Boulder Mining Corporation
TSX VENTURE : BDR

Boulder Mining Corporation

December 12, 2006 08:30 ET

Boulder Mining Corporation: Opal Commits to Drill Major Natural Gas Prospect

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 12, 2006) - Boulder Mining Corporation ("Boulder") (TSX VENTURE:BDR) is pleased to announce that its wholly owned U.S. subsidiary Opal Energy Inc. has secured 100% of the rights to fund and drill the Seven Ls Vitera prospect in Wharton County, Texas.

The wildcat well to test this abnormal pressure prospect has a proposed total depth of 15,500 feet. The Vitera prospect is along trend with a series of gas fields spatially related to a semi-regional down to the basin fault, which produce from Wilcox sands. One of these fields, the nearby Cooley Field, has so far produced approximately 250 Bcf from analogous Wilcox reservoirs. Interpretation of seismic data suggests the Vitera prospect is a gas field target of similar proportions as the Cooley field.

The Vitera prospect is subject to a prospect generator fee of US$ 567,400 and a right of the prospect generator to a 25% working interest after revenue from the well exceeds all expenses of the well (ie.payout). Opal will retain a 25% cost-bearing working interest in the well, and an additional 5% carried working interest that kicks in after payout of the drilling and completion costs to its partners. Dryhole cost is estimated at US$ 5.5 million, with a projected completion cost of US$ 2 million. Drilling is tentatively scheduled to start June 15, 2007.

Chief executive officer Ron Oligney says, "We are very pleased to announce the acquisition of our first prospect that represents to our partners and shareholders major upside potential. These types of company-making targets are a key part of our commitment to building a company with a solid base of cash flow and assets, while offering upside potential that is generally only available to much larger companies."

Name Change update

Boulder shareholders voted in November to change the name of Boulder Mining Corporation to Opal Energy Corp. The name change will be registered pending receipt of documentation from Ontario, after which point Opal will trade under the new symbol OPA. Opal's new website www.opalenergy.ca will be updated shortly.

Boulder Mining Corporation - Opal Energy Inc.

Boulder Mining Corporation, 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 the drill bit, growing a production platform upon which will be superimposed some remarkable, high-impact exploration opportunities. Drilling inventory will be continuously enhanced by the implementation of a series of proprietary 3-D seismic shoots. Opal has attracted 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. Interpretation of the seismic shoot is ultimately expected to uncover dozens of new high-quality drilling prospects starting in Q3-2007.

On behalf of the Board of Directors

Boulder Mining Corporation

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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