One Exploration Inc. Announces Increase to Bought Deal Financing to $25 Million From $20 Million

NOT FOR DISTRIBUTION TO US NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES.


One Exploration Inc. ("OneEx" or the "Company") (TSX VENTURE:OE.A)(TSX
VENTURE:OE.B) is pleased to announce that, in connection with its previously
announced offering of special warrants (the "Offering"), the Company and the
syndicate of underwriters led by National Bank Financial Inc., and including GMP
Securities L.P., Wellington West Capital Markets Inc. and Haywood Securities
Inc. (collectively the "Underwriters"), have agreed to increase the size of the
Offering to 88,000,000 special warrants. Under the revised terms of the
Offering, the Underwriters have agreed to purchase, on a bought deal basis, an
aggregate of 88,000,000 special warrants at a price of $0.25 per special warrant
for aggregate gross proceeds of $22,000,000. Assuming exercise by the
Underwriters of the previously announced over-allotment option of 12,000,000
special warrants at a price of $0.25 per special warrant, the aggregate gross
proceeds of the Offering will be $25,000,000.


OneEx will use the net proceeds of the Offering for its 2010 drilling program
and general corporate purposes. Closing is anticipated to occur on February 11,
2010 (the "Closing Date").


Each special warrant will entitle the holder thereof to receive, without the
payment of any additional consideration, one Class A common share of the Company
on the exercise or deemed exercise of the special warrant. The Special Warrants
shall be exercisable by the holders thereof at any time and will be
automatically exercised at 5:00 p.m. (Toronto time) on the earlier of the
following dates (which are hereinafter referred to as the "Expiry Date"): (i)
the fifth day after the date a receipt is issued by the last of the securities
regulatory authorities in the Provinces of Alberta, British Columbia,
Saskatchewan, Manitoba and Ontario (the "Selling Jurisdictions") for a final
prospectus qualifying the securities to be issued upon the exercise of the
Special Warrants; and (ii) the date which is 4 months and one day from the
Closing Date. The Company shall use its reasonable best efforts to obtain such
final receipts by the date which is 45 days from the Closing Date, which date is
anticipated to be March 29, 2010. In the event the Company fails to obtain
receipts for the final prospectus in all Selling Jurisdictions within 45 days
from the Closing Date, each Special Warrant will entitle the holder to acquire
1.1 Class A common shares on exercise or deemed exercise thereof. Closing is
conditional upon customary conditions for transactions of this type, including
the receipt of all necessary regulatory and third party approvals, including the
approval of the TSX Venture Exchange.


One Exploration Inc. is a Calgary, Alberta based company engaged in the
exploration, development and production of petroleum and natural gas. OneEx has
114.8 million Class A common shares issued and outstanding and 1.3 million Class
B common shares issued and outstanding. The Class A common shares of OneEx trade
on the TSX Venture Exchange under the symbol OE.A and the Class B common shares
of OneEx trade on the TSX Venture Exchange under the symbol OE.B.


Forward Looking Statements

This document contains forward-looking statements. More particularly, this
document contains statements which include, but are not limited to, the timing
of Closing, the exercise by the Underwriters of the over-allotment option, and
the receipt of the required regulatory and third party approvals.


The forward-looking statements are based on certain key expectations and
assumptions made by OneEx. Although OneEx believes that the expectations and
assumptions on which the forward-looking statements are based are reasonable,
undue reliance should not be placed on the forward-looking statements because
OneEx can give no assurance that they will prove to be correct. Since
forward-looking statements address future events and conditions, by their very
nature they involve inherent risks and uncertainties. Actual results could
differ materially from those currently anticipated due to a number of factors
and risks.


The forward-looking statements contained in this press release are made as of
the date hereof and OneEx undertakes no obligation to update publicly or revise
any forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.