Opal Energy Corp.

Opal Energy Corp.

April 23, 2008 08:30 ET

Opal Energy Processing 3-D Seismic Survey Data to Build Drilling Prospect Inventory

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 23, 2008) -


Opal Energy Corp (the "Company") (TSX VENTURE:OPA) has begun processing data from a major 3-D seismic data acquisition initiative to generate new drilling prospects. Located in Victoria County, Texas, the 75 sq. mi. area surveyed has historically been a productive one. To date, older fields of other operators in its northern section have produced approximately 271 Bcf of natural gas and 17.1 MMbbls of oil.

This is the first time much of the 75 sq. mi. region has been surveyed, affording the Company a unique opportunity to review the subsurface geology of large sections of original 3-D seismic data. The Company anticipates completion of the data processing phase by the end of May. The survey itself required approximately two years to complete.

Senior Vice President of Exploration Steve Hoover commented, "We anticipate this survey will add to our portfolio of high-quality prospects. The survey is well-positioned between, and on trend with, other successful surveys in an area, much of which has never before been imaged with a 3-D survey. Prospective targets could range from shallow, relatively low-risk Miocene and Frio prospects, to deeper and higher potential Yegua and Wilcox sands."

Opal CEO Barry Williamson added, "Our experienced exploration team is doing a great job lining up new prospects in South Texas, a region we believe has tremendous potential. We plan to implement an aggressive drilling program in Victoria County. Meanwhile, our efforts to secure partners to commence drilling activities elsewhere in South Texas are progressing. A capable exploration and production team, an inventory of drilling prospects and completion of a major initiative to add to that inventory make a very compelling story. We look forward to sharing more news regarding our progress on this front in the near future."

Opal Energy Corp

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, Chairman of the Board

Barry Williamson, 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, 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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