Toronto, Ontario – December 1, 2010 – Oneworld Energy Inc., a diversified international renewable clean energy company focused on the development, procurement, construction, operation and service of solar and wind power installations, today announced that it has completed the sale of its wholly-owned subsidiary, Elgan Investments Inc., to the Elgan management and certain of Elgan’s creditors.

Oneworld will continue to focus on its core businesses of development, procurement, construction, operation and service of solar and wind power installations, with a profitable and strong growth profile. “Oneworld has determined that this disposition of certain assets will serve our goal of focusing on our core operations with a view to accelerating the path to enhanced profitability” said Barry O’Neill, President and CEO of Oneworld Energy Inc.

Mr. Peter Kampian, CFO and EVP of Oneworld, continued: “On behalf of the Oneworld Group, we would like to thank Mr. John Gamble and his Elgan team for their contributions to the Oneworld family. We wish them all the best in the future.”

About Oneworld Energy Inc.:

Oneworld is an international renewable clean energy company that commenced operations in 2003. The company is focused on the development, procurement, construction, operation and service of solar and wind power installations. The company is headquartered in Mississauga, Ontario and has approximately 80 employees located in 7 offices in Europe, North America and Asia. Oneworld provides services to third parties in a broad range of the value chain in the wind and solar sectors – development, procurement, construction, operation and service through its various operating units and is sourcing wind and solar projects that it can develop, own and operate.

This press release contains “forward-looking information” within the meaning of applicable securities laws relating to Oneworld, including information regarding the business of Oneworld. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by this forward-looking information depending on, among other things, the risk that Oneworld does not realize the anticipated benefits of the transaction. Unless otherwise specified, the statements in this press release are made as of the date of this release. Oneworld undertakes no obligation to update forward looking information, other than as required by law, or comment on analyses, expectations or statements made by third-parties in respect of Oneworld or its respective financial or operating results or (as applicable), its securities.

Contacts:

Peter Kampian, CFO and EVP, Oneworld
Email: IR@oneworldenergy.com
Tel: 416.622.7007 ext. 223