PORT ALMA, ONTARIO -- (Marketwire) -- 08/07/08 -- Onco Petroleum Inc.

IT IS RESOLVED:

That the Special Meeting of Shareholders of Onco Petroleum Inc. (the "Corporation") will be held at the Sheraton Four Points Hotel, 1150 Wellington Road South, London, Ontario, on Friday, September 18, 2008 at 10:00 a.m. (Eastern Daylight Savings Time) for the following purposes:

1. to elect new directors for the ensuing year; and

2. to transact such other business as may properly come before the Meeting or any adjournment or adjournments thereof.

Forward Looking Statements: This release contains certain forward looking statements relating to the business, operations, anticipated financial performance, business prospects and strategies of Onco Petroleum Inc. (the "Company"), including but not limited to expectations relating to production levels; the quantity of oil and/or gas reserves; projections of market prices; capital expenditure programs; projections of costs; expectations regarding the ability to continually add to reserves through exploration and development; and treatment under governmental regulatory regimes. These statements are based on current expectations that involve numerous assumptions regarding factors and risks that could cause actual results to differ materially from those projected in forward looking statements. These risks are further described in the Company's prospectus dated October 12, 2007, which is available at www.sedar.com. The use of any of the words "anticipate", "believe", "continue", "could", "estimate", "expect", "may", "potential", "project", "should", "will", and similar expressions are intended to identify forward-looking statements. There is no representation by the Company that actual results achieved will be the same in whole or in part as those set out in the forward looking information. Furthermore, the forward looking statements contained in this release are made as of the date hereof, and the Company undertakes no obligation, except as required by applicable securities legislation, to update publicly or to revise any of the included forward looking statements, whether as a result of new information, future events, changes in the Company's opinion or otherwise.

The CNQ Stock Exchange does not accept responsibility for the adequacy or accuracy of this news release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.