Petro Uno Resources Ltd. Announces $2 Million Equity Financing


CALGARY, Nov. 12 /CNW/ - Petro Uno Resources Ltd. ("Petro Uno" or the "Company") (PUP: TSX Venture Exchange) is pleased to announce that it has entered into an agreement with Blackmont Capital Inc. ("Blackmont") to issue, on a private placement commercially reasonable efforts basis, up to $2,000,000 in common shares of the Company to be issued on a "flow-through" basis (the "Flow-Through Shares") pursuant to the provisions of the Income Tax Act (Canada) at a price of $0.50 per Flow-Through Share (the "Offering"). Blackmont's agreement to act as agent is subject to the completion of its due diligence.

Petro Uno intends to use the proceeds from the Offering to incur qualifying expenditures on the lands which the Company previously announced it has entered into farm-in arrangements on.

The Offering is expected to close on or about November 30, 2009. Additional closings may take place from time to time as determined by the Company and Blackmont. The Offering is subject to the approval of the TSX Venture Exchange.

This news release does not constitute an offer to sell or a solicitation of any offer to buy securities in the United States. The securities offered have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements of such Act.

About Petro Uno Resources Ltd.

Petro Uno is a junior oil and gas company trading on the TSX Venture Exchange under the symbol "PUP". Petro Uno currently produces approximately 35-40 BOE/d of light crude oil from wells located in Alberta, Canada. The Company is actively seeking out oil exploration and development opportunities in Saskatchewan, North Dakota and Montana, whether by farm-in or acquisition.

Forward Looking Information

This press release contains forward looking statements. Since forward looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. More particularly, this press release contains statements concerning the anticipated closing date of the offering and the anticipated use of the net proceeds of the offering. Readers are cautioned that the assumptions and factors discussed in this press release are not exhaustive and that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise, and as such, undue reliance should not be placed on forward-looking statements and outcomes could differ materially from those expressed in such forward-looking statements. The closing of the offering could be delayed if Petro Uno is not able to obtain the necessary regulatory and stock exchange approvals on the timelines it has planned. The offering will not be completed at all if these approvals are not obtained or some other condition to the closing is not satisfied. Accordingly, there is a risk that the offering will not be completed within the anticipated time or at all. The forward looking statements contained in this press release are made as of the date hereof and Petro Uno undertakes no obligations 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 laws.

    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

%SEDAR: 00025629E


For further information: For further information: William Ambrose, President and Chief Executive Officer, 725, 435-4th Avenue S.W., Calgary, Alberta, T2P 3A8, (403) 355-8890; Jordan Kevol, Vice President, Exploration and Development, 725, 435-4th Avenue S.W., Calgary, Alberta, T2P 3A8, (403) 355-8924

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