Opal Energy announced that seismic data acquisition is underway in its 75 sq. mi. seismic shoot in South Texas (SW Victoria Shoot). Acquisition of the data should be complete by the end of February 2008. After processing, the data should be loaded on the Company workstations for interpretation during the second quarter 2008. The goal of the SW Victoria Shoot is to uncover numerous high quality drilling prospects starting in the second quarter 2008.
Commenting on the progress in data acquisition, Opal Chairman Ron Oligney said, "We are pleased with data acquisition in the SW Victoria Shoot. The progress on this large 3-D seismic shoot can provide Opal with a solid next round of drilling targets as we move from a micro-cap to a small-cap stature. We look forward to the opportunity to interpret this newly acquired data in a relatively underexplored area of South Texas."
Additionally, Steve Hoover, Opal Senior Vice President, Exploration added, "The initial shot records that have been taken look very good and the nature of the data should allow us to look at any deep prospects that might be identified from this shoot in addition to the shallower depths."
Grants have been made pursuant to the Company's Stock Option Plan to purchase an aggregate of 385,000 shares subject to regulatory approval. The holders of the options may purchase their allocated number of common shares of Opal at a price of $0.72 per share on or before January 14, 2013. The options are subject to a vesting schedule and any shares acquired pursuant to the option agreements may not be sold within 4 months of granting.
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