Petro Uno Provides Mid-Program Operational Update and Notice Regarding Expiry
of Outstanding Warrants

/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED STATES NEWS SERVICES./

CALGARY, Oct. 12 /CNW/ -

Drilling

Petro Uno Resources Ltd. ("Petro Uno" or the "Company") is pleased to provide an update on its Viking resource play operations in the Kindersley area of West Central Saskatchewan.  As previously announced, Petro Uno began its drilling program on August 22nd, 2010.  To date, Petro Uno has completed the drilling of the first 10 (4.35 net) horizontal Viking oil wells.  Due to the long awaited favorable weather conditions, Petro Uno has decided to combine the previously announced two-stage drilling program into one continuous program that will result in the drilling of a total of 18 gross (8.35 net) horizontal Viking oil wells.  These wells are anticipated to be completed drilling by the end of the second week of November.

Expiry of warrants

Petro Uno would like to remind its warrantholders (each a "Warrantholder") that the expiry dates for the share purchase warrants (the "Warrants") issued on October 15th and 29th, 2009 are set to expire on October 15th and 29th, 2010 respectively.  As the common shares of Petro Uno listed on the TSX Venture Exchange ("TSX-V") under the symbol "PUP" are currently trading above the exercise price of the Warrants, the Warrants are "in-the-money" and the Company highly recommends that Warrantholders exercise their Warrants. The Warrants were issued as part of the 2009 equity financing where the Company issued and sold 14,285,714 units (the "Units") of the Company at a price of $0.35 per Unit for total gross proceeds of $5,000,000. Each Unit was comprised of one common share and one-half of one Warrant, with each whole Warrant entitling the holder thereof to acquire one common share of the Company at a price of $0.40 per share, expiring 12 months from the date of grant.  The Warrants are currently tradable on the TSX-V under the symbol "PUP.WT". In accordance with recent amendments to the warrant indenture, immediately prior to the applicable expiry time for the Warrants, Petro Uno may acquire all of the unexercised and expiring Warrants by purchasing such Warrants for $0.005 each from each Warrantholder and may cause such expiring Warrants to be exercised by third parties.

Forward-looking statements

This press release contains forward-looking statements. More particularly, this press release contains forward-looking statements related to the anticipated completion date and results of Petro Uno's drilling program; the anticipated date by which Petro Uno expects its wells to be completed, equipped and producing; and Petro Uno's anticipated production by year-end.

The forward-looking statements contained in this press release are based on certain key expectations and assumptions made by Petro Uno, including: (i) the ability to successfully apply horizontal drilling techniques; (ii) the availability of adequate and secure sources of funding to complete equip and bring new wells on-stream; (iii) the availability of drilling rigs, the success of future drilling and development activities and prevailing commodity prices; (iv) the performance of Petro Uno's personnel; (v) the ability to drill and operate the new wells on an economic basis; and (vi) the ability to recover resources from the new wells and maintain stable production.

Although Petro Uno believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Petro Uno can give no assurance that they will prove to be correct. Since forward looking statements address future events and conditions, by their very nature they involve 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, the failure to obtain necessary regulatory approvals, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), and commodity price, interest rate and exchange rate fluctuations. The forward-looking statements contained in this press release are made as of the date hereof and Petro Uno 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.

BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf : 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Neither 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.

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For further information:

Jordan Kevol - VP Exploration
[phone] Extension 232