Mooncor increases flow-through and unit financing to $1.336 million


    MOO:TSX Venture Exchange

    CALGARY, Feb. 5 /CNW/ - Mooncor Oil & Gas Corp. ("Mooncor") is pleased to
announce that it has increased its proposed non-brokered private placement
financing, previously announced on January 28, 2009, from $1,200,000 to
    Pursuant to the financing Mooncor proposes to raise gross proceeds of up
to $1,336,000 through the issuance of common shares, issued on a flow-through
basis, ("FT Shares") at a price of $0.25 per FT Share and common share units
("Units") at a price of $0.20 per Unit. Each Unit is to consist of one common
share in the capital of Mooncor and one-half of one common share purchase
warrant("Warrant"). Each whole Warrant shall entitle the holder thereof to
acquire one common share in the capital of Mooncor at an exercise price of
$0.35 per share for a period of two years following the closing of the
financing. Each flow-through common share will qualify as a "flow-through
share" for the purposes of the Income Tax Act (Canada). All securities issued
pursuant to the financing will be subject to a four-month hold period.
    Finders fees may be payable to eligible persons with respect to the
financing and will be subject to regulatory approval.
    The net proceeds will be used by Mooncor for exploration on its oil and
gas properties and for working capital.

    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 its recent shale
gas acquisition in Alberta.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy oraccuracy 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,; Jason Monaco, First Canadian Capital Corp., Tel: (416)

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Mooncor Oil and Gas Corp.

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