Mooncor Oil & Gas Corp.

Mooncor Oil & Gas Corp.

January 30, 2008 18:21 ET

Mooncor Announces Grant of Incentive Stock Options

CALGARY, ALBERTA--(Marketwire - Jan. 30, 2008) - Mooncor Oil & Gas Corp. ("Mooncor") (TSX VENTURE:MOO) announced today, that its board of directors has approved the grant of 700,000 stock options (200,000 to Mario DiGenova, a director of Mooncor, and 500,000 to Michael Collins, Vice-President (Exploration) of Mooncor) at an exercise price of $0.14 per common share expiring on January 30, 2013.

The Corporation currently has 59,544,615 issued and outstanding common shares and accordingly can grant up to 5,954,462 stock options. In addition to the grant announced today, the Corporation currently has 4,986,000 stock options outstanding.

Business of Mooncor Oil & Gas Corp.

Mooncor Oil & Gas Corp is a junior oil and gas exploration and development, with a focus on exploiting its three light oil prospects at Bashaw, Lonestar and Woodbend, its heavy oil exploration play at White Hill Lakes and other oil projects under evaluation. Mooncor owns 263,511 gross acres (126,625 net acres) of oil and gas leases in Alberta and Saskatchewan.

This information contains forward-looking statements (forecasts) under applicable securities laws. Forward-looking statements are necessarily based upon assumptions and judgments with respect to the future including, but not limited to, the outlook for commodity markets and capital markets, the performance of producing wells and reservoirs, and the regulatory and legal environment. Many of these factors can be difficult to predict. As a result, the forward-looking statements are subject to known or unknown risks and uncertainties that could cause actual results to differ materially from those anticipated or implied in the forward-looking statements.

Shares Outstanding: 59,544,615

Closing Price - January 30, 2007: $0.14

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

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