Mooncor Oil & Gas Corp.

Mooncor Oil & Gas Corp.

September 18, 2008 10:24 ET

Mooncor Commences Activity in Southwestern Ontario Shales and Updates Strategy for British Columbia, Alberta and Saskatchewan Shale Opportunities

CALGARY, ALBERTA--(Marketwire - Sept. 18, 2008) - Mooncor Oil & Gas Corp. ("Mooncor") (TSX VENTURE:MOO), is pleased to update the Corporation's shale gas activities in southwest Ontario, Saskatchewan, Alberta and British Columbia.

Southwest Ontario Shales

Mooncor has executed a farm-in agreement to participate in a non-operated well targeting a Silurian pinnacle reef formation located in Lambton County of southwestern Ontario The Silurian pinnacle reef anomaly has been identified by seismic, gravity and aeromagnetic data. Terms of the agreement will have Mooncor pay 50% to earn 30% with payout on this high impact play. The Company will also earn into 400 acres of land which is also prospective for Kettle Point (Antrim style shale gas zones). Mooncor can elect to fund and run an extensive suite of petrophysical logs in the Antrim shales on the farm-in well which will provide invaluable information for correlation to the seismic, gravity and aeromagnetic data.

Mooncor began an aggressive land acquisition program in early July in this natural gas prone area of southwest Ontario targeting the Antrim shales, as announced in the Corporation's July 28th news release. In addition to the farm-in lands identified above, Mooncor has assembled an initial land position in excess of 3,000 acres of prospective Antrim shale gas lands in southwest Ontario, with the goal of tying up 100,000 acres in this area.

After the logs of this first well have been correlated and evaluated, Mooncor anticipates drilling an Antrim shale gas test well to recover core for evaluation before the end of 4th Quarter, 2008.

Mooncor is advancing plans to spud a second well to be located in Norfolk County, Ontario by early Q4 targeting the Trenton Black River formation. The well will also provide the Company the ability to core and evaluate the Collingwood/Blue Mountain shales (Utica style shale gas zones). Mooncor has access to approximately 25,000 acres of undeveloped land in this area through it's joint venture agreement with a junior oil and gas company based in southwestern Ontario.

British Columbia/ Alberta Shales

The second of the two new shale gas projects announced in Mooncor's July 2nd news release is located on the Alberta/British Columbia border. Mooncor has undertaken a low key but significant land acquisition program in this highly prospective shale gas play on both sides of the Alberta/British Columbia border. Further information will be released as this project progresses.

Saskatchewan Shales and Heavy Oil

A 2-D seismic program is planned for the 4th Quarter to delineate the heavy oil potential on Mooncor's lands at White Hill Lakes. Five shale gas wells have been drilled and the results of testing are still under evaluation. The location of a sixth well to be drilled at White Hill Lakes in the 1st Quarter of 2009 will be determined after management has reviewed the results of this 2-D seismic program. The sixth well will target the Mannville formation for heavy oil potential and will also be cored through the Colorado shales. Cores of the Colorado shales will be evaluated by an outside third party.

The Corporation's conventional oil and other heavy oil operations will be reviewed in a subsequent news release.

About Mooncor Oil & Gas Corp.

Mooncor (through its wholly owned operating subsidiary Mooncor Energy Inc.) is a junior oil and gas exploration and development company, with unconventional shale gas, light oil and heavy oil projects in Saskatchewan, Alberta and South Western Ontario, and ongoing shale gas land acquisition projects in Ontario, Alberta and BC. Mooncor is focusing on both its shale gas opportunities and its oil operations.

The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although the Corporation believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. The Corporation disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

Shares Outstanding: 72,877,948

Closing Price - September 16, 2008: $0.11

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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