VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 14, 2012) - Petro One Energy Corp. (TSX VENTURE:POP)(PINKSHEETS:CUDBF)(FRANKFURT:C6K1) is pleased to announce that the non-brokered private placement announced on January 20, 2012 has been oversubscribed and the Company has therefore determined to increase the size of the Offering from $1,000,000 to $2,450,000.
Petro One holds 100% interests in 13 properties in the prolific oil fields of southern Saskatchewan and Manitoba. Since shifting to oil and gas exploration in 2010, Petro One has built a solid team and made two new oil discoveries by drilling 6 wells at Milton (Viking) and one well at Rosebank (Frobisher-Alida), all successful. As a result, the company has oil production and is credited with NI 51-101 compliant proved, probable and possible reserves totaling 1,835,000 barrels of oil. Petro One's current focus is to optimize production from existing wells and development drilling to exploit the full potential of these new oil discoveries. At the same time, its technical team is prioritizing its other key properties in anticipation of the company's next phase of development drilling.
Petro One is also pleased to announce that it has been selected as a TSX Venture 50® company for 2012, ranking 6th in the Oil & Gas category with a 65% increase in share price and an 81% increase in market capitalization as at December 31, 2011. The TSX Venture 50® is a new ranking of the strongest performers on the TSX Venture Exchange based on market capitalization growth, share price appreciation, trading volume and analyst coverage. The official award presentations will be made at the premiere TSX Venture 50® Spotlight event in Toronto on April 3, 2012.
The Company has agreed to pay cash finders' fees equal to 6% of the gross proceeds from a portion of the offering and, in addition, to issue finder's warrants exercisable to purchase that number of common shares which is equal to 6% of a portion of the shares proposed to be issued by the Company pursuant to the offering. The proposed private placement and finder's fees remain subject to TSX Venture Exchange acceptance. All shares and warrants issued pursuant to the offering, and any shares issued pursuant to the exercise of warrants or finders' warrants, will be subject to a four-month hold period from the Closing date.
ON BEHALF OF THE BOARD
Peter Bryant, President & Director
For further information, please visit the company's website at www.PetroOneEnergy.com.
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.