Mooncor extends warrant expiration dates

    MOO: TSX Venture Exchange

    Calgary, May 21 /CNW/ - Mooncor Oil & Gas Corp. ("Mooncor") announced
today that it has obtained approval from the TSX Venture Exchange to extend
the expiry dates of the common share purchase warrants exercisable at $0.35
per share issued by Mooncor in its December 31, 2007 private placement
financing. Accordingly, the June 30, 2009 expiry date of the 1,241,733
warrants affected is extended to June 30, 2010. Each warrant entitles the
holder to purchase one common share in the capital of Mooncor. The exercise
price of these warrants remains unchanged at $0.35.
    The total number of warrants being affected by this extension is
1,241,733 out of 19,761,640 currently outstanding.

    Business of Mooncor Oil & Gas Corp.

    Mooncor Oil & Gas Corp. is a junior oil and gas exploration and
development company with unconventional shale gas, light oil and heavy oil
projects in Saskatchewan, Alberta and southwestern Ontario. Mooncor is
focusing on its shale gas opportunities with a current emphasis on the high
impact proven shale gas play at Hamburg. Hamburg is Mooncor's newly discovered
southeast extension of the Horn River Basin Muskwa shale system into northwest

    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.

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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