Mooncor begins recompletion operations



    MOO:TSX Venture Exchange

    CALGARY, Jan. 26 /CNW/ - Mooncor Oil & Gas Corp. ("Mooncor") is pleased
to provide an update on planned operations on Mooncor's recently acquired
56,960 acre 100 percent working interest Western Canadian shale gas play.
    Further to the announcement of December 22, 2008, Mooncor has secured the
required regulatory and industry approvals to commence a workover of the
suspended wellbore that it has acquired. The access road to Mooncor's lease
has been cleared. Management currently anticipates having the service rig on
location by mid-week. The completion program (Mooncor 100%) to be undertaken
will be to perforate, fracture stimulate and test a shale gas zone that is
present in the suspended wellbore. The estimated cost of the completion
program is $815,000. Testing of the shale zone will aid Mooncor and its
technical advisors in determining aspects of reservoir quality and
deliverability.
    The results of this pilot program will be interpreted, evaluated and
compared with available results from other industry players working the same
shale system. Results from the pilot test in conjunction with the
petrophysical and reservoir study are expected to be complete by mid March and
will enable Mooncor to assess business and operational options to exploit its
recently acquired land holdings.
    This property, acquired at Crown land sales through brokers, occurs as an
almost contiguous land block on trend with a well-known, high-profile, shale
gas play. The property occurs in an area that has an extensive system of gas
gathering and processing facilities with services and infrastructure readily
available for third party use and significant for development of Mooncor's
assets in the area. Mooncor entered this play through in-house development of
a previously acquired technical report and the strategic application of a
large, land-banking program.

    Business of Mooncor Oil & Gas Corp.

    Mooncor (through its wholly owned operating subsidiary Mooncor Energy
Inc.) is a junior oil and gas exploration and development company, with
unconventional shale gas, light oil and heavy oil projects in Saskatchewan,
Alberta and South Western Ontario. Mooncor is focusing on both its shale gas
opportunities and its oil operations with current emphasis on the recent shale
gas acquisition in Alberta.

    This information contains forward-looking statements (forecasts) under
applicable securities laws. Forward-looking statements are necessarily based
upon assumptions and judgments with respect to the future including, but not
limited to, the outlook for commodity markets and capital markets, the
performance of producing wells and reservoirs, and the regulatory and legal
environment. Many of these factors can be difficult to predict. As a result,
the forward-looking statements are subject to known or unknown risks and
uncertainties that could cause actual results to differ materially from those
anticipated or implied in the forward-looking statements.

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




For further information:

For further information: Richard Cohen, Vice-President (Corporate
Development), Mooncor Oil and Gas Corp., Tel: (905) 882-4422,
rcohen@mooncor.com; Jason Monaco, First Canadian Capital Corp., Tel: (416)
742-5600, jmonaco@firstcanadiancapital.com

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Mooncor Oil and Gas Corp.

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