Opal Energy Corp.

Opal Energy Corp.

February 27, 2008 08:30 ET

Dr. Vik Rao, Halliburton Chief Technology Officer, Joins Opal Energy Board

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 27, 2008) -


Opal Energy Corp (the "Company") (TSX VENTURE:OPA) announced today that the Board has appointed Dr. Vik Rao to the Board of Directors as an independent director. Dr Rao is Senior Vice President and Chief Technology Officer of Halliburton, serving in the top technical position for one of the world's leading oil and gas service companies.

Commenting on the new appointment, Opal CEO Barry Williamson said, "I am very pleased to announce the addition of Dr. Vik Rao as an independent director. He brings to Opal the highest level of technical and operational background and will provide immeasurable benefit as we prepare to drill our deep, high temperature and high pressure Texas Giant prospects in South Texas. This is the first step of several that I will undertake to secure funding and initiate drilling on these extremely large onshore prospects.

"Opal has a very rich portfolio of natural gas prospects including some of the largest I have seen onshore or offshore. Opal will take advantage of the prospects already generated and those we anticipate to be revealed from the recently completed 75-square mile SW Victoria 3-D Seismic Shoot," Williamson said.

Dr. Vik Rao is Senior Vice President and Chief Technology Officer for Halliburton. In these roles, he is responsible for the Company's technology effort, as well as the setup and management of the intellectual asset management function. Dr. Rao previously held executive management positions in research and development, product launch, reservoir studies and sales and marketing. He joined the company in 1974 as a senior research engineer.

Dr. Rao serves as a Director on the Boards of Fiberspar Inc., and Prime Photonics, Inc. He also serves on the Advisory Boards of KaDa Research Inc. and PointCross Inc., the University of Houston School of Engineering and the University of Texas at Austin Petroleum Engineering Department. Dr. Rao holds a bachelor's degree in engineering from the Indian Institute of Technology, Madras, India, and a master's degree and a PhD in engineering from Stanford University. He is the author of more than 40 publications and has been awarded 24 patents.

Grants have been made pursuant to the Company's Stock Option Plan to purchase an aggregate of 500,000 shares subject to regulatory approval. The holders of the options may purchase their allocated number of common shares of Opal at a price of $0.37 per share on or before February 26, 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.

On behalf of the Board of Directors

Opal Energy Corp

Ronald E. Oligney, Chairman of the Board

Barry Williamson, CEO 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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