Petro One Books 124,800 bbl Reserves at J5 Milton

Petro One Energy Corp. (TSX VENTURE:POP)(PINKSHEETS:CUDBF) (FRANKFURT:C6K1) and
Goldstrike Resources Ltd. (TSX VENTURE:GSR) (PINKSHEETS:APRAF) (FRANKFURT:KCG1)
are pleased to report that based on existing production from two vertical wells,
McDaniel and Associates Consultants Ltd. has estimated Petro One's gross proved
plus probable NI 51-101 reserves on Section 15 of its J5 Milton Saskatchewan
property at 124,800 bbl of light Viking oil, including 23,700 bbl of proved
reserves and 101,100 bbl of probable. 


The recent reserves estimate has been based on two producing wells of the five
wells drilled at Milton to date and two undeveloped locations. Two wells are
currently on production and, based on results from Well 10A-15 in particular,
Petro One's technical team has recommended that Well 6A-15 be re-opened and
tested with a view to doing the same with at least one other previously drilled
well if water cuts and gas volumes have gone down as projected. In addition,
management has identified 45 horizontal Viking net drilling locations on the
Milton property, with the potential to substantially add to the Company's
production and reserves. Core from 15-15-30 -27W3 shows that the Viking sand on
the property is thick, with a strong oil show over 10 metres, and that the
reservoir quality is excellent, with an average porosity of 21.7% and an average
permeability of 16.89 mD. 


Twelve horizontal wells recently drilled in the new Marengo Viking oil field
located just 3.2 kilometres south of Petro One's Milton property had a 100%
success rate, with three month initial production rates that ranged up to 75.5
bopd, and averaged 56.2 bopd of largely water-free oil based on information
published by the Saskatchewan government. Petro One's independent consulting
engineers have recommended horizontal drilling based on the thickness and
continuity of the Viking sand on Petro One's property. McDaniel has recognized
probable undeveloped reserves for two horizontal locations in section 15 based
on analogy to offsetting developments. A successful horizontal well would add
significantly to the Company's reserve base and set the stage for multi well
development drill program. Petro One is engaged in discussions for such a
program with several companies that have expressed interest in the property.


"We are excited that long-term stable production has been achieved from our
10A-15 well, with an 9 month average netback of $46.84/bbl for the period ending
January 31, 2014", said Petro One President Peter Bryant. "We have identified 45
net drill locations on three sections of prime Viking land that provide an
excellent opportunity to grow production and reserves with the drill bit. These
locations are in a thicker part of the formation only two miles north of the new
Marengo field. 


There is currently a tremendous amount of interest in Western Canadian oil
properties, and the Fraser Institute has rated Saskatchewan as the third best
jurisdiction in the world for oil investment. As a result, Petro One has
received numerous expressions of interest from a variety of senior companies on
many of its properties, discussions are under way, and the Company is
considering a wide range of possibilities on how best to exploit our assets." 


Pursuant to clause 5.8 of NI 51-101, Petro One advises that the estimates of
reserves for individual properties may not reflect the same confidence level as
estimates of reserves and future net revenue for all properties, due to the
effects of aggregation. In addition, Petro One refers readers to Petro One's
news release issued June 24, 2013 regarding its other proven and probable
reserves (1,000 bbl proved and 99,000 probable at J10 Bromhead as of April 30,
3013).


Pursuant to clause 5.7 of NI 51-101, Petro One advises that McDaniel and
Associates Consultants Ltd. has consented to the disclosure of the reserves
information contained in this news release and to disclosure of its identity as
the qualified reserves evaluator having prepared the estimate of reserves, and
has advised Petro One that: 




i.   the effective date of the estimate is April 30, 2014; 
ii.  the estimate was prepared by a qualified reserves evaluator; 
iii. the estimate was prepared in accordance with the COGE Handbook;  
iv.  the estimate was prepared assuming the development of J5 Milton without
     regard to the availability to Petro One of funding required for that
     development.



POP/GSR J4 South Reston well, Manitoba 

The SR-1 wildcat at South Reston, Manitoba (5-17-6-26W1) remains standing,
pending further testing. This vertical well was drilled as a joint venture by
Petro One and Goldstrike and was successful in intersecting a large Waulsortian
Mound in the Lodgepole Formation with a strong oil show over a 20 metre interval
at the top of the structure. Cuttings from 790 to 810 metres drill depth had
medium brown oil stain, vivid fluorescence and fluorescent cut, and emitted a
strong petroliferous odour during sample wash. Reservoir parameters calculated
by an independent petrophysicist are 17 metres net pay, 10.34 per cent porosity,
50.89 per cent water saturation, and 0.63 mD permeability.


