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CALGARY, March 4 /CNW/ - One Exploration Inc. ("OneEx" or the "Corporation" - TSXV:OE.A and OE.RT) is pleased to provide an update on the Corporation's Cardium Lochend Land position, an update on Q1 2010 drilling operations and announces the results of the previously announced special meeting (the "Meeting") of shareholders of OneEx (the "Shareholders").
Cardium Lochend Land Position
OneEx has assembled a significant land position on an early stage Cardium light oil resource play at Lochend in Southern Alberta. The Corporation now owns 15 net sections (24 gross sections) on the Lochend Cardium trend. The Cardium "A" sand at Lochend is analogous to the Cardium "A" sand trend at Garrington, with Lochend being situated directly south of Garrington. Three confidential horizontal Cardium wells have been drilled to date at Lochend by three separate operators and one well was recently licensed by a fourth operator. OneEx plans to commence a multi-well horizontal drilling program at Lochend in the second half of 2010.
Q1 2010 Drilling Update
At Tableland in Southeast Saskatchewan, OneEx participated in the drilling of 3 (0.9 net) horizontal wells in the first quarter of 2010. One horizontal well was drilled and cased in the Bakken "B" sand and two horizontal wells were drilled and cased in the Sanish/Three Forks formation. Completion operations are expected to get underway in the next few weeks. OneEx also plans to participate in a fourth well at Tableland, also targeting the Sanish/Three Forks formation, prior to breakup.
OneEx owns working interests ranging from 30% to 50% in a large land spread at Tableland and expects to participate in approximately 10 horizontal wells in this emerging light oil resource play in 2010.
At Queenstown in South Alberta, OneEx is currently drilling its first horizontal well targeting a Pekisko light oil reservoir. The Company has the right to earn a 30% interest in approximately 27 gross sections of land on this early stage light oil resource play. OneEx plans to participate in a second horizontal Pekisko well at Queenstown prior to breakup.
Results of Shareholders Meeting
At the Meeting, OneEx received the required Shareholder approval to implement: (a) a consolidation (the "Share Consolidation") of the issued and outstanding class A shares (the "Class A Shares") of OneEx on the basis of one (1) Class A Share for each twenty (20) Class A Shares currently issued and outstanding; (b) a name change of the Corporation to "TriOil Resources Ltd." or such other name as may be determined by the Board of Directors and as may be accepted to the TSX Venture Exchange; and (c) an amendment to the Articles of the Corporation.
The Share Consolidation and name change, as approved by the Shareholders, are subject to acceptance by the TSX Venture Exchange Inc. ("TSXV"). An application for approval will be submitted and it is currently anticipated that the Share Consolidation and name change will occur in the upcoming weeks. Upon the required TSXV approval being obtained, letters of transmittal will be mailed to the registered holders of Class A Shares of OneEx requesting them to forward the certificates representing their Class A Shares to Valiant Trust Company in exchange for certificates representing the new name of the Corporation and the number of post-consolidation Class A Shares of the Corporation to which they are entitled, in accordance with the instruction contained in the letters of transmittal.
At the Meeting, the Shareholders also approved an amendment to the Articles of OneEx. Accordingly, immediately following the Meeting the Corporation effected a change to the Corporation's Articles of Incorporation, as amended, to provide that the directors of OneEx may, between annual general meetings, appoint one or more additional directors of the Corporation to serve until the next annual general meeting; provided, however, that the number of such additional directors shall not at any time exceed one-third of the number of directors who held office at the expiration of the last annual general meeting.
Lastly, the Corporation is pleased to announce that two additional directors, Mr. Andy Mah and Mr. Glen Gretzky, have been appointed to the board of directors of OneEx. Management of OneEx is very excited to have Mr. Mah and Mr. Gretzky on the Board and feel that they will both bring significant value to OneEx going forward.
This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws (together, "forward-looking information"). The use of any of the words "expect", "anticipate", "continue", "estimate", "believe", "plans", "intends", "confident", "may", "objective", "ongoing", "will", "should", "project", "should" and similar expressions are intended to identify forward-looking information. In particular, but without limiting the foregoing, this news release contains forward-looking information concerning the future drilling and completion operations of the Corporation and completion of the Share Consolidation and the name change of the Corporation.
The forward-looking information are based on certain key expectations and assumptions made by OneEx, including availability of capital to complete certain drilling and completion objectives, expectations and assumptions concerning timing of receipt of required regulatory and exchange approvals and the satisfaction of other conditions to the completion of the transactions contemplated above. Although OneEx believes that the expectations and assumptions on which the forward-looking information are based are reasonable, undue reliance should not be placed on the forward-looking information because OneEx can give no assurance that they will prove to be correct.
Since forward-looking information addresses future events and conditions, by its very nature it involves inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks that required regulatory, exchange and third party approvals and consents are not obtained on terms satisfactory to the parties within the timelines provided for in the this news release and risks that other conditions to the completion of the transactions are not satisfied on the timelines set forth in this news release or at all.
Completion of the Share Consolidation and name change contemplated herein are subject to a number of conditions, including but not limited to, TSX Venture Exchange acceptance and the ability of the Corporation to maintain its TSX Venture Exchange Tier Maintenance Requirements post consolidation. There can be no assurance that the Share Consolidation or name change will be completed as proposed, or on a specific date, or at all. Further to this, there can be no assurances that the market price of the New Class A Shares will increase as a result of the Share Consolidation. The marketability and trading liquidity of the consolidated shares of the Corporation may not improve as a result of the Share Consolidation. The Share Consolidation may result in some shareholders owning "odd lots" of less than 100 Common Shares which may be more difficult for such shareholders to sell or which may require greater transaction costs per share to sell.
The foregoing list of assumptions, risks and uncertainties is not exhaustive. The forward-looking information contained in this press release is made as of the date hereof and OneEx undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE ONE EXPLORATION INC.
For further information: For further information: Russell J. Tripp, President & CEO, One Exploration Inc., Phone: (403) 265-4115