Petro Uno Resources Ltd. Announces Filing of Filing Statement, Annual Financial Statements and Officer Appointment

    CALGARY, March 19 /CNW/ - Petro Uno Resources Ltd. ("Petro Uno" or the
"Corporation") is pleased to announce that it has filed its Filing Statement
on SEDAR, pursuant to TSX Venture Exchange (the "Exchange") requirements in
connection with its acquisition of all of the issued and outstanding shares of
Ballater Resources Ltd. ("Ballater"), previously announced on January 22,
2008. The acquisition of Ballater will constitute the Corporation's Qualifying
Transaction (as defined under the policies of the Exchange).
    The Filing Statement is a disclosure document which provides details of
the Qualifying Transaction, the private placement and information with respect
to Petro Uno and Ballater, including financial statements and a pro forma
balance sheet. The Qualifying Transaction was conditionally approved by the
Exchange on March 19, 2008. Closing of the Qualifying Transaction is scheduled
to occur on April 1, 2008. Shareholders of Petro Uno are invited to review the
Filing Statement available at under Petro Uno Resources Ltd.
    Petro Uno has also filed its Consolidated Financial Statements and Notes
and Management Discussion and Analysis for the year ended December 31, 2007 on
    Petro Uno is pleased to announce that Mr. Neil Burrows has been appointed
as Chief Financial Officer of the Corporation. Mr. Burrows has over 22 years
experience in the oil and gas industry, holding various accounting and finance
positions with public and private companies.

    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. Upon completion of the Qualifying
Transaction, the Corporation expects to list as Tier 2 Oil and Gas Issuer.

    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.
    Investors are cautioned that, except as disclosed in the filing statement
prepared in connection with the Qualifying Transaction, any information
released or received with respect to the Qualifying Transaction 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.

    The TSX Venture Exchange has in no way passed upon the merits of this
    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.

For further information:

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

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