Mooncor Continues Testing at Western Canadian Shale Gas Project

Mooncor has provided an update on its 100 percent working interest Western Canadian shale gas play.

Further to Mooncor's news release on February 19, 2009, Mooncor has compiled recent flow data and retrieved initial pressure data from its pilot well. A subsequent flow test of the pilot well was undertaken and new pressure recording gauges have been installed in the wellbore. Mooncor and its technical advisors are evaluating this preliminary data. The results of the final reports will be disclosed in late April 2009 when testing is completed.

Mooncor is encouraged by the ongoing results from this pilot program. Testing of the shale zone will aid Mooncor and its technical advisors in determining aspects of reservoir quality and deliverability. The results of this pilot program in conjunction with the petrophysical and reservoir simulation study will allow Mooncor to assess the potential of exploiting this shale system.

This property, acquired at Crown land sales through brokers, occurs as an almost contiguous land block on trend with a well-known, high-profile, shale gas play. The property occurs in an area that has an extensive system of gas gathering and processing facilities with services and infrastructure readily available for third-party use and significant for development of Mooncor's assets in the area. Mooncor entered this play through in-house development of a previously acquired technical report and the strategic application of a large land-banking program.