One Exploration Inc. announces stock option grant


    CALGARY, Jan. 21 /CNW/ - One Exploration Inc. (the "Corporation")
announces that it has granted 1,325,000 options to purchase class A common
shares at an exercise price of $0.35 per class A common share, including an
aggregate of 740,000 options to purchase class A common shares to directors
and officers of the Corporation. Subsequent to this grant, the Corporation has
4,013,000 options to purchase Class A shares outstanding. 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. The Corporation has
44.4 million Class A common shares and 1.3 million Class B common shares

    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.

    Neither the TSX Venture Exchange nor its Regulation Service Provider (as
    that term is defined in the policies of the TSX Venture Exchange) accepts
    responsibility for the adequacy or accuracy of this 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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