SOURCE: Modern Energy Corp.

April 30, 2008 02:12 ET

Modern Energy Announces Forward Split of 1000 for 1 and Change of Trading Symbol From "MDNO" to "MDRG"

Action to Unlock Trading in Company's Equity; Shares of Grand Pacaraima to Be Distributed for Every Share of Modern Energy Corp. Held on Nov. 26

LOS ANGELES, CA--(Marketwire - April 30, 2008) - Modern Energy Corp. (PINKSHEETS: MDRG) (FRANKFURT: ME2B) announced today that the company completed a forward split of 1000 for 1. This corporate action was taken as a result of Scottrade suing the company to reverse the previous corporation action that in effect reversed each 1000 common shares down to 1 common share. Although the company believes that the previous split was properly executed and all parties and agencies were notified in accordance with SEC and Nasdaq regulations, the court upheld Scottrade's contention that Modern Energy had erred resulting in a 999,999 share short position being put on by Scottrade.

The company believes that by reversing the company's former action through a forward split, bringing the issued and outstanding back to 1,200,000,000 common shares, that the company can more forward with its business plan and permitting trading in the company's equity to begin again under the new trading symbol -- MDRG.

The final court order resulting from Scottrade's legal action did not reverse the preferred dividend, nor did it undo the Grand Pacaraima Gold (PINKSHEETS: GPGD) dividend, which was paid to Cede & Co before the action was brought, and is still pending being released to those due the dividend by the DTC. NASDAQ had previously announced that the ex-dividend date would be November 27, 2007 for the dividend of 100 shares of GPGD for every 1 share of MDNO held as of November 26. Those investors who bought and held shares before the ex-dividend date will receive the dividend. Ten percent (10%) of the distributed shares of GPGD are to be unrestricted while the other 90% are to be restricted.

Note that Modern Energy Corp. Class B Preferred shares (CUSIP: 607587 201) (distributed to MODR shareholders as of October 16, 2007) are eligible to be converted to common shares of MDGR at the rate of 100 preferred to 1 common share when a payment is made to the Modern Energy Corp. of $.001 per common share. However, NASDAQ has not yet assigned a symbol for the Preferred. The Company will announce when a symbol is assigned.

The company looks forward to reinitiating shareholder communications on the company's progress and initiatives to enhancing shareholder value now that this necessary corporate action has been completed. In addition to the Grand Pacaraima Gold dividend, shareholders can expect another dividend in the form of stock in one of the company's portfolio holdings.

About Modern Energy Corporation

Modern Energy has wholly owned subsidiaries on the island of Mindanao in the Philippines which have mineral rights and agricultural land interests. The mineral rights have the potential for economically viable mining of copper, gold, silver and other minerals. The agricultural land interests involve 250,000 hectares (over 600 thousand acres) of agricultural land suitable for growing palm oil, jatropha and other feedstocks for the production of biodiesel. In addition, the Company holds marketable securities in various companies including but not limited to Western Pac Minerals, Wall Street Securities, Inc., XXStream Entertainment and Infinity Mining. The Company is planning on distributing dividends to Modern Energy shareholders in the form of shares of these marketable securities during 2008.

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