Mooncor Provides Update on Agreement to Sell Two Leases

CALGARY, ALBERTA--(Marketwire - Feb. 16, 2012) - Mooncor Oil & Gas Corp. ("Mooncor") (TSX VENTURE:MOO) announced today that Madeira Minerals Ltd. ("Madeira") (NEX:MDE.H) has now received conditional approval of the TSX Venture Exchange (the "Exchange") for the acquisition by Madeira of all of Mooncor's right, title and interest in two oil leases spanning 80 acres (collectively the "Leases") located at Lloydminster, Alberta. The disposition by Mooncor was previously announced on June 22, 2011. Madeira is a capital pool company and the transaction is intended to constitute Madeira's "qualifying transaction" under Policy 2.4 of the Exchange.

Completion of the transaction still remains subject to final approval of the Exchange and completion by Madeira of a concurrent private placement for aggregate gross proceeds of $1,200,000.

If the transaction is completed, Madeira will acquire the Leases by issuing an aggregate of 6,000,000 common shares of its capital stock to Mooncor at a deemed price per share of $0.20. Upon closing of the transaction and concurrent private placement Mooncor will become an insider of Madeira. The disposition by Mooncor of the Leases to Madeira is an arm's length transaction.

Business of Mooncor Oil & Gas Corp.

Mooncor Oil & Gas Corp. is a junior oil and gas exploration company. Mooncor's current emphasis is on securing a joint venture partner for its proven Muskwa/Duvernay liquids rich shale gas project at Hamburg, Alberta. Mooncor also holds interests in lands in southwest Ontario where the focus has been on conventional oil and gas opportunities. Mooncor is pursuing opportunities to realize near-term value from its southwest Ontario assets.

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 Mooncor 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. Except as required by law, Mooncor 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.