Petro Uno Resources Ltd. Announces $10 Million Equity Financing

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


Petro Uno Resources Ltd. ("Petro Uno" or the "Company") (TSX VENTURE:PUP) is
pleased to announce that it has entered into an agreement with Macquarie Capital
Markets Canada Ltd. ("Macquarie"), on behalf of a syndicate of underwriters lead
by Macquarie (the "Underwriters"), to issue, on a bought deal private placement
basis, 16,670,000 special warrants ("Special Warrants") of the Company at a
price of $0.60 per Special Warrant (the "Issue Price") for gross proceeds of
$10,002,000 (the "Offering"). The Company has also granted to the Underwriters
an over-allotment option entitling the Underwriters to acquire, at the Issue
Price, up to an additional 2,500,500 Special Warrants. The over-allotment option
is exercisable by the Underwriters, in whole or in part, at any time for 30 days
following closing of the Offering. The Company will also issue broker warrants
to the Underwriters equaling 6% of the number of Special Warrants sold at an
exercise price equal to the Issue Price, such broker warrants being exercisable
for a period of 12 months from the closing date. Each Special Warrant will
entitle the holder to acquire one common share of Petro Uno without payment of
any additional consideration and without further action.


The Company will use commercially reasonable efforts to file and clear a final
prospectus in each applicable jurisdiction to qualify the common shares issuable
upon exercise of the Special Warrants and obtain a final passport receipt(the
"Receipt") evidencing a receipt for the prospectus on behalf of each of the
applicable securities regulatory authorities by December 31, 2010 (the
"Qualification Deadline"). If a Receipt is not obtained on or prior to the
Qualification Deadline, the Company shall issue to each holder of Special
Warrants, for no additional cost and without further action on the part of such
holder, an additional 0.1 of a common share for each common share to be issued
to such holder pursuant to the Special Warrant held by such holder.


The Offering is subject to certain conditions and normal regulatory approvals
(including the approval of the TSX Venture Exchange). The Special Warrants will
be offered in Alberta, British Columbia and Ontario and in certain other
jurisdictions. The Offering is expected to close on or about November 23, 2010.


Petro Uno intends to use the proceeds from the Offering to continue its ongoing
drilling program in the Viking Formation in the Dodsland area of west central
Saskatchewan.


This news release does not constitute an offer to sell or a solicitation of any
offer to buy securities in the United States. The securities offered have not
been and will not be registered under the U.S. Securities Act of 1933 and may
not be offered or sold in the United States absent registration or an applicable
exemption from registration requirements of such Act.


About Petro Uno Resources Ltd.

Petro Uno is a junior oil and gas company trading on the TSX Venture Exchange
under the symbol "PUP".


Forward Looking Information

This press release contains forward looking statements. Since forward looking
statements address future events and conditions, by their very nature they
involve inherent risks and uncertainties. More particularly, this press release
contains statements concerning the anticipated closing date of the Offering, the
timing for the qualification of the common shares issuable upon exercise of the
Special Warrants and the anticipated use of the net proceeds of the Offering.
Readers are cautioned that the assumptions and factors discussed in this press
release are not exhaustive and that the assumptions used in the preparation of
such information, although considered reasonable at the time of preparation, may
prove to be imprecise, and as such, undue reliance should not be placed on
forward-looking statements and outcomes could differ materially from those
expressed in such forward-looking statements. The closing of the Offering could
be delayed if Petro Uno is not able to obtain the necessary regulatory and stock
exchange approvals on the timelines it has planned. The offering will not be
completed at all if these approvals are not obtained or some other condition to
the closing is not satisfied. Accordingly, there is a risk that the Offering
will not be completed within the anticipated time or at all or that the common
shares will not be qualified prior to the Qualification Deadline, if at all. The
forward looking statements contained in this press release are made as of the
date hereof and Petro Uno undertakes no obligations 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 laws.