Petro Uno Resources Ltd. Announces Closing of Private Placement of Subscription Receipts


    CALGARY, March 7 /CNW/ - Petro Uno Resources Ltd. ("Petro Uno")
(TSX- V: PUP.P) is pleased to announce that it completed a private placement
of 3,535,750 subscription receipts (the "Subscription Receipts") at a price of
$0.40 per Subscription Receipt for gross proceeds of $1,414,300 (the "Private
Placement"). The final closing of the Private Placement occurred on March 6,
2008. Each Subscription Receipt is convertible into one unit of Petro Uno (a
"Unit"), each Unit consisting of one common share and one-half of one common
share purchase warrant, with each full common share purchase warrant being
exercisable into one common share at a price of $0.60 for one year from the
date of issue.
    The proceeds of the Private Placement have been deposited into escrow, to
be released upon approval by the TSX Venture Exchange (the "TSX-V") of Petro
Uno's previously announced acquisition of all of the issued and outstanding
shares of Ballater Resources Ltd. (the "Ballater Acquisition"). If notice of
TSX-V approval of the Ballater Acquisition has not been provided by June 13,
2008 or Petro Uno otherwise notifies the escrow agent that the Ballater
Acquisition will not proceed, the Subscription Receipts shall be automatically
cancelled and the escrowed funds refunded to subscribers under the Private
Placement with interest, less any applicable withholding tax.
    The Subscription Receipts and all securities issued pursuant to the
Private Placement are restricted from trading for a four month period from the
date of issue. A cash payment equal to 3.75% of the gross proceeds raised in
the Private Placement was paid to Emerging Equities Inc. (the "Agent"), as
agent, at the respective closings of the Private Placement. The Agent also
received a corporate finance fee of $15,000. The Agent will receive a fee upon
the release of the escrowed funds to Petro Uno consisting of: (i) a cash
payment equal to 3.75% of the gross proceeds raised; and (ii) compensation
options to purchase 265,181 Units, being that number of compensation options
that is equal to 7.5% of the Subscription Receipts sold in the Private
Placement, at an exercise price of $0.40 per compensation option.
    Petro Uno intends that the proceeds from the Private Placement will be
used for financing Petro Uno's obligations under the Ballater Acquisition,
Petro Uno's general working capital requirements and, provided that the
Qualifying Transaction is completed, for exploring other oil and gas

    About Petro Uno

    Petro Uno is a capital pool company whose principal business is the
identification and evaluation of assets or businesses with a view to
completing a Qualifying Transaction.

    Notice on Forward-Looking Statements:

    This release includes forward-looking statements regarding Petro Uno and
its business. Such statements are based on management's current expectations.
The forward-looking events and circumstances discussed in this release may not
occur and actual results could differ materially as a result of known and
unknown risk factors and uncertainties affecting the companies. No
forward-looking statement can be guaranteed. Forward-looking statements speak
only as of the date on which they are made and Petro Uno undertakes no
obligation to publicly update or revise any forward-looking statement, whether
as a result of new information, future events, or otherwise.

    The TSX Venture Exchange has in no way passed upon the merits of the
proposed transaction and has neither approved nor disapproved of the contents
of this press release. The TSX Venture Exchange does not accept responsibility
for the adequacy or accuracy of this release.

    Completion of the Ballater Acquisition is subject to a number of
conditions, including but not limited to, TSX-V acceptance. There can be no
assurance that the Ballater Acquisition will be completed as proposed or at
    Investors are cautioned that, except as disclosed in the filing statement
to be prepared in connection with the Ballater Acquisition, any information
released or received with respect to the Ballater Acquisition may not be
accurate or complete and should not be relied upon. Trading in the securities
of a capital pool company should be considered highly speculative.

For further information:

For further information: on Petro Uno contact William Ambrose, President
and Chief Executive Officer, 1120, 444 - 5th Avenue S.W., Calgary, AB, T2P
2T8, (403) 355-8890

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