Mooncor Oil & Gas Corp.

Mooncor Oil & Gas Corp.

October 30, 2007 09:25 ET

Mooncor Appoints First Canadian Capital as Investor Relations Consultant, Announces Board Change and Grants Incentive Stock Options

CALGARY, ALBERTA--(Marketwire - Oct. 30, 2007) - Mooncor Oil & Gas Corp. (TSX VENTURE:MOO) (the "Corporation") is pleased to provide the following update to shareholders:

Investor Relations:

The Corporation announces that, effective October 29, 2007, it has engaged First Canadian Capital Corp. ("FCC") to provide investor relations services to the Corporation. This engagement is for a term of one year, subject to regulatory approval, with a mutual review after six months, at which time the agreement can be terminated by either party. Services to be provided by FCC include using FCC's proprietary database to contact, with information provided by the Corporation, retail brokers, portfolio managers, analysts, individual investors, letter writers and media contacts.

The Corporation has agreed to pay FCC $6,000 (plus GST) per month, plus reasonable out-of-pocket expenses. In addition, the Corporate has granted FCC stock options to purchase 600,000 common shares at an exercise price of $0.23 per share expiring on October 29, 2012. These options vest as to 25% on the day of the grant, 25% three months from the grant, 25% six months from the date of the grant and 25% nine months from the date of the grant.

Board Changes:

The Corporation wishes to announce that Barry M. Polisuk has resigned as a Board member and will remain the Corporate Secretary of the Corporation. Mr. Polisuk is a partner of Garfinkle, Biderman LLP and has played an important role in the growth of the Corporation.

Granting of Incentive Stock Options.

The board of directors of the Corporation has also agreed to grant certain directors, officers and consultants options to purchase a total of 1,600,000 common shares at a price of $0.23 per share, exercisable on or before October 29, 2012, of which 850,000 have been granted to directors and officers and 750,000 to consultants. Pursuant to the incentive stock option plan, options granted to directors and officers vest as to 50% at the date of the grant and 50% one year from the date of the grant and options granted to consultants vest 33.3% at the date of the grant and 33.3% each year thereafter.

With the stock options grants announced today, the Corporation has a total of 5,586,000 stock options outstanding.

Business of Mooncor Oil & Gas Corp.

The Corporation is a junior oil and gas exploration and production company based in Calgary, Alberta. The Corporation has a CBM project and two conventional oil and gas projects in Alberta. It has drilled 9 wells to date and its assets consist of rights to earn working interests in five separate properties totaling 263,511 gross acres (126,625 net acres) of petroleum and natural gas Crown leases in Alberta and Saskatchewan.

Shares Outstanding: 57,061,150

Closing Price - October 29, 2007: $0.21

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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