Opal Energy Corp.
TSX VENTURE : OPA

Opal Energy Corp.

March 05, 2007 10:45 ET

Opal Warrants Yield $3 Million

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 5, 2007) -

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

Opal Energy Corp (the "Company") (TSX VENTURE:OPA) is pleased to report that all warrants related to the March 1, 2006 financing have been exercised and has, over the last few months, netted the treasury a total of $3 million. 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.

Lampley Well Update

Drilling on the 10,400 foot Lampley Well in Lavaca County, Texas is progressing and results should be known within two weeks. The Company has a 70% working interest in the Lampley Well and Paleon Oil and Gas Limited, a private Canadian company, has the remaining 30% working interest.

Ron Oligney, CEO, states; "The Lampley Well is one of a series of wells that we intend to drill over the next few months as part of our lower risk value building initiative. When we superimpose high value exploration opportunities such as the Vitera Prospect which hosts a structure over 100 times larger, the next few months will be very interesting indeed."

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.

Contact Information