Opal Energy Corp.
TSX VENTURE : OPA

Opal Energy Corp.

November 13, 2007 08:30 ET

Opal Energy Provides Texas Giants Strategy Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 13, 2007) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Opal Energy Corp (TSX VENTURE:OPA) (the "Company") announces today several key components in its exploration strategy to become a premier developer of giant Texas onshore natural gas resources.

Texas Giants Onshore Natural Gas Strategy

The Company has advanced its Texas Giants strategy of generating high potential natural gas prospects in the onshore and near-shore areas along the south Texas Gulf coast. Numerous 3-D data sets have been acquired from various seismic vendors and the highly experienced exploration team at Opal has identified several compelling targets. In addition, the Company's management now believes the Company's Texas Giant prospects actually correlate with the Lower Tertiary world class discoveries made by the energy industry majors in the deep Gulf of Mexico.

The Company announces that it has secured rights to 7 natural gas targets in the coastal area of south Texas each of which has undiscovered resources of 1.0 to 4.0 TCF (trillion cubic feet). The exploration staff has also identified another 3 potential similar sized targets for which the farm-in agreements are currently being negotiated. These developments have positioned the Company to expose its shareholders to significant potential resources from these targets. The Company has commissioned an independent engineer to review and to produce Canadian National Standard 51-101 compliant reports on each prospect which the Company will make public as produced.

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.

The largest two prospects (the Orion and Antares) are already secured with leases covering 10,600 acres. The Company recently executed more leases obtaining another 4,260 acres and has secured options for a further 2,240 acres. Options for an additional 3,680 acres are under negotiation. These prospects are primarily hosted by the Lower Tertiary Wilcox and the Deep Frio formations at depths of 21,000 to 33,000 feet.

The Company has identified preferred partners to fund and participate in the drilling of these very large natural gas prospects and has initiated discussions in this regard. As is becoming well known, the Company has the experienced team that can oversee the drilling of these deep high pressure and high temperature wells. The leader of that team, Tommy Bolin, Chief Operating Officer of Opal Energy, Inc. has significant experience in these challenging drilling objectives.

Commenting on the progress, Opal CEO Ron Oligney said, "We are pleased with progress of our Texas Giants exploration strategy. We are ahead of schedule in the development of extremely large natural gas prospects on the South Texas Gulf coast. We are positioning the Company to be exposed to substantial value enhancement."

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 13, 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.

Contact Information