Opal Energy Corp.

Opal Energy Corp.

February 19, 2007 12:33 ET

Opal Spuds Lampley Natural Gas Well Near Producing Hope Field

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 19, 2007) -


Opal Energy Corp (the "Company") (TSX VENTURE:OPA) is pleased to report that it has spudded the Lampley Well in Lavaca County, Texas. The Lampley Well has a proposed total depth of 10,400 feet targeting the section of the Wilcox Formation which also hosts the Hope Field located less than 1000 feet away. The Hope Field was discovered in 2001, has produced over 4.3 bcf of gas to date and is still producing. It is estimated that the well will cost US$1.539 million to drill. The well should take about two weeks to reach total depth.

Paleon Oil and Gas Limited, a private Canadian company, has a 30% working interest in the Lampley Well and Opal Energy is prepared to take the balance, although two parties have the opportunity of participating in the well (up to a combined 45% working interest) to the extent their share of well costs are received prior to the close of business February 23rd. The Company also has a 7.5% carried working interest in the Lampley Well.

The Company also reports that it has arranged for a Private Placement for $460,000 (the "Offering") subject to regulatory approval. The Offering consists of 2,000,000 units (the "Units") of the Company at a price of $0.23 per Unit. Each Unit is comprised of one common share (a "Share") in the capital of the Company and one non-transferable share purchase warrant. Each full Warrant (a "Warrant") will entitle the holder thereof to purchase one additional common share in the capital of the Company at any time on or prior to February 8, 2008 at a price of $0.35 per common share. A finders fee of 8.5% is payable in respect of the Offering. Common shares and any common shares to be issued upon the exercise of the warrants related to the Units would be subject to a 4-month hold period. The funds will be used to further exploration pursuant to the Company's South Texas Exploration Program, to secure significant additional natural gas opportunities in the short term and for working capital.

Opal Energy

Opal Energy Corp., through its U.S. subsidiary Opal Energy Inc., offers an aggressive, disciplined and results-oriented vehicle to invest in the U.S. Exploration and Production "E&P" sector with a particular focus on natural gas exploration targets in South Texas. The business strategy is to build asset value through drilling, growing a production platform upon which will be superimposed some potential high value exploration opportunities. Drilling inventory will be continuously enhanced by the implementation of a series of proprietary 3-D seismic shoots. Opal is securing funding partners for an initial US$16 million South Texas exploration package that calls for drilling numerous wells and completing a 75 sq. mi. seismic shoot over the next 9 months or so. The goal of the seismic shoot is to uncover dozens of new high-quality drilling prospects starting in Q4-2007.

On behalf of the Board of Directors

Opal Energy Corp

Ronald E Oligney, CEO and Director

John H. McAdam, President 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, production and exploration successes, continued availability of capital and financing, 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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