Onco Petroleum Inc.
CNQ : ONCO
FRANKFURT : 3HX
April 30, 2008 10:03 ET
Onco Petroleum Inc.: Important Natural Gas Discovery in Southwestern Ontario
LONDON, ONTARIO--(Marketwire - April 30, 2008) - Fugro-Jason Report: A significant natural gas discovery in southwestern Ontario! Onco Petroleum Inc. (CNQ:ONCO)(FRANKFURT:3HX) has accumulated Approx 40,000 net acres over the last 5 years, where 18 vertical wells were drilled, and based on technical data; the preliminary net reserve potential on Onco's acreage is estimated to be approximately 1.6 TCF (trillion cubic feet). First production is expected to begin in late 2008, with a full scale drilling program in 2009 and beyond. Onco Petroleum Inc. is trading on the CNQ Stock Exchange (symbol ONCO) and on the Frankfurt Stock Exchange (symbol 3HX).
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", "could", "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.