Opal Energy Signs Joint Venture Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 1, 2010) - Opal Energy Corp. (the "Company") (TSX VENTURE: OPA.V) announces that it has entered into a Joint Venture Agreement to earn a 50% working interest in a New Zealand oil and gas exploration company.

The Joint Venture intends to identify additional prospects and refine the prospects already in inventory to reduce exploration risk. It is the intention of the Joint Venture to bid for on and off shore leases.

President and CEO Michael Curtis commented, "New Zealand has an established oil and gas infrastructure but development is at the emerging phase and many new field discoveries are expected in the near future. A risk-reward analysis rates New Zealand as a very favorable place in the world for petroleum exploration. We are very excited by the prospects of this new joint venture."

Opal Energy Corp.

Opal Energy Corp. is an independent exploration and production company based in Vancouver, B.C.

On behalf of the Board of Directors

Opal Energy Corp.

Michael Curtis, President and CEO

March 1, 2010

This release includes certain statements that may be deemed forward-looking statements. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, production activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, actual results of drilling and completion operations on the initial prospects, continued availability of capital and financing, including securing financing to drill Wilcox trend prospects, the ability of joint operating partners to meet their financial obligations, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. For more information on the Company, Investors should review the Company's filings that are available at www.sedar.com.

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.

Contacts

Mike Curtis
Opal Energy Corp.
President and CEO
(514) 793-1915
[email protected]
www.OPALenergy.ca