Petrol One Leads Korean Consortium into Africa



    VANCOUVER, Aug. 2 /CNW/ - Petrol One Corp. (CNQ Exchange: PONE) (the
"Company" or "Petrol One") is pleased to announce that it has signed a
Memorandum of Agreement ("MOA") with KM Energy of Seoul, South Korea to create
a Joint Venture Partnership to be named "Petro KME" to be based in Dubai, UAE
to manage its existing property in Gabon, Central West Africa and possible
future holdings in Africa, Asia and the Middle East. In consideration of
Petrol One and its current partners contributing the Gabon properties to the
Joint Venture, Petrol One will retain 21.4 % interest in the project in the
properties.
    KM Energy represents a consortium of Korean companies that include:
Daewoo International, LG International, Hyundai E&C, Posco E&C, Ssangyong,
Woolim, SN Energy, Doosan, Kumho Group, and STX E&C.
    Petro KME will be responsible for the overall management of the Company's
oil and gas projects, providing the necessary technical expertise as well as
the financial resources required. KM Energy will provide an initial USD
$25,000,000 (USD twenty five million) to Petro KME which will be utilized in
part to fund the ongoing operations in Gabon including the work program to be
proposed for the Nkani G4-222 property in meetings to be held in Libreville,
Gabon in late September 2007.
    The Company will hold 33% (thirty three percent) of the shares of Petro
KME with 67% (sixty seven percent) of the shares held by KM Energy of South
Korea. Petro KME will be managed by a seven man Board of Directors, two of
whom (including the Chairman of the Board) will be named by the Company. All
decisions of the Board of Directors must receive unanimous approval in order
to be carried.
    The Company will pay a 3% finder's fee to a company headed by Camilo
Gonzales of Saudi Arabia for its assistance in arranging the agreement with KM
Energy. Petrol One and its previous partners will operate under the same terms
and conditions as the previous Participation Agreement entered into with
Austin Developments with all percentages remaining the same; i.e. Petrol One
will retain 72% of the 30% interest in Petro KME (21.4% of overall project),
Austin will retain 18% of the 30% interest in Petro KME (5.6%) and the ATAS
Group will retain 10% of the 30% (3%). These relative percentages will carry
forward to any other oil and gas projects included in the agreement with Petro
KME.
    KM Energy will also provide the financing necessary to pursue other
opportunities within the oil and gas sector throughout Africa, Asia and the
Middle East that the Company, through its network and affiliations, will bring
before the Board of Petro KME for its consideration.

    Private Placement
    -----------------

    The Company is pleased to announce that it has completed a first tranche
of its private placement which was announced on July 30, 2007. A total of
1,800,000 units have been issued to two investors. Each unit consists of one
common share and one share purchase warrant, exercisable into one additional
common share of the Company at a price of $0.75 per share until August 1,
2009. The common shares comprising the units bear a four month hold period,
expiring December 2, 2007. Proceeds of $1,080,000 will be used towards general
working capital and the Nkani G4-222 Property.

    Stock Options
    -------------

    The Company has granted a total of 195,000 incentive stock options to a
director and two consultants of the Company. Each incentive stock option is
exercisable into one common share of the Company at a price of $1.01 per share
for a period of five years.

    About Petrol One
    ----------------

    The Company is engaged in acquiring, exploring and developing
hydrocarbons. The Company's current focus areas are Africa, Asia and the
Middle East. The Company's goal is to create sustainable shareholder value and
become a highly profitable member of the global oil and gas industry.

    On behalf of the Board of Directors

    'David Hodge'
    Director

    Statements in this document which are not purely historical are
forward-looking statements, including any statements regarding beliefs, plans,
expectations or intentions regarding the future. Forward-looking statements in
this release include statements regarding plans to create a Joint Venture
Partnership to be named "Petro KME" to manage property in Gabon, Central West
Africa and possible future holdings in Africa, Asia and the Middle East; that
KM Energy will provide an initial USD $25,000,000 to Petro KME to fund the
ongoing operations in Gabon for the Nkani G4-222 property; that KM Energy will
also provide the financing necessary to pursue other opportunities within the
oil and gas sector throughout Africa, Asia and the Middle East; and that our
goal is to become a highly profitable company. It is important to note that
actual outcomes and the Company's actual results could differ materially from
those in such forward-looking statements. Factors that could cause actual
results to differ materially include risks and uncertainties such as the
unforeseen difficulties in finalizing JV terms or specific projects, or use of
funds between the JV partners, and the possibility that no projects are deemed
sufficient or reasonable for Petro KME to pursue. In addition, despite
encouraging data, there may be no commercially exploitable resource on
properties targeted by us with our JV partners; and even if there is, profits
depend on a substantial number of factors such as resource pricing, cost of
production, and many other factors too numerous to list. Readers should also
refer to the risk disclosures outlined in the Company's Management Discussion
and Analysis of its audited financial statements filed with the Ontario
Securities Commission.

    The CNQ has neither approved nor disapproved the information contained
    herein.




For further information:

For further information: David Hodge, Director, Petrol One Corp., Phone:
(604) 676-4285, Fax: (604) 681-8240, Email: dave@petrolone.com,
www.petrolone.com

Organization Profile

PETROL ONE CORP.

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INTERNATIONAL ZIMTU TECHNOLOGIES INC.

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