Petro One Announces Increased Financing

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/16/11 -- Petro One Energy Corp. (TSX VENTURE: POP)(PINKSHEETS: CUDBF)(FRANKFURT: C6K1) is pleased to announce that the non-brokered private placement announced on December 12, 2011 has been increased to 4,440,005 units (each a 'Unit') at the price of $0.60 per Unit to raise gross proceeds of $2,664,003. Each Unit will be comprised of one common share and one-half of a share purchase warrant. Each full warrant will entitle the holder to purchase one additional common share at the price of $0.80 for a period of two years after Closing, subject to acceleration at the Company's option if its shares close at $1.20 or higher for twenty (20) consecutive trading days at any time after four months after Closing.

Proceeds from the financing will be used to fund expenses associated with the development of the Company's oil and gas properties, including completing, equipping and bringing into production oil wells previously drilled on the Company's properties.

The Company has agreed to pay Aberdeen Gould Capital Markets Ltd., and its selling group, in the aggregate, 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. Each finder's warrant will be exercisable for two years after Closing to purchase one common share at the price of $0.80, subject to acceleration at the Company's option if its shares close at $1.20 or higher for twenty (20) consecutive trading days at any time after four months after Closing. 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 or to view new maps and photos, 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.

Contacts:

Petro One Energy Corp.

Jeff Stuart

604 566 9089 or Toll Free: 877 566 9089

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