Mooncor announces closing of private placement

    MOO:TSX Venture Exchange
    Shares Outstanding: 57,061,150 (prior to financing)
    Closing Price - December 28, 2007: $0.16

    CALGARY, Dec. 31 /CNW/ - Mooncor Oil & Gas Corp. ("Mooncor") today
announced that it has successfully completed a private placement offering
comprised of 2,483,465 flow-through units ("Units") at a price of $0.20 per
Unit for gross proceeds of $496,693. Each Unit consists of one flow-through
common share of Mooncor and one-half share purchase warrant. Each full warrant
entitles the holder to acquire an additional share at a price of $0.35 per
share until June 30, 2009. All securities issued pursuant to the financing are
subject to a four-month hold period.
    The Corporation will use the net proceeds from the financing to fund its
exploration program.
    Including the issuance of shares detailed in this news release, there are
currently 59,544,615 common shares issued and outstanding.
    In connection with the financing, Mooncor has agreed to grant to
Barrington Capital Corp. warrants to acquire up to 116,968 common shares at a
price of $0.20 per share until June 30, 2009, and paid a cash commission

    Business of Mooncor Oil and Gas Corp.

    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 three light oil prospects at
Bashaw, Lonestar and Woodbend, its heavy oil exploration play at White Hill
Lakes and other oil projects under evaluation. Mooncor owns 263,511 gross
acres (126,625 net acres) of oil and gas leases in Alberta and Saskatchewan.

    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 & Gas Corp., Tel: (905) 882-4422,; Jason Monaco, First Canadian Capital Corp., Tel: (416)

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Mooncor Oil and Gas Corp.

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