TWO T2 Metals Corp

Twoco Petroleums Ltd. ("Twoco" or the "Company") (TSX VENTURE:TWO) announces
financial and operating results for the quarter ended March 31, 2011 and an
update of its 2011 activities.


Twoco has filed the following documents on the System for Electronic Document
Analysis and Retrieval (SEDAR):




1.  Unaudited condensed financial statements as at and for the quarter ended
    March 31, 2011, together with the notes therein as prepared in
    accordance with International Financial Reporting Standards; and 
2.  Management's discussion and analysis of financial condition and results
    of operations as at and for the quarter ended March 31, 2011. 



Copies of these documents may be obtained via SEDAR at www.sedar.com.

Highlights of the First Quarter 2011 include:



--  Average production of 630 boe per day (includes 78 barrels per day of
    oil and natural gas liquids) - a 21% decrease from the First Quarter
    2010 - a result of shut-in volumes due to low natural gas prices, a lack
    of drilling activity and natural production declines; 
--  Petroleum and natural gas sales revenue of $1,404,710 - a 24% decrease
    from the First Quarter 2010 - due to lower production and lower natural
    gas prices; 
--  Cash flow from operations of $48,235 - an 85% decrease from the First
    Quarter 2010 primarily due to lower natural gas production and lower
    natural gas prices;  
--  Operating netback of $690,783 ($12.18 per boe); 
--  Net loss of $612,234 ($0.01 per share); 
--  Capital expenditures of $853,471; 
--  Current land position of 119,267 gross (86,894 net) acres; 
--  Operating costs of $12.34 per boe; and 
--  General and administrative expenses of $4.47 per boe. 



Highlights of Twoco's anticipated 2011 work program and summary of operations
for the year to date include:




--  Approval of an $11,800,000 capital budget which will include the
    drilling of 10 (9.72 net) horizontal oil wells on the Company's Sparky
    heavy oil property in the Warspite area of Alberta and, subject to
    favourable natural gas prices, up to 6 gross (5.79 net) additional
    vertical natural gas wells in the Company's Warspite, Colinton, Sunland
    and Plain operating areas of Alberta; 
--  Twoco has completed the drilling phase of the first tri-leg horizontal
    oil well on the Company's Sparky heavy oil property in the Warspite area
    of Alberta and the drilling phase of the second tri-leg horizontal well
    has commenced. Completion operations on these wells are expected to
    commence in early July 2011;  
--  Current production of 650 boe per day; 
--  Twoco estimates current shut-in and behind pipe production capability of
    150 boe per day; and 
--  On April 29, 2011, the Company closed a $3.05 million private placement
    equity financing of 10,157,824 common shares of the Company at a price
    of $0.27 per common share and 994,500 flow-through common shares at a
    price of $0.31 per flow-through common share. The gross proceeds from
    the issuance of flow-through common shares will be used to incur
    Canadian Development Expenses (as such term is defined in the Income Tax
    Act (Canada)) prior to December 31, 2011 (the "CDE Flow-Through
    Commitment"). The Company will renounce Canadian Development Expenses
    equal to the CDE Flow-Through Commitment to the subscribers of the flow-
    through common shares on or before December 31, 2011. In consideration
    for its services in connection with the equity financing, the Agent was
    paid a fee of $164,501 and received options to purchase 780,662 common
    shares exercisable for eighteen months at a price of $0.27 per common
    share. 



Twoco is an oil and gas company engaged in the exploration for, and the
acquisition, development and production of, oil and natural gas reserves
primarily in the Province of Alberta. Twoco has 71,073,729 common shares issued
and outstanding as at today's date.


In this news release the calculation of barrels of oil equivalent (boe) is
calculated at a conversion rate of six thousand cubic feet (Mcf) of natural gas
for one barrel (Bbl) of oil based on an energy equivalency conversion method.
Boes may be misleading particularly if used in isolation. A boe conversion ratio
of 6 Mcf: 1Bbl is based on an energy equivalency conversion method primarily
applicable to the burner tip and does not represent a value equivalency at the
wellhead.


Forward-Looking Statements: 

Certain information set forth in this news release contains forward-looking
statements or information ("forward-looking statements"), including statements
regarding Twoco's capital budget, participation in the drilling of wells, the
timing of drilling and completion operations and behind pipe production
capability. By their nature, forward-looking statements are subject to numerous
risks and uncertainties, some of which are beyond Twoco's control, including the
impact of general economic conditions, industry conditions, volatility of
commodity prices, currency fluctuations, imprecision of reserve estimates,
environmental risks, operational risks in exploration and development,
competition from other industry participants, the lack of availability of
qualified personnel or management, stock market volatility and the ability to
access sufficient capital from internal and external sources. Although Twoco
believes that the expectations in our forward-looking statements are reasonable,
our forward-looking statements have been based on factors and assumptions
concerning future events which may prove to be inaccurate. Those factors and
assumptions are based upon currently available information. Such statements are
subject to known and unknown risks, uncertainties and other factors that could
influence actual results or events and cause actual results or events to differ
materially from those stated, anticipated or implied in the forward-looking
statements. As such, readers are cautioned not to place undue reliance on the
forward-looking statements, as no assurance can be provided as to future
results, levels of activity or achievements. The risks, uncertainties, material
assumptions and other factors that could affect actual results are discussed in
our Annual Information Form and other documents available at www.sedar.com.
Furthermore, the forward-looking statements contained in this document are made
as of the date of this document and, except as required by applicable law, Twoco
does not undertake any obligation to publicly update or to revise any of the
included forward-looking statements, whether as a result of new information,
future events or otherwise. The forward-looking statements contained in this
document are expressly qualified by this cautionary statement.


This news release shall not constitute an offer to sell or the solicitation of
any offer to buy securities in any jurisdiction.

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