Petro One Discovers Oil, Credited With P1 Reserves at J1 Rosebank

16.11.2011  |  Marketwired

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/16/11 -- Petro One Energy Corp. (TSX VENTURE: POP)(PINK SHEETS: CUDBF)(FRANKFURT: C6K1) is pleased to report that the first hole drilled on its 100% owned J1 Rosebank property in Saskatchewan is an oil producer, and is being brought into production based on positive test results. This vertical well has demonstrated a flow rate of 40 barrels per day of light 30 degree API oil from the Frobisher-Alida zone, one of Saskatchewan's most productive reservoirs. Based on this result, Petro One has been credited with NI 51-101 compliant proved (P1) + probable (P2) + possible (P3) reserves of 510,000 barrels of oil as detailed in the table below. Petro One has been credited with six undeveloped locations, including three vertical and three horizontal targets that are planned to be drilled to exploit the full potential of this oil pool. These drill targets were selected by an independent geophysicist and an independent geologist based on well log control from adjacent producers and state of the art 3D seismic.

----------------------------------------------------------------------------
Frobisher-Alida Reserves                         Light Oil (MSTB)
----------------------------------------------------------------------------
Proved (P1)                                             40
----------------------------------------------------------------------------
Probable (P2)                                           20
----------------------------------------------------------------------------
Possible (P3)                                           450
----------------------------------------------------------------------------
Proved + Probable + Possible                            510
----------------------------------------------------------------------------

Petro One's Rosebank 11-29-4-23W1 was drilled on the west flank of the Rosebank oil field, which has been in production since 1955. The discovery well is located between two prolific oil producers: A vertical well 320 metres to the south that has produced 186,000 barrels since 1984, and a horizontal well 300 metres to the northeast that has produced 63,000 barrels since 2000.

In addition to the new reserves reported above, Petro One has already been credited with total Canadian reserves of 100 MSTB oil and 152 MMscf gas (proved P1), 372 MSTB oil and 727 MMscf gas (probable P2), and 853 MSTB oil and 1,614 MMscf gas (possible P3), for a total proved + probable + possible reserve of 1,325 MSTB light oil, 2,493 MMscf gas, 1,740 MBOE combined in its Milton Viking field.

'We are very pleased to have achieved an overall success rate of 100% with the Company's first two drill campaigns that resulted in two new oil discoveries,' said Petro One President Peter Bryant. 'We have a systematic drill program planned to build both production and shareholder value. Petro One looks forward to building its production with a total of 26 undeveloped drill targets in both its J1 Rosebank and J5 Milton reservoirs. We also plan to move forward with drill testing the economic potential of more than ten other stand-alone properties. These properties total more than 10.5 sections (6,720 acres/2,700 hectares), and include some of the best producing formations in Saskatchewan and Manitoba.'

NATIONAL INSTRUMENT 51-101 DISCLOSURE

Proved reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves.

Probable reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved + probable reserves.

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. It is unlikely that the actual remaining quantities recovered will exceed the sum of the estimated proved plus probable plus possible reserves.

The estimates in this release have been prepared by an independent qualified reserves evaluator in the form of a Form 51-101F1 report (the 'Report') under National Instrument 51-101 ('NI 51-101') in accordance with the Canadian Oil and Gas Evaluation Handbook. These reserve estimates were based on information available up to November 10, 2011. The reserves evaluator has consented in writing to the disclosure of information derived from the Report. Pursuant to s. 5.2 of NI 51-101, the Company advises that the estimates have been made assuming the development of the J5 Milton property will occur, without regard to the likely availability to the Company of funding required for that development.

The estimates of reserves and future net revenue for individual properties may not reflect the same confidence level as estimates of reserves and future net revenue for individual properties, due to the effects of aggregation.

ON BEHALF OF THE BOARD

Peter Bryant, President & Director

For further information or to view new maps and photos, please visit the company's website at 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.

Contacts:

Petro One Energy Corp.

Jeff Stuart

604-566-9089 or Toll Free: 1-877-566-9089

604-564-8003 (FAX)
info@petrooneenergy.com
www.PetroOneEnergy.com