Opal Energy Corp.

Opal Energy Corp.

January 14, 2008 08:30 ET

Opal Energy Reports 95 Bcf Proven and 87 Bcf Probable Natural Gas Reserves at Dolan and Kane Brandon Prospects

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 14, 2008) -


Opal Energy Corp (the "Company") (TSX VENTURE:OPA) hereby announces the details of Proved and Probable reserves at the Dolan and Kane Brandon prospects located in Texas as outlined in two independent reports compliant with National Instrument 51-101 standards. These two reports indicate a gross combined total of 95.4 Bcf of proved undeveloped reserves and 87.1 Bcf of probable natural gas reserves.


The independent report indicates the presence of 65.2 billion cubic feet ("Bcf") of proved undeveloped reserves (PUDs) at the Kane Brandon prospect in Colorado County, Texas. The Company holds a 100% working interest and a 74% net revenue interest. The Company's net share is therefore 48.2 Bcf. The prospect is well situated within the prolific Middle / Lower Wilcox Trend, with several large fields on trend: Dry Hollow Field (166 Bcfe), Speaks Field (371 Bcfe), Provident City Field (852 Bcfe) all located to the southwest, and Bonus Field (169 Bcfe) located to the northeast.


At the Dolan Prospect in Live Oak County, Texas, there are outlined 30.2 Bcf of proved undeveloped reserves (PUDs) and 87.1 Bcf of probable reserves in which the Company holds a 93.5% working interest and a 64.4% net revenue interest. The Company's net share is 19.4 Bcf of Proven and 56.1 Bcf of Probable reserves. Many well-known, prolific gas fields have been discovered along this important trend, from Live Oak County all the way into Zapata County, over 95 miles to the southwest. The Dolan Prospect is targeting Massive Upper Wilcox Sands which are seen to be productive on strike both to the northeast and southwest.

The Company may assign a portion of its interest in these two prospects in order to obtain drilling and completion funds.

Commenting on the reports, Opal Chairman Ron Oligney said, "We are pleased with the status of reserves at Kane Brandon and the Dolan Prospect especially with the Texas natural gas prices in the $7 per mcf (thousand cubic feet) range. We now look forward to funding the activities to move these projects forward. These two projects provide excellent opportunities for the Company to potentially increase production which should result in increasing shareholder value."

The author of the technical reports is B.L. Whelan, Professional Geoscientist, who is a third party independent qualified estimator. These reports will be available on the Company's website www.OPALenergy.ca.

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

John H. McAdam, President 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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