Opal Energy Corp.

Opal Energy Corp.

November 15, 2007 08:30 ET

Opal Energy Announces China Source of Components in Exploration Strategy

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 15, 2007) -


Opal Energy Corp (the "Company") (TSX VENTURE:OPA) announced today progress in expanding a Chinese component to its exploration strategy to become a premier developer of giant Texas onshore natural gas resources.

Texas Giants Strategy Expands to China

The Company announced that it has made substantial progress in obtaining initial funding components from significant multinational oil and gas companies in China to expand its strategy to explore and develop giant natural gas prospects along the South Texas Gulf coast onshore. The Company has obtained positive responses from key management personnel with two separate multinational oil and gas companies in China. If successful, this funding arrangement would move the plans the Company has to drill and test its Orion prospect in South Texas which has undiscovered resources of approximately 4 trillion cubic feet (TCF).

Additionally, the Company also announced that it is continuing discussions to enter into a production sharing agreement with one multi-national oil and gas company from China for a block of exploration acreage in the South China Sea which covers over 2,000 square kilometers. This potential additional exploration block would position the Company to test undiscovered resources of over 5 TCF of natural gas. This block is located nearby an existing gas sales line to Hong Kong in the event exploration is successful.

Undiscovered resources are those quantities of oil and gas estimated on a given date to be contained in accumulations yet to be discovered. There is no certainty that any portion of the undiscovered resources will be discovered and that, if discovered, it may not be economically viable or technically feasible to produce. In reference to the estimates of undiscovered resources included herein the qualified estimator is Jesse Allen, P.E., an employee of the Company. The potential exploration block in the South China Sea would allow the Company to apply its expertise in deep drilling with high temperature and high pressure situations pursuant to the conditions anticipated in this target block.

Commenting on the recent events, Opal CEO Ron Oligney said, "We are pleased with progress of our efforts in China to both bring significant funding for the Orion Prospect and to secure exploration rights in the South China Sea. Additionally, these opportunities for our shareholders to receive the benefit of these substantial partnership relationships are very exciting."

Both of these initiatives are ongoing and are expected to be concluded in the next few months. The Company cannot assure the outcome of these efforts for either the funding of the Orion prospect or the exploration block in the South China Sea.

Opal Energy

Opal Energy Corp, through its U.S. subsidiary Opal Energy Inc., offers an aggressive, disciplined and results-oriented vehicle to invest in the U.S. Exploration and Production "E&P" sector with a particular focus on natural gas exploration targets in South Texas. The business strategy is to build asset value through drilling, growing a production platform upon which will be superimposed some potential high value exploration opportunities. Drilling inventory will be continuously enhanced by the implementation of a series of proprietary 3-D seismic shoots.

On behalf of the Board of Directors

Opal Energy Corp

Ronald E. Oligney, CEO and Director

John H. McAdam, President and Director

November 15, 2007

This release includes certain statements that may be deemed forward-looking statements. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, production activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, production and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, Opal does not assume a duty to update these forward-looking statements. For more information on the Company, Investors should review the Company's filings that are available at www.sedar.com.

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

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