Mooncor Oil & Gas Corp.

Mooncor Oil & Gas Corp.

November 19, 2007 10:14 ET

Mooncor Moves Forward With Oil Focus, Shuffles Management and Board of Directors

CALGARY, ALBERTA--(Marketwire - Nov. 19, 2007) - Richard Cohen, VP-Corporate Development, is pleased to announce that Mooncor Oil & Gas Corp. (the "Corporation") (TSX VENTURE:MOO) is moving toward developing a site specific Emergency Response Plan at Bashaw. This test of an existing oil well in a proven oil field at Bashaw will commence in December 2007. Pending the review of certain 3-D seismic data, which is ongoing, the Corporation plans to drill an infill oil well in the existing Devonian Reef oilfield in the late 1ST Quarter or early 2ND Quarter of 2008.

The Corporation is beginning to move forward with its multi-well Blairmore light oil drilling program at Woodbend. The Corporation has received most of the requisite permits, which will enable it to complete its first oil and natural gas well, which was drilled at Lonestar in February 2006, during December 2007 or January 2008. The Corporation is also seeking final approvals to drill a second well at Lonestar this winter. An operations update on these three properties and the Corporation's longer-term gas strategies at Whitehill Lakes, Foam Lake and Crossfield will be released shortly.

To further reflect this focus on oil, the management and Board of Directors of the Corporation announces that Ronald Bourgeois has resigned as President, CEO and Director to pursue other interests. The Corporation would like to thank Mr. Bourgeois for his commitment to the Corporation over the last year, which enabled the Corporation to make the transition from a shale and unconventional gas driven private company to an oil focused public company. We all wish Mr. Bourgeois success in his future endeavors.

The current COO, Mr. Darrell Brown, will take over as President and CEO and will also be nominated as a Director at the Corporation's next Annual General Meeting. Mr. Brown holds a B.Sc. in Mathematics from Memorial University and a B.Sc. in Civil Engineering from the University of Waterloo. Mr. Brown is a professional engineer with over twenty years of exploration, development and production experience in the western Canadian sedimentary basin, including management of all activities related to drilling, completion, marketing, joint venture agreements, environmental and labour compliance, capital management, etc. He was Managing Director of Drilcorp Energy Ltd. during its reorganization, Vice President of Production and Operations of Lightning Energy and managed the Rimbey Corridor Business Unit for Keyspan Energy (Keyera Income Trust).

Additionally, Mr. Paul Duffy will join the Corporation's Board of Directors, effective immediately. Mr. Duffy has resigned as CFO in order to concentrate on his other commitments, including his significant consulting engagements, which require him to be working out of the country, as well as his commitments to his own private company, First Health Care Services of Canada Inc. Mr. Duffy holds a B.Comm from the University of Toronto and is a Certified Management Accountant. Mr. Duffy is the President and Chief Financial Officer of First Health Care Services of Canada Inc., an Ontario provider of individual, corporate and institutional healthcare programs. From 1999 to 2005 he was a Senior Vice-President of CIBC, acting as the Chief Financial Officer and Chief Administrative Officer for twelve businesses making up the wealth management group. Prior to joining CIBC Mr. Duffy was a partner in the consulting firm Smith & Duffy. He is a director of several private companies.

Mr. Nick Tsimidis, a Director of the Corporation, will become the Corporation's interim CFO, until a full-time CFO, based out of Calgary, is appointed.

Mr. Mario DiGenova has agreed to join the Board of Directors. Mr. DiGenova attended the University of Toronto and has extensive experience in construction projects, developments and in venture capital. He currently serves on the Board of Directors of Local 183, Training and Management Representative, one of the largest labour unions in North America and is the Vice President of the Ontario Concrete and Drain Construction Association. In addition, he has served as an advisor for various Ontario Ministry of University and College Initiatives. Mr. DiGenova is a volunteer on many industry and non-profit boards and associations in the Greater Toronto Area.

The Corporation's management is confident that its change to a strategy that generates immediate oil production instead of its previous natural gas exploration focus will produce near-term cash flow, which would then support an enhanced natural gas exploration program at the appropriate time. The Corporation's management is confident that, in the longer-term, shale and unconventional gas projects will be highly economical.

The Corporation wishes to announce that it has postponed the date of its annual general meeting which was to be held on December 12, 2007 and will advise shareholders as to the revised date and time.

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: 57,061,150

Closing Price - November 16, 2007: $0.165

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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