TriOil Provides Corporate Overview and an Activity Update on Several Emerging
Oil Resource Plays

CALGARY, April 22 /CNW/ - TriOil Resources Ltd. ("TriOil" or the "Corporation" - TSXV: TOL) is pleased to provide an update of its activities in 2010 and a corporate overview.

2010 Activity

On January 13, 2010, a new management team, led by Russell J. Tripp as President and CEO, completed the recapitalization of One Exploration Inc. The new management implemented a strategy initially focused on Cardium, Sanish, Bakken and Pekisko light oil resource plays in Alberta and Southeast Saskatchewan. Significant land positions have already been assembled at Tableland in Southeast Saskatchewan and at Queenstown and Lochend in Southern Alberta and an active horizontal drilling program is well under way.

Since the recapitalization transaction in mid January, 2010, the Corporation;

    -   Completed a $25 million bought deal financing and a $2.3 million
        rights offering.
    -   Closed a $68 million corporate acquisition of Canext Energy Ltd.,
        adding approximately 1,000 boepd (50% oil) and significantly
        increasing the Corporation's critical mass and growth platform.
    -   Completed multiple property acquisitions to assemble a significant
        land position consisting of 54 gross (40.7 net) sections of
        undeveloped land on the emerging Cardium light oil trend at Lochend
        in Southern Alberta.
    -   Changed the Corporation's name to TriOil Resources Ltd., completed a
        20 for 1 consolidation on its outstanding Class A shares and began
        trading on a post-consolidation basis under the symbol "TOL" on the
        TSX Venture Exchange on April 7, 2010.
    -   Drilled a total of 6 (1.8 net) horizontal wells targeting Sanish,
        Bakken B and Pekisko light oil. Four Sanish wells are in various
        stages of completion, a Bakken B well is awaiting completion, and a
        Pekisko well is in the process of being equipped for production.

Corporate Overview

TriOil is a publicly traded junior oil resource player in Western Canada. Substantial land positions have been acquired on early stage light oil resource opportunities to capitalize on improvements in horizontal drilling and multi-stage fracture stimulation technologies, specifically targeting opportunities in the emerging Pekisko, Charlie Lake and Cardium oil trends in Alberta and the Bakken and Sanish oil trends in southeast Saskatchewan. TriOil has successfully executed its business plan thus far, rapidly growing its production, reserves and undeveloped land base over the early part of 2010 to position the Corporation for substantial future increases in production, reserves and shareholder value through exposure in these high quality resource plays.

Corporate Snapshot:

    -   Current production in excess of 1,400 boe/d, approximately 50%
        weighted to oil
    -   Credit facility increased to $25 million
    -   Current net debt of approximately $5 million(1)
    -   Approximately 130,000 net acres of undeveloped land
    -   Proved reserves of 4,732 mboe(2)
    -   Proved and Probable (P+P) reserves of 8,353 mboe(2)
    -   Net Present Value discounted at 10% (NPV10) for Proved reserves is
        $85.8 million(2)
    -   NPV10 of Proved and Probable reserves is $135.3 million(2)
    -   Net Asset Value of $6.61 per share - undeveloped land valued at
    -   Net Asset Value of $7.28 per share - Lochend Cardium undeveloped land
        at cost and the balance of land valued at $150/acre(3)
    -   23.6 million diluted shares outstanding(1)
    -   $115.7 million market capitalization(1)
    -   Tax pools of approximately $180 million

    (1) Gives effect to the $15 million ($7.5 million cash and 1,312,566
        Class A shares) asset acquisition at Lochend, Alberta, expected to
        close on April 30, 2010 (the "Lochend acquisition").
    (2) Gives effect to the acquisitions completed by the Corporation since
        the beginning of the year and the Lochend acquisition expected to
        close on April 30, 2010. Based on Trimble Engineering Associates Ltd.
        & Sproule Associated Ltd. Dec. 31, 2009 reserve reports and internal
        management estimates for Coronation, Tableland and Lochend
    (3) Net Asset Values are calculated on a fully diluted basis and are
        based on the above information.


