Opal Energy Corp.

Opal Energy Corp.

November 09, 2011 09:30 ET

Opal Energy Announces $350,000 Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2011) - Opal Energy Corp. (the "Company") (TSX VENTURE:OPA) announces that it has completed a $350,000 non-brokered private placement of 2,333,333 units at $0.15 per unit. (the "Offering"). Each unit consists of one common share and one share purchase warrant exercisable into one additional common share of the Company at an exercise price of $0.30 for a period of 24 months from closing. The private placement shares, warrants and any shares issued on exercise of the warrants are subject to a four month hold period. The Offering did not result in a change of control of the Company. Proceeds of the Offering will be used for general working capital and reduction of outstanding debt.

The Offering is subject to final TSX Venture Exchange approval.

Opal Energy Corp.

Opal Energy Corp. is an independent oil and gas exploration and production company based in Vancouver, B.C.

On behalf of the Board of Directors

Opal Energy Corp.

David Hughes, CFO and Director

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 events or developments that Opal expects are forward-looking statements. Although Opal 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. 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 Opal, Investors should review Opal's filings that are available at www.sedar.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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