ONL Online Energy

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.

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