Petro Uno Resources Ltd. Announces $4 Million Equity Financing



SOURCES LTD. (PUP: TSX Venture Exchange) CALGARY, Sept. 8 /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 $4,000,000 in units ("Units") at a price of $0.35 per Unit (the "Offering"). Blackmont's agreement to act as agent is subject to the completion of its due diligence. Each Unit will be comprised of one common share and one-half of one common share purchase warrant, with each whole common share purchase warrant entitling the holder thereof to acquire one common share of the Company at a price of $0.40 per common share, expiring 12 months from the date of grant. Petro Uno intends to use the proceeds from the Offering to purchase Ward Williston Oil Co's interest in the McKinney Field, an oil and gas property located in Renville County, North Dakota, United States (the "Property"), as previously announced on August 12, 2009 and for general corporate purposes. The initial closing of the Offering is expected to close on or about September 15, 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. The Company also granted an option to purchase 100,000 common shares of the Company to the Chief Financial Officer of the Company, at an exercise price of $0.395 per common share. 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 Information set forth in this press release contains forward-looking statements relating to the terms of the Offering, the anticipated initial closing date and use of proceeds of the Offering and are based on assumptions as of the date hereof. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond Petro Uno's control. The risk factors include, but are not limited to, certain conditions to completing the acquisition of the Property and the impact of general economic and market conditions, industry conditions, volatility of commodity prices, currency fluctuation and other operational risks inherent in the oil and gas industry that could result in changes to the terms of the Offering, changes in the use of proceeds of the Offering, changes to the anticipated initial closing date or the possibility that the Offering does not proceed at all. 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. The use of proceeds of the Offering, the anticipated closing date and terms of the Offering as well as the closing and anticipated benefits of the acquisition of the Property could differ materially from those expressed in such forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur as specified in the press release or at all. Unless required by law, Petro Uno disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements are expressly qualified by these cautionary statements. 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

For further information:

For further information: William Ambrose, President and Chief Executive
Officer, 725, 435-4th Avenue S.W., Calgary, Alberta, T2P 3A8, (403) 410-3371

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