Opal Energy Corp.

Opal Energy Corp.

January 22, 2008 08:30 ET

Independent Report Gives Opal 3.19 Tcfe of Potential for its Antares Natural Gas Prospect

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 22, 2008) -


Opal Energy Corp (the "Company") (TSX VENTURE:OPA) announced today results of the third party technical report for its Antares natural gas prospect located in South Texas. The independent report, compliant with National Instrument 51-101 standards, indicates a gross total of 3.19 Tcfe (trillion cubic feet equivalent) which are classified as undiscovered resources effective December 31, 2007.

Commenting on this latest report, Opal Chairman Ron Oligney said, "We are pleased to receive this independent report on one of our largest projects among our Texas Giants prospects in South Texas. We look forward to the opportunity to secure partners to drill and test this outstanding prospect along with the rest of our Texas Giants. Additional reports covering other Opal prospects will be issued as they are completed."

The two largest prospects in Opal's Texas Giants inventory (the Orion and Antares) are already secured with leases covering 10,400 acres. The Company has identified preferred partners to fund and participate in the drilling of these very large natural gas prospects and has initiated discussions in this regard. The Company has the experienced team that can oversee the drilling of these deep high pressure and high temperature wells.

Undiscovered resources are those quantities of oil and gas estimated on a given date to be contained in accumulations yet to be discovered. There is no certainty that any portion of the undiscovered resources will be discovered and that, if discovered, it may not be economically viable or technically feasible to produce. The author of the technical report is B.L. Whelan, Professional Geoscientist, who is a third party independent qualified estimator. This report will be available on the Company's website www.OPALenergy.ca.

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 22, 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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