Petro One has recently received expressions of interest in this property, and
management is of the view that a farmout is the preferred way to test the
economic potential of the property. Having secured their interests in the
property, Petro One and Goldstrike will have the ability to conduct further
production testing in the future if a deal is not concluded with one of the
prospective farmees.


POP/GSR J5 Milton Saskatchewan 

On the advice of Petro One's technical team, and having regard to the referenced
expressions of interest, Petro One and Goldstrike have agreed to defer
completion of Well #SR1 for the time being and forego drilling a test well at
Kirkella in favour of a lower risk, lower cost target at Petro One's J5 Milton
property, which was originally designated as the third stage of the joint
venture (news release dated November 26, 2013). 


Petro One's 10A-15-30 -27W3 discovery well is currently producing at
approximately 22.5 barrels of oil per day (bopd) from the Viking, and has
produced over 10,000 bbl of oil since July, 2011. The consulting engineers have
stated that the decline curve for this well has flattened out, and it is
projected to continue producing at a similar rate for several years. The
production history of this well has demonstrated that the Lower Viking
conglomerate in this area is an underpressured reservoir with a strong gas
drive, and limited water that is drawn down by continuous production, reducing
the water cut to as low as 65%. Based on this evidence the Petro One technical
team has recommended re-opening the suspended wells on the property, starting
with 6A-15.


A three month production test is therefore planned for 6A-15-30 -27W3 starting
June 1, 2014. This well initially flowed only gas and water to surface, but oil
production rose steadily over a two month to 7.4 bopd over a 48 day period, and
the water cut dropped from 97 to 85.7% before it was suspended. The gas drive is
now believed to be at a level that is amenable to oil production. The 6A-15 well
is located 560 metres southwest of the 10A-15 producer. The two wells are at
approximately the same structural elevation, and an initial pressure test showed
that they are connected to the same reservoir, making the 6A-15 well a prime
candidate for additional production. If re-opening the 6A-15 well proves
successful, it will add materially to Petro One's oil production and reserves,
and opens the door to re-starting the other suspended wells, providing for
significant upside. 


To date, Petro One and Goldstrike have incurred expenses of $210,000 and
$502,000 respectively in drilling, testing and partially completing Well
#SR1,and the cost of drilling and completing a well at Kirkella has been
estimated at approximately, $860,000 whereas the cost of re-opening and testing
Well 6A-15 at Milton is estimated to be only $55,000 and, assuming success, the
cost of equipping the well is estimated to be only an additional $170,000. Since
Well 6A-15 has already been drilled and completed by Petro One, under the joint
venture terms, Goldstrike will pay 100% of the testing and equipping costs to
earn a 50% working interest in that well. Work is scheduled to commence on June
1, 2014. If Petro One determines to re-open another of its previously drilled
wells at Milton, Goldstrike will have the option to earn a 50% working interest
in that well on the same terms. Goldstrike will also have a two year option to
earn a 50% working interest in one horizontal or one vertical well at one of
several named locations to be specified by Petro One at Milton, in either case
by paying 100% of all costs relating to such well. If it elects a vertical well,
will have the right to drill up to three additional vertical wells.


Goldstrike will also retain the right for two years to complete Well #SR1 at
South Reston and, as contemplated by the joint venture agreement, the right to
drill option wells at South Reston if Well #SR1 is brought into production by
Goldstrike. 


To ensure that Petro One has the ability to deal with the entirety of the South
Reston and/or Milton property as a package for a financial partner or purchaser,
Goldstrike has agreed that Petro One will have the right to sell or farm-out any
portion of South Reston or Milton to a third party during the option period. If
it does so, Goldstrike will be entitled, in lieu of its right to drill
additional wells, to 10% of any cash (or equivalent) paid to Petro One, 50% of
any royalty payable to Petro One and/or 50% of Petro One's post-closing working
interest in the first well (in addition to Well #SR1) at South Reston or Milton,
as the case may be. 


