VANCOUVER, Nov. 10 /PRNewswire-FirstCall/ -- Petrol One Corp. (CNQ Exchange: PONE) (FSE: OTG) (the "Company") is pleased to announce that its common shares will resume trading on the CNQ on Monday, November 13, 2006. Each certificate of International Zimtu Technologies Inc. evidencing common shares of the Company will continue to evidence common shares of Petrol One Corp. without further action by shareholders.
Trading Date: Monday, November 13, 2006
New Symbol: PONE
New CUSIP/ISIN: 71672N1078
The Nkani Property
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The Company acquired a 90% interest in the Nkani Property from CDN Ventures Ltd. ("CDN") in August, 2006. In consideration for the interest, the Company issued the shareholders of CDN a total of 6,000,000 common shares at a deemed price of $1.00 per share.
The Nkani Property is an approximately 2,200 square kilometre onshore block situated in the Gabon Estuary, Gabon, Africa. The western side of the concession is prospective for a deep structural trend which is widely covered by a thick salt layer providing a strong seal. Previous seismic coverage had limited ability to see below the salt seal and it has therefore not been tested by drilling. However, a potential pre-salt petroleum system has been proven in the region with good reservoirs and associated seals. It is anticipated that the acquisition of seismic data which will be processed using modern techniques will identify potential traps.
On the eastern side of the concession, a large number of seismic surveys have been shot, identifying further exploration targets. The area is also host to oil showings on two wells in addition to a gas discovery on another. BeicipFranlab (http://www.beicip.com/) has completed an engineering report (the "BeicipFranlab Report") on the Property for Petrol One, compliant with Canadian National Instrument 51-101 reporting standards. According to the BeicipFranlab Report: "The block has a gas discovery and has a number of oil shows. According to a review by BeicipFranlab, the Ozoumboule gas field could contain up to 212 Bcf of gas. The block has also the potential to hold up to 140 million barrels of oil from two prospects." A copy of the BeicipFranlab Report may be viewed at http://www.sedar.com/.
The Company entered into a Production Sharing Agreement on September 22, 2006 with the Gabon Ministere des Mines, de l'Energue, de l'Ectricite et des Resources Hydrauliques (the "Ministry") and the ATAS Group of Saudi Arabia. Under the terms of the Production Sharing Agreement and a Participation Agreement between the Company, the ATAS Group and Austin Developments Corp., the Company will have a 72% interest after payout in the Nkani Property.
A special meeting of shareholders will be held on November 17, 2006 to ratify the acquisition of the interest in the Nkani Property from CDN.
Petrol One has also granted a total of 1,333,338 incentive stock options to directors, officers and consultants. Each stock option will be exercisable at a price of $1.01 per share until November 9, 2011.
Shareholders of the Company are reminded that as of April 17, 2006, all tangible assets and intellectually property of the Company were transferred to its subsidiary "Zimtu Capital Corp." In the event that Zimtu Capital Corp. becomes a reporting issuer, the Company intends to declare a dividend of shares of Zimtu Capital Corp. to the shareholders of the Company. Shareholders of record as of April 17, 2006 will receive a dividend of one common share of Zimtu Capital Corp. for every one common share of the Company owned.
For more information please contact:
"David Hodge"
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David Hodge
Director
Petrol One Corp.
Phone: (604) 676-4285
Fax: (604) 681-8240
Email:
This news release may contain forward-looking statements. The forward-looking statements are not guarantees of future performance and undue reliance should not be placed on them. Actual results may differ materially as a result of any number of factors and uncertainties, many of which factors are beyond Petrol One's control. Many of these risks and uncertainties are described in Petrol One's management's discussion and analysis and other documents Petrol One files with the Canadian securities authorities.
CONTACT: David Hodge, Director, Petrol One Corp., Phone: (604) 676-4285, Fax: (604) 681-8240, Email: