Opal Energy Announces Completion of Financing and Graduation From NEX to TSX Venture

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 2, 2015) - Opal Energy Corp. (the "Company" or "Opal") (TSX VENTURE:OPA)(NEX:OPA.H) is pleased to announce that it has completed its previously announced non-brokered private placement of units (each, a "Unit"). Opal issued a total of 12,050,000 Units at a price of $0.10 per Unit for gross proceeds of $1,205,000 (the "Offering"). Each Unit is comprised of one common share in the capital of the Company (a "Common Share") and one common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional Common Share at a price of $0.15 per share at any time within 60 months of the date of issuance. In connection with the completion of this Offering, Opal paid aggregate cash finder's fees in the amount of $88,200 to eligible finders who introduced subscribers to the Offering. All of the Common Shares and Warrants issued under the Offering are subject to a four month resale restriction which expires June 28, 2015. The Offering has received final TSX Venture Exchange (the "Exchange") approval.

Opal has also received final Exchange approval of its property option agreement dated September 23, 2014 with Declan Resources Inc. ("Declan") and 877384 Alberta Ltd. (the "Optionor") to earn up to a 75% interest in the Firebag River Property ("Firebag Property") located southwest of the Athabasca Basin in northeast Alberta. The option agreement requires Opal to make exploration expenditures of $850,000 prior to November 22, 2016. Opal will reimburse Declan's option payment of $85,000 and exploration expenditures incurred to date of $71,527.18. Opal will also make cash payments of $250,000 and issue 4,000,000 Common Shares to Declan over a two year period from Exchange acceptance. In the event Opal earns a 70% interest in the Firebag Property, it will joint venture with Declan on a 70% (Opal) 30% (Declan) basis. Opal can acquire an additional 5% interest in the joint venture at any time by issuing 500,000 Opal Common Shares to Declan. Proceeds from Opal's Offering will be used to finance exploration and development of the Firebag Property

Opal further announces that it has met requirements to be listed as a Tier 2 company on the Exchange. Effective at opening on Tuesday, March 3, 2015, Opal's listing will transfer from the NEX to the Exchange and its trading symbol will change from OPA.H to OPA. Opal is classified as a Mineral Exploration issuer.

Neither the 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.