One Exploration Inc. announces strategic land joint venture


    CALGARY, April 20 /CNW/ - One Exploration Inc. (the "Corporation" or
"OneEx") is pleased to report it has entered into an agreement with a private
Canadian company whereby OneEx will receive funding to acquire up to $3.0
million of undeveloped Crown lands in Alberta, Saskatchewan or British
Columbia in exchange for a gross overriding royalty on the acquired lands
payable to the funding company. The funding agreement may be extended in
increments of $3.0 million at the discretion of the funding company up to
December, 2010.
    The agreement will provide OneEx with the unique ability to acquire
mineral rights on new prospects during a period of low landsale prices with no
capital expenditures or commitments to the Corporation. Land prices in Alberta
have averaged approximately $130 per hectare to date in 2009 compared to the
2008 average of $460 per hectare. This, in addition to the Alberta
Government's recent drilling incentives, makes for an opportune time to
assemble new drilling opportunities for OneEx.

    OneEx has 44.4 million Class A common shares that trade on the TSX under
the symbol OE.A, 1.3 million Class B common shares that trade on the TSX under
the symbol OE.B and 3.7 million Class A stock options outstanding at April 16,

    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.

    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" 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 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 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; One'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 statements.

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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