Onco Petroleum Inc.

Onco Petroleum Inc.

November 13, 2007 10:15 ET

Paper Legend Michel Perron and Hockey Legend Luc Robitaille to Launch Onco Petroleum's Intial Public Offering

TORONTO, ONTARIO--(Marketwire - Nov. 13, 2007) - An international group of luminary entrepreneurs and celebrities will gather on Wednesday, November 14th, at noon in the Molson Theatre at the Hockey Hall of Fame located at 30 Yonge Street in Toronto, to launch the initial public offering of Ontario based Onco Petroleum Inc. (CNQ:ONCO).

Quebec pulp and paper legend, Michel Perron, Chairman of Onco will be joined by fellow Director and retired hockey legend Luc Robitaille, current President of Business Operations for the Los Angeles Kings, for the public launch.

Onco Petroleum Inc. currently owns and operates oil and gas wells in the Addison 12 Niagaran Reef, Oakland County, Michigan, and the Tilbury Gas Field on the North shore of Lake Erie.

Robert J. Vanier, Onco's CEO stated, "the potential of the Tilbury Gas Field makes it a strategic asset for Onco with a projected volume of 750 Bcf of natural gas in place, putting the estimate for the total value of Tilbury at more than $5 billion given a price of $7.00 or more per MMbtu".

Peter K. Dorrins, Onco's Chief Operating Officer and geologist stated, "our assets are located in the Chicago- Detroit-Toronto corridor giving us direct access to the Dawn Hub, one of Canada's most important natural gas hubs".

Onco's Chairman, Michel Perron stated that his interest is also based on the fact that "we have direct access to the national gas pipeline network and hence, we are able to distribute our gas to local markets quickly".

Through the use of new technologies, Onco is able to redevelop its properties and maximize oil and gas production rates.

"The indication of the volume of oil and gas in the Tilbury Field is an important discovery that we expect will place Onco ahead of typical junior oil companies. It's a real Canadian Cinderella story" stated Luc Robitaille, a Director of Onco. Robitaille is the highest scoring left winger ever in the NHL and a strong supporter of Onco.

Onco Petroleum Inc. is listed on the CNQ exchange in Toronto. Robert Cook, CEO of CNQ stated, "We welcome Onco Petroleum, which is one of the larger corporations listed on the CNQ. We congratulate Onco and look forward to seeing its continued growth and success".

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

Contact Information

  • For more media information:
    Onco Petroleum Inc.
    (519) 646-2959
    (519) 433-0509 (FAX)
    Website: www.oncopetroleum.ca