Opal Energy Corp.

Opal Energy Corp.

August 06, 2008 08:30 ET

Opal Energy Announces Signing of Joint Operating Agreement to Drill Boettcher Well

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 6, 2008) -


Opal Energy Corp (the "Company") (TSX VENTURE:OPA) announces that it has signed a joint operating agreement with partners to participate in the drilling of a test well for the Boettcher prospect, the Vacek #1. The Company has an initial 26 percent, non-operating working interest and 19 percent net revenue interest in the well, the proposed total depth of which is 16,000 feet.

The Boettcher prospect is located on the border between Fort Bend and Wharton Counties, Texas and includes land in both counties. It is one of five Wilcox trend prospects in which the Company has a working interest.

President and CEO Barry Williamson commented, "One factor that makes the Boettcher an attractive drilling prospect is its close proximity to several historically productive Wilcox Meek Sand fields. We look forward to the spudding of the Vacek #1, which we anticipate will take place early this fall."

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 a team of highly experienced E&P professionals, based primarily at the company's U.S. headquarters in Katy, Texas. Listed on the TSX-V Exchange (TSX VENTURE:OPA), the company also maintains a corporate office in Vancouver, B.C., Canada and a satellite office in Victoria, Texas.

On behalf of the Board of Directors

Opal Energy Corp

Ronald E. Oligney, Chairman of the Board

Barry Williamson, President, CEO and Director

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.

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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