Opal Energy Corp.
TSX VENTURE : OPA

Opal Energy Corp.

April 14, 2009 18:46 ET

Opal Energy Announces Sale of Kane Brandon #1 Well

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 14, 2009) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Opal Energy Corp. (the "Company") (TSX VENTURE:OPA) announces the sale of its interest in the K-2 Prospect in Colorado County, Texas which includes the Kane Brandon #1 well for US$250,000.

The Company assumed a 100 percent working interest in the Kane Bandon #1 well from its original joint operating partners in August of 2007, after the well had been drilled to approximately 18,460 ft. and logged. Opal ran 5 inch casing to total depth in the well, however, completion operations were never commenced on this well due to lack of funding. With the close of this transaction, the Company has no remaining interest in the K-2 prospect.

The Company is seeking a buyer for its interest in the SW Victoria 3-D Seismic Survey, which has yielded several prospect leads. It also continues efforts to sell its interests in a portfolio of ultra-deep Wilcox trend prospects, located primarily in Kenedy County.

While pursuing plans to raise capital through the sale of assets, the Company has reduced overhead significantly, continuing a process it began last fall.

President and CEO Michael Curtis commented, "We remain faced with the twin challenges of relatively low commodity prices and market conditions that are unfavorable to securing financing. Given those circumstances, we have adopted a strategy we feel will enable Opal Energy to continue operating and ultimately to pursue new oil and gas investment opportunities."

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 highly experienced E&P professionals. Listed on the TSX-V Exchange (TSX VENTURE:OPA), the company maintains its U.S. headquarters in Katy, Texas and a corporate office in Vancouver, B.C., Canada.

On behalf of the Board of Directors

Opal Energy Corp.

Michael Curtis, President and CEO

April 14, 2009

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 and completion operations on the initial prospects, continued availability of capital and financing, including securing financing to drill Wilcox trend prospects, the ability of joint operating partners to meet their financial obligations, 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, the Company 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.

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.

Contact Information