Online Energy Inc. Announces Brokered Financing

NOT FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS
RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.


Online Energy Inc. ("Online" or the "Company") (TSX VENTURE:ONL) is pleased to
announce that it has filed a preliminary short form prospectus in connection
with a marketed public offering on a commercially reasonable efforts agency
basis of up to up to 8,333,500 common shares to be issued on a "flow-through"
basis ("Flow-Through Shares") at a price of $0.30 per Flow-Through Share for
gross proceeds of up to $2,500,050 (the "Offering"). The Offering will be
conducted through a syndicate of agents led by Casimir Capital Ltd., on its own
behalf and on behalf of Acumen Capital Finance Partners Limited (together, the
"Agents").


In addition, the Agents have been granted an option (the "Over-Allotment
Option") to purchase up to an additional 1,250,025 Flow-Through Shares to cover
over-allotments, if any, at a price of $0.30 per Flow-Through Share for
additional gross proceeds of up to $375,008. If the Over-Allotment Option is
fully exercised, aggregate gross proceeds from the Offering will be $2,875,058.
The Over-Allotment Option is exercisable in whole or in part for a period of 30
days following the closing of the Offering. 


The Flow-Through Shares will be sold in the Provinces of British Columbia,
Alberta, Manitoba, Saskatchewan and Ontario. The Offering is expected to close
on or about April 19, 2012, or such later date as agreed to between Online and
the Agents, and is subject to certain customary conditions and regulatory
approvals, including but not limited to the approval of the TSX Venture
Exchange. 


Online intends to use the net proceeds of the Offering to fund the exploratory
portion of its Greater Paddle River Alberta drilling program in west-central
Alberta where the Company has successfully assembled an extensive land position
of 136 net sections. This concentrated acreage position supports a large
inventory of horizontal multi-frac well locations on a variety of resource plays
including the Ostracod, Notikewin, Wilrich, Nordegg, Rock Creek and Duvernay
formations. Online also maintains a growing inventory of low-risk vertical oil
locations targeting the Viking and Ellerslie formations as well as a number of
low-cost re-entry opportunities. 


Cautionary Statements: 

The information and statements in this news release contains certain
forward-looking information. This forward-looking information relates to future
events or Online's future performance. In particular, this document contains
forward-looking information and statements regarding: (i) the completion of the
Offering and the issuance of the Flow-Through Shares, (ii) the expected closing
date of the Offering; (iii) the use of proceeds of the Offering; and (iv) future
capital expenditures and projects. All statements other than statements of
historical fact may be forward-looking information. This forward-looking
information is subject to certain risks and uncertainties and may be based on
assumptions that could cause actual results to differ materially from those
anticipated or implied in the forward-looking information. The outcome and
timing of the proposed Offering, as well as the Company's actual results,
performance or achievement could differ materially from those expressed in, or
implied by, such forward-looking information and, accordingly, no assurances can
be given that any of the events anticipated by the forward-looking information
will transpire or occur or, if any of them do, what benefits that the Company
will derive from them. Should one or more of these risks or uncertainties
materialize, or should assumptions underlying the forward-looking information
prove incorrect, actual results, performance or achievements could vary
materially from those expressed or implied by the forward-looking information.
Accordingly, prospective investors should not place undue reliance on these
forward-looking statements. The Company's forward-looking information is
expressly qualified in its entirety by this cautionary statement. These
forward-looking statements are made as of the date of this press release and,
except as required by law, the Company undertakes no obligation to publicly
update or revise any forward-looking information. 


This news release does not constitute an offer to sell or the solicitation of an
offer to buy any securities of Online in the United States. The Flow-Through
Shares described in this news release have not been and will not be registered
under the United States Securities Act of 1933, as amended, or the securities
laws of any state and may not be offered, sold or delivered in the United States
absent an exemption from registration.