Opal Energy Corp.

Opal Energy Corp.

June 01, 2009 14:49 ET

Opal Energy Announces Joint Venture Agreement on Southwest Victoria 3-D Project in Victoria County, Texas

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 1, 2009) - Opal Energy Corp. (the "Company") (TSX VENTURE:OPA) announces it has entered into a Joint Venture Agreement on its Southwest Victoria 3-D Project in Victoria County, Texas with a private U.S. company ("Participant"). Under this Joint Venture Agreement, the Participant shall pay Opal a prospect fee and fund the drilling and completion costs on the numerous geological prospects that Opal has generated from the Southwest Victoria 3-D seismic data. Opal has retained an "after payout" working interest which will be realized once the Participant has recovered its initial investment out of production revenues from the Project.

Opal Energy Corp.

Opal Energy Corp. is an independent exploration and production company, focused on developing onshore natural gas resources in South Texas. Key components of its strategy include the use of proprietary 3-D seismic surveys, concentration on underexplored regions and reliance on highly experienced E&P professionals. Listed on the TSX-V Exchange (TSX VENTURE:OPA), the company maintains its U.S. headquarters in Katy, Texas and a corporate office in Vancouver, B.C., Canada.

On behalf of the Board of Directors

Opal Energy Corp.

Michael Curtis, President and CEO

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, actual results of drilling and completion operations on the initial prospects, continued availability of capital and financing, including securing financing to drill Wilcox trend prospects, the ability of joint operating partners to meet their financial obligations, 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, the Company 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information