NATIONAL INSTRUMENT 51-101 DISCLOSURE

BOE means barrels of oil equivalent. It may be misleading, particularly if used
in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy
equivalency conversion method primarily applicable at the burner tip, and does
not represent a value equivalency at the wellhead.


Oil production during a period is generally expressed in terms of "barrels per
day" ("bbl" or "BBL"), which indicates the total oil produced during a period
divided by the number of hours that the well was in production during that
period. "Barrels per day" is indicative of flow rate while a well is in
production and does not mean that such well was in constant production during
such period.


Proved reserves are those reserves that can be estimated with a high degree of
certainty to be recoverable. It is likely that the actual remaining quantities
recovered will exceed the estimated proved reserves. 


Probable reserves are those additional reserves that are less certain to be
recovered than proved reserves. It is equally likely that the actual remaining
quantities recovered will be greater or less than the sum of the estimated
proved plus probable reserves. 


Pursuant to s. 5.8 of NI 51-101, the Company advises that reserves disclosed in
this release are credited to section 15 of the Milton property and that the
Company has other oil and gas properties, and, therefore, that the estimates of
reserves and future net revenue for individual properties may not reflect the
same confidence level as estimates of reserves for all properties, due to the
effects of aggregation.


ON BEHALF OF THE BOARD

PETRO ONE ENERGY CORP.

Peter Bryant, President & Director

ON BEHALF OF THE BOARD

GOLDSTRIKE RESOURCES LTD.

Terrence E. King, President & Director

For further information, please visit the company's website at
www.PetroOneEnergy.com, follow the Company's tweets at
www.Twitter.com/PetroOneEnergy and contact Jeff Stuart of King James Capital
Corporation, handling Investor Relations for the Company, by telephone at (604)
805 0375 or by email at [e-mail].


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. 


Forward-Looking Statements

Certain statements contained herein constitute forward-looking statements or
information (collectively "forward-looking statements") within the meaning of
applicable securities legislation, including, but not limited to management's
assessment of future plans and operations, including: drilling plans and
potential locations; expected production levels; development plans; reserves
growth; production and operating sales and expenses; reservoir characteristics;
the results of applying certain operational development techniques; certain
economic factors; and capital expenditures. 


Forward looking statements are typically identified by words such as
"anticipate", "estimate", "expect", "forecast", "may", "will", "project" and
similar words suggesting future events or performance or may be identified by
reference to a future date. In addition, statements relating to oil and gas
reserves and resources are deemed to be forward-looking statements as they
involve the implied assessment, based on certain estimates and assumptions, that
the reserves or resources described, as the case may be, exist in the quantities
predicted or estimated and can be profitably produced in the future. With
respect to forward looking statements herein, the Company has made assumptions
regarding, among other things; future capital expenditure levels; future oil and
natural gas prices; ability to obtain equipment and services in a timely manner
to carry out development activities; ability to market oil and natural gas
successfully to current and new customers; the ability to obtain financing on
acceptable terms; and the ability to add production and reserves through
development and exploitation activities. Although the Company believes that the
expectations reflected in the forward-looking statements contained herein, and
the assumptions on which such forward-looking statements are made, are
reasonable, there can be no assurance that such expectations will prove to be
correct. Readers are cautioned not to place undue reliance on forward-looking
statements included herein, as there can be no assurance that the plans,
intentions or expectations upon which the forward-looking statements are based
will occur. By their nature, forward-looking statements involve numerous risks
and uncertainties that contribute to the possibility that the forward-looking
statements will not occur, which may cause the Company's actual performance and
financial results in future periods to differ materially from any estimates or
projections. The forward-looking statements contained herein are made as of the
date hereof. The Company does not undertake any obligation to, nor does it
intend to, publicly update or revise any forward-looking statements, whether as
a result of new information, future events or otherwise. The forward-looking
statements contained herein are expressly qualified by this cautionary
statement. In addition, readers are cautioned that historical results are not
necessarily indicative of future performance.



FOR FURTHER INFORMATION PLEASE CONTACT: 
King James Capital Corporation
Jeff Stuart
Investor Relations
[phone]
[e-mail]


Petro One Energy Corp.
604 566 9089
IR: 604 805 0375
www.PetroOneEnergy.com
www.Twitter.com/PetroOneEnergy


Goldstrike Resources Ltd.
604 681 1820
IR: 604 805 0375
www.GoldstrikeResources.com
www.Twitter.com/GoldStrikeRes