Onco Petroleum Inc.
CNQ : ONCO

Onco Petroleum Inc.

December 07, 2007 15:24 ET

Onco Petroleum Implements Its Strategic Plan

TORONTO, ONTARIO--(Marketwire - Dec. 7, 2007) - Onco Petroleum Inc. (CNQ:ONCO) is aggressively implementing its strategic business plan as outlined in its Prospectus dated October 12, 2007, which is available at www.sedar.com.

Investor Relations

Onco announces that it has retained the firm MI3 Financial Communications Inc. ("MI3") to provide the Company with financial communications and strategic investor relations services. MI3 is a Canadian financial communications service company based in Montreal, whose widespread international network offers its clients, small and mid-cap companies throughout North America, a broad set of services. These services include a unique online strategic marketing tool, proven proactive investor relation programs, financial lobbying, strategic management and market intelligence.

Operations

Onco Petroleum Inc. is planning a number of activities for the first quarter of 2008. At its prospective Tilbury Field assets in Ontario, the Company has identified a number of prospects and it plans to mobilize two drilling rigs to drill new wells to evaluate these. These include gas prospects in the main Guelph Formation natural gas reservoir interval and oil prospects in deeper structures at the Ordovician Trenton Formation level and at the Cambrian level. Completion activities will continue on the Company's existing wells at the field.

Following-up on a successful completion in the Guelph Formation reservoir at the Onco #28 well this past summer where observed wellhead shut-in pressures were in excess of 400 pounds per square inch ("psi") , the Company will be conducting a gas deliverability and pressure build-up test that will be completed by year-end 2007. Subject to results of this test, the Company plans to undertake a detailed seismic program in the vicinity of the well with the goal of drilling additional wells. Prior to inception of natural gas production the Tilbury Field, the original formation pressure in the Guelph Formation reservoir was about 590 psi. The Company therefore believes that the elevated formation pressures of more than 400 psi in the Onco #28 well indicate that significant gas reserves could be present in the northeastern part of the field.

Onco Petroleum Inc. is a Canadian-based energy company that is primarily involved in the exploration, development and production of oil and gas deposits and related projects in Southern Ontario and Michigan. The Corporation plans to undertake aggressive exploration and development programs and pursue strategic acquisitions of previously discovered, under-utilized oil & gas properties. The Corporation is listed on the CNQ exchange in Toronto.

No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Forward Looking Statements: This release contains certain forward looking statements relating to the business, operations, anticipated financial performance, business prospects and strategies of Onco Petroleum Inc. (the "Company"), including but not limited to expectations relating to production levels; the quantity of oil and/or gas reserves; projections of market prices; capital expenditure programs; projections of costs; expectations regarding the ability to continually add to reserves through exploration and development; and treatment under governmental regulatory regimes. These statements are based on current expectations that involve numerous assumptions regarding factors and risks that could cause actual results to differ materially from those projected in forward looking statements. These risks are further described in the Company's prospectus dated October 12, 2007, which is available at www.sedar.com. The use of any of the words "anticipate", "believe", "continue", "could", "estimate", "expect", "may", "potential", "project", "should", "will", and similar expressions are intended to identify forward-looking statements. There is no representation by the Company that actual results achieved will be the same in whole or in part as those set out in the forward looking information. Furthermore, the forward looking statements contained in this release are made as of the date hereof, and the Company undertakes no obligation, except as required by applicable securities legislation, to update publicly or to revise any of the included forward looking statements, whether as a result of new information, future events, changes in the Company's opinion or otherwise.

The CNQ Stock Exchange does not accept responsibility for the adequacy or accuracy of this news release.

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