Opal Energy Corp.

Opal Energy Corp.

January 11, 2007 19:02 ET

Opal to Raise $2 Million

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Jan. 11, 2007) -


Opal Energy Corp (the "Company") (TSX VENTURE:OPA) and Haywood Securities Inc. (the "Agent") have agreed to terms of a best efforts offering (the "Offering") to raise up to $2 million for the Company pursuant to TSX Venture Exchange Short Form Offering Document.

The Offering, which is subject to regulatory approval, will be for up to 8,695,652 units (the "Units") of the Company at a price of $0.23 per Unit. Each Unit is comprised of one common share (a "Share") in the capital of the Company and one non-transferable share purchase warrant. Each full Warrant (a "Warrant") will entitle the holder thereof to purchase one additional common share in the capital of the Company for a period of twelve months following the closing date at a price of $0.35 per common share. The Units are being offered for sale only in the Provinces of British Columbia and Alberta and such other jurisdictions as the Offering may be legally sold.

The Company shall pay the Agent a cash commission of 8.5% of the gross proceeds of the Offering plus a corporate finance fee in the amount of $15,000 and the Company will reimburse the Agent for reasonable expenses related to the Offering.

The funds will be used to further exploration pursuant to the Company's recently announced South Texas Exploration Program, to secure significant additional natural gas opportunities in the short term and for working capital.

Opal Energy - (formerly Boulder Mining Corporation)

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. Opal is securing funding partners for an initial US$16 million South Texas exploration package that calls for drilling 10 wells and completing a 75 sq. mi. seismic shoot over the next 9 to 12 months. The goal of the seismic shoot is to uncover dozens of new high-quality drilling prospects starting in Q3-2007.

On behalf of the Board of Directors

Opal Energy Corp

Ronald E Oligney, CEO and Director

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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