Opal Energy Corp.

Opal Energy Corp.

January 15, 2008 08:30 ET

Opal Energy-Seismic Acquisition Underway in South Texas

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 15, 2008) -


Opal Energy Corp (the "Company") (TSX VENTURE:OPA) announced today that seismic data acquisition is underway in its 75 sq. mi. seismic shoot in South Texas (SW Victoria Shoot). Acquisition of the data should be complete by the end of February 2008. After processing, the data should be loaded on the Company workstations for interpretation during the second quarter 2008. The goal of the SW Victoria Shoot is to uncover numerous high quality drilling prospects starting in the second quarter 2008.

Commenting on the progress in data acquisition, Opal Chairman Ron Oligney said, "We are pleased with data acquisition in the SW Victoria Shoot. The progress on this large 3-D seismic shoot can provide Opal with a solid next round of drilling targets as we move from a micro-cap to a small-cap stature. We look forward to the opportunity to interpret this newly acquired data in a relatively underexplored area of South Texas."

Additionally, Steve Hoover, Opal Senior Vice President, Exploration added, "The initial shot records that have been taken look very good and the nature of the data should allow us to look at any deep prospects that might be identified from this shoot in addition to the shallower depths."

Grants have been made pursuant to the Company's Stock Option Plan to purchase an aggregate of 385,000 shares subject to regulatory approval. The holders of the options may purchase their allocated number of common shares of Opal at a price of $0.72 per share on or before January 14, 2013. The options are subject to a vesting schedule and any shares acquired pursuant to the option agreements may not be sold within 4 months of granting.

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

January 15, 2008

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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