Opal Energy Corp.

Opal Energy Corp.

September 27, 2007 08:30 ET

Tim Nesler and Barry Williamson Join Opal Energy’s Board

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 27, 2007) -


Opal Energy Corp (TSX VENTURE:OPA) is pleased to report that Mr. Tim Nesler and Mr. Barry Williamson have joined the Board of Directors. Mr. Nelson Baker and Mr. Ken Thorsen have graciously stepped down to make room for the appointments of these two energy professionals.

Tim Nesler, MBA, CPA is Chief Executive Officer of the rapidly growing EMS Group of Companies, a leading North American provider of operations and maintenance services to pipeline operators, local distribution companies and independent power oil and gas producers. Mr. Nesler is a consummate Business Executive with global expertise who was formerly with Marathon Oil Company from 1978-2003. His last positions were President of Marathon Power Company Ltd. and Senior Vice President - Business Development, Marathon International Petroleum Ltd. where he led a multi-discipline team identifying and assembling strategic energy and joint development partners, enlisting full cooperation from City, State and Federal governmental agencies, securing financial advisors and project financing and negotiating and executing agreements to develop a $2 billion integrated energy project.

Barry Williamson is an attorney who has extensive experience at the federal and state government levels. In 1988, Mr. Williamson worked in the Reagan Administration and was a principle advisor to the U.S. Secretary of Energy in the creation and formulation of a national energy policy. He then served under President George H.W. Bush at the U.S. Department of Interior as the Director of the Minerals Management Service, where he managed mineral leases on the nation's 1.4 billion-acre continental shelf. Barry Williamson was elected in 1992 to the legendary Texas Railroad Commission. He was sworn-in as the 38th Texas Railroad Commissioner on January 5, 1993 and served as its Chairman in 1995. He completed his six-year term on January 4, 1999. Mr. Williamson has served as Vice Chairman of the Interstate Oil and Gas Compact Commission and as Chairman of its Legal and Regulatory Affairs Committee. He also served as a member of the Texas High Speed Rail Authority. He was past chairman of the Texas Alternative Fuels Council, a member of the Texas Coastal Coordination Council and served on the Gas Committee of the National Association of Regulatory Utility Commissioners.

Mr. Williamson currently serves on the board of Tejas Incorporated, a Delaware corporation, SPACEHAB, Inc., a commercial and government space services company and Wilson Holdings Inc., an Austin based home builder. He also serves on the board of Austin Smiles, a group that provides reconstructive surgery for underprivileged children born with cleft lip and cleft palate.

Mr. Ron Oligney, Opal CEO, says, "We are delighted to welcome Tim Nesler and Barry Williamson on board. We are honored and privileged to have such distinguished individuals bring their business acumen and impressive networks to the table. Opal is entering a very dynamic growth phase in Texas and it will be a great assist to have these Texas based oil and gas veterans close at hand."

On behalf of the Board, the shareholders and the employees of Opal, we would like to thank Nelson and Ken for their unwavering dedication as directors and for their supportive efforts for the betterment of Opal. Both Mr. Baker and Mr. Thorsen will be available to Opal on a contract basis.

The appointment of Mr. Nesler and Mr. Williamson essentially culminates the first phase of Opal's aggressive human capital plan. Opal now has full spectrum capabilities with an enviable team, and the options reported below are part of the incentive package to keep this talent pool intact.

Accordingly, grants have been made pursuant to the Company's Stock Option Plan to purchase an aggregate of 8.5 million shares subject to regulatory approval. The holders of the options may purchase their allocated number of common shares of Opal at prices varying between $0.25 and $0.35 per share on or before October 26, 2012. 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. This grant of options represents 2.86% of the issued and outstanding shares of Opal.

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 sector with a particular focus on natural gas exploration targets in South Texas. The Company is actively identifying, funding and drilling a portfolio of modest to high-return natural gas exploration targets. Drilling risk is mitigated using advanced seismic techniques and establishing carried working interests in most wells. Opal is also currently undertaking a 75 square mile 3D seismic shoot.

On behalf of the Board of Directors of 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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