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Mooncor Announces Acquisition of Oil Property at Lloydminster and Updates Activities at Bashaw

Posted on: Wednesday, 13 February 2008, 15:00 CST

Darrell Brown, President and CEO of Mooncor Oil & Gas Corp. (the "Corporation" or "Mooncor")(TSX VENTURE: MOO) announces an oil acquisition at Lloydminster and updates its activities at Bashaw.

Lloydminster

The Corporation has acquired two shut-in heavy oil wells in the Lloydminster area of Alberta. The transaction closed on Monday, February 11, 2008. The two wells have been completed, equipped and drilled into the Sparky formation and did produce oil but were shut in due to sand production problems. The requirement to reactivate the wells is to conduct a clean-out operation. This is not unusual with the Sparky zone, which has 30% to 36% porosity in unconsolidated sand. The two wells are currently drilled on forty acre spacing. The opportunity to down space to 20 acre spacing does exist. The opportunity to down space will be based on well performance, seismic and economic issues. Based on the well logs, the wells exhibit good quality reservoir. The two wells acquired by Mooncor are in the Sparky AAA pool, which has been assigned by the Energy Resources Conservation Board ("ERCB") Original-Oil-In-Place ("OOIP") of 5.726 MMbbls with a recovery factor of 2%. Mooncor hopes to significantly improve on this recovery rate. There are several Sparky heavy oil pools in the area. The Sparky GGG pool, located immediately west of Mooncor's wells, has an OOIP of 19.25 MMbbls and has been assigned a recovery factor of 10% by the ERCB. Several of the wells in the Sparky GGG pool have been in production since 1983. This area is approximately 10 miles west of the Town of Lloydminster.

Bashaw

In January 2008, a four well re-entry and reactivation program commenced. The well bore and tubing of the first well have been successfully pressure tested. Flow testing will commence shortly. Arrangements are being finalized to tie this well into a third party's processing facilities. This well should be tied in by mid-to-late March 2008. An additional 3 wells will be pressure and flow tested after a successful 30 day test of the first well. The goal is to test and tie in one of these wells per month over the next 3 to 4 months.

About Mooncor

Mooncor Oil & Gas Corp. is a junior oil and gas exploration and development company that has recently changed its short term focus to oil. The Corporation will concentrate on exploiting its prospects at Bashaw and Lloydminster, its heavy oil exploration play at White Hill Lakes and other oil projects under evaluation.

The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although the Corporation believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. The Corporation disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

Shares Outstanding: 59,544,615

Closing Price - February 12, 2008: $0.09

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

 Contacts: Mooncor Oil & Gas Corp. Richard Cohen VP-Corporate Development (905) 882-4422 Email: rcohen@mooncor.com  First Canadian Capital Corp. Jason Monaco (416) 742-5600 Email: jmonaco@firstcanadiancapital.com

SOURCE: Mooncor Oil & Gas Corp.

Source: MARKET WIRE

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