    -   60 (20.5 net) sections with Sanish, Bakken and Midale opportunities
    -   Option to farm in on additional 18.5 sections
    -   Drilled 5 (1.5 net) wells in the first quarter of 2010
    -   First horizontal Sanish oil well put on production on April 8, 2010
    -   3 additional horizontal Sanish wells in process of being completed
    -   3 additional Sanish horizontal wells licensed, ready to be drilled in
        the second half of 2010
    -   1 horizontal Bakken B well awaiting completion
    -   Significant horizontal drilling inventory targeting Sanish and Bakken
        light oil reservoirs


    -   Farm-in on 27 sections, pay 50% to earn 30%, 3 section earning per
    -   Drilled, completed and equipped 1 (0.3 net) Pekisko horizontal oil
        well for production
    -   Additional 3 (0.9 net) wells being licensed


    -   Substantial operated prospective undeveloped land base of 54.4 (40.7
        net) sections with Cardium horizontal multi-frac development
    -   Analogous to the Cardium "A" sand at Garrington
    -   Current vertical oil producers confirm productivity
    -   Operated Cardium horizontal drilling program to commence in the
        second half of 2010


    -   Medium gravity (27 API) operated Charlie Lake oil pool (60% WI)
    -   Current production of over 500 boe/d net to TriOil
    -   Modelling EOR scheme to dramatically increase recovery factor

The Corporation's net debt as of April 12, 2010 (the closing of the Canext acquisition) was approximately $5 million (pro forma the Lochend acquisition slated to close April 30, 2010). TriOil's credit facility with National Bank of Canada has been expanded to $25 million.


Significant progress has been made since the recapitalization transaction in mid January 2010. Through a series of corporate, asset and financial transactions the new management team has positioned TriOil as a high growth, light oil resource focused company with a strong balance sheet, an enhanced production and reserve base and large undeveloped land positions on a portfolio of emerging Cardium, Bakken, Sanish and Pekisko light oil resource plays.

The 2010 horizontal drilling program is primarily focused on light oil resource plays, and we continue to remain opportunistic on additional light oil acquisitions to further increase the oil weighting, critical mass and opportunity base.

TriOil trades on the TSX Venture Stock Exchange under the symbol "TOL". As of April 12, 2010, there were approximately 22.2 million shares issued and outstanding (23.6 million fully diluted) (pro forma the Lochend acquisition expected to close on April 30, 2010).

Forward Looking Statements

This news release contains forward-looking information and forward-looking statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "believe", "plans", "intends", "confident", "may", "objective", "ongoing", "will", "should", "project", "should" and similar expressions are intended to identify forward-looking information. More particularly, this document contains forward looking statements which include, but are not limited to, expected timing for completion of the Lochend acquisition, future drilling and completion plans, expected production and reserves growth and the future operations of TriOil.

The forward-looking statements contained in this document are based on certain key expectations and assumptions made by TriOil, including: (i) with respect to the anticipated closing dates of the Lochend acquisition, expectations and assumptions concerning timing of the satisfaction of the conditions to the completion such transactions, and (ii) with respect to the anticipated exploration and development opportunities and the outlook for the fiscal year ending December 31, 2010, expectations and assumptions concerning the success of future exploration and development activities, the performance of new wells, prevailing commodity price and the availability of additional capital if and when required by the Corporation.

Although TriOil believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because TriOil can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to satisfy the conditions to closing the transaction, risks associated with the oil and gas industry in general (e.g., operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), commodity price and exchange rate fluctuations and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Certain of these risks are set out in more detail in TriOil's Annual Information Form which has been filed on SEDAR and can be accessed at and TriOil's other public disclosure documents which have been filed on SEDAR and can be accessed at

The forward-looking statements contained in this press release are made as of the date hereof and TriOil undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Meaning of BOE

The term "boe" may be misleading, particularly if used in isolation. A boe conversion of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.


SOURCE TriOil Resources Ltd.

For further information: For further information: Russell J. Tripp, President & CEO, TriOil Resources Ltd., Phone: (403) 265-4115

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