Mooncor Oil & Gas Corp.

Mooncor Oil & Gas Corp.

November 06, 2007 09:17 ET

Mooncor Changes Near Term Focus to Oil Exploration and Prospect Development; Announces New Oil Farm-In Project

CALGARY, ALBERTA--(Marketwire - Nov. 6, 2007) - Mooncor Oil & Gas Corp. (the "Corporation") (TSX VENTURE:MOO) is pleased to report that, due to record oil prices, the Corporation has altered its short term focus from unconventional gas in order to concentrate on the Corporation's two oil projects, at Woodbend and Lonestar, and on its new oil focused farm-in. The Corporation now views its unconventional natural gas projects as longer term assets and will accelerate the exploitation of these gas properties as natural gas prices improve. To supplement the Company's existing oil potential properties, the Company recently entered into a farm-in option agreement to production test an existing oil well in a proven field near Bashaw, Alberta and review certain 3-D seismic data prior to electing to drill an infill well in the existing Devonian reef oilfiled.

Work on the new oil farm-in will commence immediately. The Corporation's Woodbend light oil project and its oil and gas play at Lonestar will also be prioritized. An operations update on these three properties and the longer term gas strategy will be released shortly.

The Corporation's management is confident that in the longer term, shale and unconventional gas projects will be highly economical. The Corporation's change to a strategy that generates immediate oil production instead of the natural gas exploration focus will produce near term cash flow which could then support an enhanced natural gas exploration program at the appropriate time.

Shares Outstanding: 57,061,150

Closing Price - November 5, 2007: $0.225

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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