Onco Petroleum Inc.
CNQ : ONCO
FRANKFURT : 3HX

Onco Petroleum Inc.

June 30, 2008 12:12 ET

Onco Petroleum Inc. Updates Year-End and Interim Financial Statement Filing Status

TORONTO, ONTARIO--(Marketwire - June 30, 2008) - Onco Petroleum Inc. (CNQ:ONCO)(FRANKFURT:3HX) ("Onco" or the "Company") previously announced through a press release issued on May 21, 2008 that it would be delayed in the filing of its audited annual financial statements for the year ended December 31, 2007 (the "Annual Financial Statements"), which pursuant to National Instrument 51-102 were to be filed via SEDAR by April 29, 2008. Due to the delay in the completion of the Annual Financial Statements, the completion of Onco's interim financial statements for the period ended March 31, 2008 (the "Interim Financial Statements") have also been delayed. Pursuant to National Instrument 51-102, the Interim Financial Statements were to be filed via SEDAR on May 15, 2008.

The filing of the Annual Financial Statements have been delayed due to unanticipated delays in the audit of Onco's financial statements. Onco's auditors have assigned a different group to audit Onco's financial statements for the year ended December 31, 2007 (as compared to prior years). This newly assigned team has expertise in auditing oil and gas companies. The transfer of audit responsibility to a different team at Onco's auditors has caused a delay in the completion of Onco's audit. The Company is making best efforts to remedy its default with respect to the completion of its Annual Financial Statements, and currently anticipates that its Annual Financial Statements and related management's discussion and analysis will be filed by July 8, 2008, and its Interim Financial Statements and related management's discussion and analysis will be filed shortly thereafter. Onco had expected that the Annual Financial Statements would be filed by June 30, 2008; however, the completion of an audit of the Annual Financial Statements was unexpectedly further delayed.

Due to the delays, Onco had applied to the Ontario Securities Commission (the "OSC") and had received a Management and Insider Cease Trade Order applicable to all management and insiders of the Onco. This order will remain in effect until the default is remedied or until such other date as the OSC may determine in its discretion. Onco acknowledges that the OSC may impose an Issuer Cease Trade Order if the default is not remedied by June 29, 2008.

Onco confirms that it intends to satisfy the provisions of the OSC's Alternate Information Guidelines so long as it remains in default of the financial statement filing requirements.

About the Company

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 Company plans to undertake aggressive exploration and development programs and pursue strategic acquisitions of previously discovered, under-utilized oil & gas properties. The Company is listed on the CNQ in Toronto and on the Frankfurt Stock Exchange in Germany.

Forward Looking Statements: This release may contain 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 does not accept responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

Contact Information

  • Onco Petroleum Inc.
    Robert J. Vanier
    CEO
    (519) 646-2959
    (519) 433-0509 (FAX)
    or
    Onco Petroleum Inc.
    Catherine Sommers
    (519) 646-2959
    (519) 433-0509 (FAX)
    or
    Onco Petroleum Inc.
    782 Richmond Street
    London, Ontario N6A 3H5
    Website: www.oncopetroleum.ca