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Online Energy Inc. Announces Issuance of Options

07:30 EDT Tuesday, May 01, 2012

CALGARY, ALBERTA--(Marketwire - May 1, 2012) - Online Energy Inc. ("Online" or the "Company") (TSX VENTURE:ONL) announces that it granted options on May 1, 2012 to acquire up to 790,770 Common Shares of Online, 610,770 of which were granted to directors and officers of Online. Each grant of options is for a five year term, expiring on May 1, 2017. The options vest over three years (1/3 on each of the first, second and third anniversary of the grant date). The options are exercisable at a price of $0.26 per Common Share.

The Company currently has 45,568,089 Common Shares outstanding. There are now options outstanding to purchase a total of 4,545,770 Common Shares of Online, or approximately 9.98% of Online's issued and outstanding Common Shares. In addition, the Company has performance warrants outstanding to purchase a total of 3,166,316 Common Shares of Online or 6.95% of Online's issued and outstanding Common Shares.

Online is a domestic junior oil and gas exploration and production company. The Company has successfully assembled an extensive land position of 135 net sections in the greater Paddle River area of west-central Alberta. This concentrated acreage position supports a large inventory of horizontal multi- frac well locations on a variety of resource plays including the Notikewin, Wilrich, Ostracod, Rock Creek, Nordegg and Duvernay formations. Online also maintains a growing inventory of low-risk vertical oil locations targeting the Viking and Ellerslie formations as well as a number of low-cost re-entry opportunities.

Interested parties are invited to view the Company's corporate presentation which is periodically updated on its website at www.onln.ca.

FOR FURTHER INFORMATION PLEASE CONTACT:

Steve Dabner
Online Energy Inc.
President & Chief Executive Officer
(403) 262-1901 ext. 228
sdabner@onln.ca
OR
Thomas Love
Online Energy Inc.
Chief Financial Officer
(403) 262-1901 ext.227
tlove@onln.ca
www.onln.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.




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