One Exploration Inc. Announces the Closing of the Second Tranche of its
Private Placement of Class A Shares

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

CALGARY , Jan. 29 /CNW/ - One Exploration Inc. ("OneEx" -TSXV:OE.A orTSXV:OE.B) is pleased to announce the closing of the second and final tranche of its previously announced non-brokered private placement (the "Private Placement"), undertaken as part of the recapitalization transactions disclosed in the press release of OneEx dated January 13, 2010 .

Pursuant to the second tranche of the Private Placement, OneEx issued 1,470,526 Class A shares ("Class A Shares") at a price of $0.17 per Class A Share to members of the management team and to certain other third-party subscribers for total gross proceeds of $249,989.42 . The Class A Shares issued pursuant to the Private Placement will be subject to a four-month statutory hold period. The proceeds of the Private Placement will be used for OneEx's 2010 drilling program and general corporate purposes.

Subscribers of Class A Shares under the second tranche of the Private Placement, will not be entitled to participate in the previously-announced rights offering of OneEx (the "Rights Offering"). The Rights Offering remains subject to applicable regulatory approval, including the approval of the TSX Venture Exchange.

Forward-Looking Statements

This document contains forward-looking statements. More particularly, this document contains statements concerning the completion of the Rights Offering.

The forward-looking statements are based on certain key expectations and assumptions made by OneEx, including expectations and assumptions concerning timing of receipt of required regulatory approvals and third party consents and the satisfaction of other conditions to the completion of the Rights Offering.

Although OneEx believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because OneEx can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, risks that required regulatory and third party approvals and consents are not obtained on terms satisfactory to the parties and risks that other conditions to the completion of Rights Offering are not satisfied at all.

The forward-looking statements contained in this press release are made as of the date hereof and OneEx undertakes no obligation 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 securities laws.

Neither the 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.

For further information: Russell J. Tripp, President & CEO, One Exploration Inc., Phone: [phone]