Mooncor Oil & Gas Corp.

Mooncor Oil & Gas Corp.

December 10, 2007 10:04 ET

Mooncor Announces Intention to Make Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - Dec. 10, 2007) - Mooncor Oil & Gas Corp. (TSX VENTURE:MOO)("Mooncor") announced today that it has received approval from the TSX Venture Exchange (the "Exchange") for a notice filed by Mooncor of its intention to make a normal course issuer bid to purchase up to 2,853,057 common shares, being 5% of the issued and outstanding common shares of Mooncor. Mooncor currently has 57,061,150 common shares outstanding.

The normal course issuer bid will commence on December 12, 2007 and will terminate on December 12, 2008. The common shares will be acquired through the facilities of the Exchange and the purchase and payment for the shares will be made by Mooncor in accordance with the requirements of the Exchange and all other applicable laws. The price paid by Mooncor for any common shares acquired by it will be the market price of the shares at the time of acquisition. In addition, the directors of Mooncor have not authorized Mooncor to pay more than $0.20 per share. All shares acquired by Mooncor under this bid will be cancelled. Purchases made pursuant to the bid will be made by Pope & Company Limited on behalf of Mooncor.

Mooncor is engaging in a normal course issuer bid because it believes that, from time to time, the market price of its common shares may not fully reflect the underlying value of its business and its future business prospects. As a result, depending upon future price movements and other factors, Mooncor believes that its outstanding common shares may represent an attractive investment, since a portion of Mooncor's excess cash can be invested for an attractive risk adjusted return on capital through its bid.

Business of Mooncor Oil and Gas Corp.

Mooncor Oil & Gas Corp is a junior oil and gas exploration and development company that has recently changed its short term focus to oil. The Corporation will concentrate on exploiting its three light oil prospects at Bashaw, Lonestar and Woodbend, its heavy oil exploration play at White Hill Lakes and other oil projects under evaluation. Mooncor owns gross acres (126,625 net acres) of oil and gas leases in Alberta and Saskatchewan.

This information contains forward-looking statements (forecasts) under applicable securities laws. Forward-looking statements are necessarily based upon assumptions and judgments with respect to the future including, but not limited to, the outlook for commodity markets and capital markets, the performance of producing wells and reservoirs, and the regulatory and legal environment. Many of these factors can be difficult to predict. As a result, the forward-looking statements are subject to known or unknown risks and uncertainties that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements.

Shares Outstanding: 57,061,150 Closing Price - December 7, 2007: $0.13

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

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