MOONCOR ANNOUNCES 2010 FINANCIAL, OPERATING AND RESERVES RESULTS FOR OIL AND GAS ACTIVITIES

MOO: TSX Venture Exchange

CALGARY, May 2 /CNW/ - Mooncor Oil & Gas Corp. ("Mooncor") (TSXV:MOO) announces financial, operating and reserves results for its financial year ended December 31, 2010. The full text of Mooncor's audited financial statements, the notes thereto and related management discussion and analysis can be accessed electronically from the SEDAR system at www.sedar.com and on Mooncor's website at www.mooncor.com.

In addition, Mooncor has filed its Form 51-101F1 - Statement of Reserves Data and Other Oil and Gas Information, Form 51-101F2 - Report on Reserves Data by Independent Qualified Reserves Evaluator or Auditor and Form 51-101F3 - Report of Management and Directors on Oil and Gas Disclosure under National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities for its financial year ended December 31, 2010. The filings can be accessed electronically from the SEDAR system at www.sedar.com.

Business of Mooncor Oil & Gas Corp.

Mooncor Oil & Gas Corp. is a junior oil and gas exploration and development company focusing on shale gas opportunities. Mooncor's current emphasis is on securing a joint venture partner for its proven Muskwa/Duvernay shale gas project at Hamburg, Alberta. It is also pursuing opportunities to realize near-term value from its southwest Ontario assets, potentially through a spin-off into a new entity.

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 Mooncor 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. Except as required by law, Mooncor 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.

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.

SOURCE Mooncor Oil and Gas Corp.

For further information:

Richard Cohen Contact Financial Corp.
Vice-President (Corporate Development)          Tel: (778) 327-5019
Mooncor Oil & Gas Corp. info@contactfinancial.com
Tel: (905) 882-4422  
rcohen@mooncor.com

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Mooncor Oil and Gas Corp.

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