One Exploration Inc. announces stock option grant


    CALGARY, Dec. 21 /CNW/ - One Exploration Inc. (the "Corporation" or
"One") is pleased to announce that it has granted 467,500 options to purchase
class A common shares including an aggregate of 340,000 class A common shares
to directors and officers at an exercise price of $0.65 per class A common
share. The options will vest one-third (1/3) on each of the first, second and
third anniversaries from the date of grant and will expire five (5) years from
the date of grant. The Corporation has 10% "rolling" stock option plans which
reserve for issuance on exercise of stock options a maximum of 10% of the
number of class A shares and 10% of the number of class B shares of the
Corporation outstanding, respectively, from time to time.

    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.

For further information:

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

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