Petro One Energy Corp.

Petro One Energy Corp.

January 13, 2011 09:15 ET

Petro One Energy Increases NI 51-101 Oil Resources

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 13, 2011) - Petro One Energy Corp. (TSX VENTURE:POP)(FRANKFURT:C6K) is pleased to report the results of an independent NI 51-101 oil resource estimate confirming the value of its recently acquired J11, J12, and J13 parcels in the Minton, Saskatchewan area (see November 19, 2010 news release). The estimated prospective resource (unrisked) on these additional lands ranges from a high of 471,000 bbl of light oil to a low of 157,000 bbl, with a best estimate of 314,000 bbl. Average risked prospective resources are estimated to be 47,000 bbl. This brings the Company's 100% controlled oil assets to 7.15 sections (1850.64 ha).

In preparation for drilling and development of the Company's oil assets; it has entered into a cost-effective management agreement with Chapman Petroleum Engineering Ltd. to manage permitting, seismic acquisition and interpretation, drilling, completion, development, and production. Chapman Petroleum Engineering Ltd. founded in 1985, is a Canadian consulting firm providing comprehensive petroleum engineering, geological and geophysical and management services covering the full spectrum of the oil and gas industry, domestically and internationally.

"We are delighted with this agreement to secure the ongoing services of Chapman's team of highly experienced professionals", said Petro One President Peter Bryant. "Their key professionals each have from 25 to 40 years of broadly diversified experience in all facets of the oil and gas industry, domestically and internationally, and they are Qualified Reserve Evaluators and Auditors under Nl 51-101 of the Canadian Securities Administrators. The management agreement now in place adds another dimension of expertise and depth of experience to Petro One's management team."

Access and drilling permits are underway for drilling and development of Parcel J5 targeting previously reported NI 51-101 reserves in the shallow Viking formation as well as testing the thick underlying Bakken formation located only 145 meters below. In preparation for further drilling and development of the Company's assets, detailed geological studies and seismic reviews are ongoing. The Company looks forward to reporting results in the near future.

Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. Prospective resources are further subdivided in accordance with the level of certainty associated with recoverable estimates assuming their discovery and development and may be subclassified based on project maturity.

There is no certainty that any portion of the resources will be discovered. If discovered, there is no certainty that it will be commercially viable to produce any portion of the resources.


Peter Bryant, President & Director

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information