum and natural
gas reserves as of December 31, 2007 as evaluated by the Corporation's
independent reserve engineering firms, Sproule Associates Limited ("Sproule")
and Paddock Lindstrom & Associates Ltd. ("Paddock"). The evaluation of OneEx's
petroleum and natural gas reserves was conducted pursuant to National
Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities ("NI
51-101"). Sproule evaluated 47 percent of the total proved barrel of oil
equivalent reserves and 49 percent of the total proved plus probable barrel of
oil equivalent reserves. Paddock evaluated the Corporation's Paddle River
assets consisting of 53 percent of the total proved barrel of oil equivalent
reserves and 51 percent of the total proved plus probable barrel of oil
equivalent reserves.

    Summary of Oil and Gas Reserves as of December 31, 2007 (i)(ii)
                          Light         Natural Gas                   of Oil
                           and          (non-asso-           Natural  Equi-
                          Medium  Heavy  ciated &   Coalbed    Gas    valent
                           Oil     Oil  associated) Methane  Liquids  (iii)
    Reserve Category     Gross    Gross    Gross    Gross    Gross    Gross
                         (Mbbl)   (Mbbl)   (MMcf)   (MMcf)   (Mbbl)   (Mboe)

    Developed Producing    27.7     2.0    5,576        0    136.9   1,095.9

     Non-Producing          0.0     0.9      825        0     13.6     152.0

    Undeveloped             0.0     0.0      767       27      9.0     141.3

    Total Proved           27.7     2.9    7,168       27    159.4   1,389.2

    Probable               25.4     1.3    3,639       43     86.9     727.3

    Total Proved Plus
     Probable              53.1     4.2   10,806       69    246.3   2,116.1


        (i)   "Company Gross" reserves as defined in NI 51-101.
        (ii)  Forecast prices and costs.
        (iii) Natural Gas and Coalbed Methane are converted to barrel of oil
              equivalent (boe) at a ratio of 6 Mcf to one boe.
        (iv)  Columns may not add due to rounding.

    Summary of Net Present Values of Future Net Revenue As of December 31,
                                        Before and After Income Taxes
                                            Discounted at (% Year)
                                     0        5       10       15       20

    Reserves Category               (M$)     (M$)    (M$)     (M$)     (M$)

    Developed Producing            26,469   22,021   19,039   16,899   15,282

    Developed Non-Producing         4,082    3,447    2,992    2,649    2,380

    Undeveloped                     3,646    3,123    2,718    2,399    2,142

    Total Proved                   34,197   28,590   24,749   21,946   19,803

    Probable                       20,318   13,552   10,004    7,861    6,438

    Total Proved Plus Probable     54,515   42,142   34,753   29,807   26,241


    (i)    The Net Present Values of Future Net Revenues ("FNR") are
           determined under the existing Alberta royalty framework.
    (ii)   Forecast prices and costs
    (iii)  Columns may not add due to rounding.
    (iv)   The FNR is determined without any provision for interest costs and
           general and administration expenses, but after providing for
           estimated royalties, lease operating expenses, processing and
           treating income, other oil and gas related income, future capital
           expenditures and well abandonment costs. Is should not be assumed
           that the discounted or undiscounted FNR estimated by Sproule and
           Paddock represent the fair market value of those reserves.

    A summary of Sproule's escalated price forecast assumptions as of December
31, 2007 follows:

    Summary of Pricing and Inflation Rate Assumptions as of December 31, 2007
                      Edmonton  Cromer  Natural  anes
                        Par     Medium  Gas(i)   Plus   Butanes          Ex-
                      Price 40   29.3    AECO    FOB    F.O.B.  Infla- change
                 WTI   degrees  degrees  Gas    Field   Field   tion    Rate
               Cushing   API     API    Prices  Gate    Gate    Rate    (iii)
              Oklahoma ($Cdn/   ($Cdn/  ($Cdn/  ($Cdn/  ($Cdn/  (ii)    ($US/
    Year      ($US/bbl)  bbl)    bbl)   MMBtu)   bbl)   bbl)    (%/Yr)  $Cdn)

      2003      31.14   43.23   37.53    6.66   44.16   34.55     2.5   0.716

      2004      41.42   52.91   45.72    6.87   53.91   41.37     1.3   0.770

      2005      56.46   69.29   57.36    8.58   69.13   45.20     1.6   0.826

      2006      66.09   73.30   62.35    7.16   75.03   59.32     2.7   0.882

      2007      72.27   77.06   65.33    6.65   77.30   63.71     2.0   0.935


      2008      89.61   88.17   75.83    6.51   90.30   65.72     2.0   1.000

      2009      86.01   84.54   72.71    7.22   86.58   63.01     2.0   1.000

      2010      84.65   83.16   71.52    7.69   85.17   61.98     2.0   1.000

      2011      82.77   81.26   69.89    7.70   83.23   60.57     2.0   1.000

      2012      82.26   80.73   69.43    7.61   82.68   60.17     2.0   1.000

    Thereafter                     Various Escalation Rates


    (i)    This summary table identifies benchmark reference pricing
           schedules that might apply to a reporting issuer.
    (ii)   Inflation rates for forecasting prices and costs.
    (iii)  Exchange rates used to generate the benchmark reference prices in
           this table.
    (iv)   Product sale prices will reflect these reference prices with
           further adjustments for quality and transportation to point of

    Capital efficiency
    The following Finding, Development & Acquisition ("FD&A") table highlights
the efficiency of OneEx's capital expenditures during 2007 and the comparative
fiscal year 2006. The Corporation is unable to provide a three year average
FD&A as required under NI 51-101 as oil and gas operations commenced during
the fourth quarter of 2006.

    Finding, Development & Acquisition ("FD&A") Costs
                            Fiscal 2007      Fiscal 2006     Two year average
    ($ 000's except      Proved   Proved   Proved   Proved   Proved   Proved
    reserve units and              plus              plus              plus
    unit costs)                  Probable          Probable          Probable
    Finding, Development
     and Acquisition
     (FD&A) costs

    Total capital
     expenditures (ii)    34,030   34,030    2,884    2,884   36,914   36,914

    Future capital -
     period end (iii)        889    1,056       26      476      889    1,056

    Future capital -
     period beginning
     (iii)                    26      476        -        -        -        -

    Total capital
     including change
     in future capital    34,893   34,610    2,910    3,360   37,803   37,970

    Total reserve
     additions (mboe)      1,520    2,174       48      119    1,568    2,293

    FD&A cost ($/boe)      22.96    15.92    60.63    28.24    24.11    16.56

    Finding and
     Development (F&D)

     expenditures (ii)    16,595   16,595      334      334   16,929   16,929

    Future capital -
     period end (iii)        889    1,056       26      476      889    1,056

    Future capital -
     period beginning
     (iii)                    26      476        -        -        -        -

    Capital expenditures
     including change
     in future capital    17,458   17,175      360      810   17,818   17,985

    Total reserve
     additions (mboe)        608      910        -       24      608      934

    F&D cost ($/boe)       28.71    18.87      N/A    33.76    29.31    19.26


    (i)    The aggregate of the exploration and development costs incurred in
           the most recent financial year and the change during that year in
           estimated future development costs generally will not reflect
           total finding and development costs related to reserves additions
           for that year.
    (ii)   Total capital expenditures for 2007 are unaudited and are subject
           to adjustment.
    (iii)  Future capital expenditures required to convert proved
           non-producing and probable reserves to proved producing.

    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 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

For further information:

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

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