One Exploration Inc. announces second quarter 2007 results



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

    CALGARY, Aug. 16 /CNW/ - One Exploration Inc. (the "Corporation" or
"One") is pleased to report its financial and operating results for the
quarter and six months ended June 30, 2007. Operational and Corporate
highlights include:

    
        -  The Corporation's average production for the quarter was 342 boe
           per day.

        -  The Corporation's current production is 720 boe per day and
           forecasts a 2007 year end exit rate of 950 boe per day.

        -  Successfully completed the acquisition of Tsunami Petroleum Corp.,
           a private company, on April 23, 2007 in exchange for 5,000,000
           Class A common shares of the Corporation.

        -  Closed a $12 million bought deal equity financing on June 21,
           2007.

        -  Successfully closed a $10.5 million asset acquisition in the
           Paddle River area of Alberta on June 21, 2007.

        -  For the third quarter to date, the Corporation successfully
           drilled and cased four exploration wells (2.5 net) and anticipates
           completion operations on all three wells to commence by August 31,
           2007.

        -  The Board of Directors of the Corporation has approved a revised
           capital budget of $33.1 million for 2007 (including the Tsunami
           and Paddle River acquisitions of $10.5 million and $6.8 million
           respectively).

        -  The Corporation plans to operate the drilling of 11 wells in the
           second half of 2007 at an average working interest of 85%.

        -  The Corporation has approximately 65 thousand net acres of
           undeveloped land and tax pools exceeding $90 million.
    

    The Corporation is pleased with the execution of its business plan since
commencing operations in December 2006, and believes that an excellent
foundation for the Corporation's future growth has been established for its
shareholders.
    On July 19, 2006 the Corporation determined that a substantial
realignment of the interests of creditors and shareholders was completed, and
accordingly applied the provisions of Section 1625 - Comprehensive Revaluation
of Assets and Liabilities of the Canadian Institute of Chartered Accountants
Handbook (the "Revaluation"). As a result of the Revaluation comparative
financial information is not presented for periods prior to July 20, 2006.


    
    Financial and Operating Summary

                                                                 Six months
                                         Three months ended         ended
    -------------------------------------------------------------------------
                                       June 30,      March 31,     June 30,
                                         2007          2007          2007
    -------------------------------------------------------------------------
    Financial highlights ($)

    Petroleum and natural gas sales    1,294,328       271,996     1,566,324

    Net earnings (loss)                 (794,569)    3,129,829     2,335,260

    Net earnings (loss) per share

      - basic                              (0.05)         0.21          0.14

      - diluted                            (0.05)         0.20          0.13

    Working capital at period end      4,950,997     5,417,661     4,950,997

    Capital expenditures              18,188,656     5,652,324    23,840,980

    Operating

    Production

      Natural gas (mcf per day)            2,010           375         1,197

      Crude oil and NGLs (bbls per day)        7             4             5

      BOE per day (6:1)                      342            66           205

    Average realized price

      Natural gas ($ per mcf)               6.89          7.31          6.96

      Crude oil and NGLs ($ per bbl)       53.68         71.55         60.00

      BOE ($ per boe, 6:1)                 41.60         45.50         42.23
    

    December 2006 financial statements

    The Corporation refiled its December 31, 2006 annual financial statements
on SEDAR at www.sedar.com. The SEDAR filing was amended to include conformed
signatures consistent with documents mailed to shareholders.

    About One Exploration Inc.

    One Exploration was continued into Alberta from Ontario in November 2006
and participates in oil and gas exploration, development and production in
Western Canada.

    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; 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 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 Annual Information Form which is
available at www.sedar.com. 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

Organization Profile

ONE EXPLORATION INC.

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