March 19, 2008 - Vancouver, BC - Petrol One Corp. (CNQ Exchange: PONE) (the “Company") announces that a private placement of up to 1,250,000 units for gross proceeds to the Company of $500,000. Each unit will consist of one common share and one share purchase warrant, each warrant entitling the holder to purchase one additional common share of the Company for a period of two years from the date of issuance at a price of $0.50 per share. A commission may be payable in accordance with the policies of the CNQ. The proceeds of the private placement will be used for general working capital and for its oil and gas project in Gabon, West Africa.
The Company also wishes to announce the appointment of Chris Parent as the President and a Director of the Company. Mr. Parent has extensive experience in the Middle East and Africa and has a background in finance and banking, holding an FICB (Fellow of the Institute of Canadian Bankers). Mr. Parent has over 12 years banking experience in various branch manager positions as well as head office positions in Securities and Inspection.
Update on Zimtu Capital Corp.: Further to a news release issued by Flow Energy Ltd. (“Flow”) on March 10, 2008, it was announced that Flow and the Company had entered into a Share Purchase Agreement pursuant to which Flow is purchasing all of the issued and outstanding common shares of Zimtu Capital Corp. (“Zimtu”) (the “Transaction”). Flow is a capital pool company listed on the TSX Venture Exchange and the Transaction would constitute as their qualifying transaction. Zimtu is a private investment company, wholly owned by the Company, with over $6.0 million in assets. Under the terms of the Transaction, in exchange for the common shares of Zimtu, Flow will be issuing the Company a total of 50,000,000 common shares at a deemed price of $0.12 per share. These shares will be distributed to those shareholders of the Company on record as of April 21, 2006 in satisfaction of a share distribution announced by the Company on April 17, 2006.
Shareholders of record will receive 15 common shares of Flow for every 1 common share of the Company they held. The Transaction remains subject to regulatory approval.
For more information please contact:
Daniel Power
Director
Petrol One Corp.
Phone: (604) 676-4285
Fax: (604) 681-8240
Email: dan@petrolone.com
www.petrolone.com
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.
The CNQ has neither approved nor disapproved the information contained herein.
