Petro Uno Resources Ltd. Announces Increase in Size of Financing


    (PUP: TSX Venture Exchange)
<p><location>CALGARY</location>, <chron>Oct. 14</chron> /CNW/ - Petro Uno Resources Ltd. ("Petro Uno" or the "Company") (PUP: TSX Venture Exchange) is pleased to announce that it has increased the size of the previously announced private placement with Blackmont Capital Inc. ("Blackmont") from <money>$4,000,000</money> to up to <money>$5,000,000</money> in units ("Units") at a price of <money>$0.35</money> per Unit (the "Offering"). Each Unit subscribed for under the Offering 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 <money>$0.40</money> per common share, expiring 12 months from the date of grant.</p>
<p>The initial closing of approximately <money>$3,500,000</money> of the Offering is expected to occur on <chron>October 15, 2009</chron> with a second closing for the remainder of the Offering expected to take place prior to <chron>October 30, 2009</chron>. The Offering is subject to the final approval of the TSX Venture Exchange.</p>
<p>This news release does not constitute an offer to sell or a solicitation of any offer to buy securities in the <location>United States</location>. 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 <location>United States</location> absent registration or an applicable exemption from registration requirements of such Act.</p>
<p>About Petro Uno Resources Ltd.</p>
<p>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, <location>Canada</location>. The Company is actively seeking out oil exploration and development opportunities in Saskatchewan, North Dakota and Montana, whether by farm-in or acquisition.</p>
<p>Forward Looking Information</p>
<p>Information set forth in this press release contains forward-looking statements relating to the terms of the Offering, anticipated closing dates and proceeds raised from 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 Offering and the impact of general economic and market conditions. 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. 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.</p>
    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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