Opal Energy Corp.

Opal Energy Corp.

June 18, 2008 08:30 ET

Opal Energy Announces Results of Annual General Meeting

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 18, 2008) -


Opal Energy Corp (the "Company") (TSX VENTURE:OPA) held its Annual General Meeting of the Company's shareholders on June 17, 2008 in Vancouver, B.C., Canada. The Company announces that all directors were reappointed. Shareholders also approved the continuation of the Company's rolling stock option plan for the coming year.

At the Directors Meeting following the AGM, Mr. Ron Oligney was reappointed as chairman of the Company's Board of Directors. The Board also determined to consolidate the offices of chief executive officer and president in order to reflect the Company's focus on South Texas. As a result, Mr. Barry Williamson will continue to serve as chief executive officer and will also assume the role of president. Mr. Williamson is based at the Company's U.S. headquarters in Katy, Texas, in close proximity to its inventory of prospects.

Mr. Bruce Huff will continue to serve as chief financial officer and will assume the additional role of corporate secretary. Mr. Francis Xin Feng has been named assistant corporate secretary.

Following the determination of the Board to consolidate the offices of chief executive officer and president, Mr. John McAdam tendered his resignation from the Board, citing his desire to allow the Company and himself greater flexibility as they move forward. The Company's Corporate Governance and Nominating Committee will begin searching for a suitable replacement for Mr. McAdam. Pending identification of a new director, the Company's Board of Directors is comprised of Mr. Tim Nesler, Mr. Ron Oligney, Dr. Vikram Rao and Mr. Barry Williamson.

Opal President, CEO and Director Barry Williamson commented, "We thank John for his service as president and director. He has made significant contributions to the Company and leaves us well positioned for continued growth. Likewise, we thank the rest of our board members for their ongoing service. We look forward to providing updates on our activities in the weeks and months ahead, as we work to develop our inventory of natural gas prospects in South Texas."

Opal Energy Corp

Opal Energy Corp is an independent exploration and production company, focused on developing onshore natural gas resources in South Texas. Key components of its strategy include the use of proprietary 3-D seismic surveys, concentration on underexplored regions and reliance on a team of highly experienced E&P professionals, based primarily at the company's U.S. headquarters in Katy, Texas. Listed on the TSX-V Exchange (TSX VENTURE:OPA), the company also maintains a corporate office in Vancouver, B.C., Canada and a satellite office in Victoria, Texas.

On behalf of the Board of Directors

Opal Energy Corp

Ronald E. Oligney, Chairman of the Board

Barry Williamson, President, CEO 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 production, reserve potential, exploration drilling, production activities and events or developments that the Company expects are forward-looking statements. Although the Company 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. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, actual results of drilling operations on the initial prospects, continued availability of capital and financing, including securing financing to drill the Company's prospects, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected 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 the Company, Investors should review the Company's filings that are available at www.sedar.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

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