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Message: Announces Joint Venture Agreement on Southwest Victoria 3-D Project in Victoria
| June 1, 2009 |
| Opal Energy Announces Joint Venture Agreement on Southwest Victoria 3-D Project in Victoria County, Texas |
| VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 1, 2009) - Opal Energy Corp. (the "Company") (TSX VENTURE:OPA) announces it has entered into a Joint Venture Agreement on its Southwest Victoria 3-D Project in Victoria County, Texas with a private U.S. company ("Participant"). Under this Joint Venture Agreement, the Participant shall pay Opal a prospect fee and fund the drilling and completion costs on the numerous geological prospects that Opal has generated from the Southwest Victoria 3-D seismic data. Opal has retained an "after payout" working interest which will be realized once the Participant has recovered its initial investment out of production revenues from the Project. Opal Energy Corp. Opal Energy Corp. is an independent exploration and production company, focused on developing onshore natural gas resources in South Texas. Key components of its strategy include the use of proprietary 3-D seismic surveys, concentration on underexplored regions and reliance on highly experienced E&P professionals. Listed on the TSX-V Exchange (TSX VENTURE:OPA), the company maintains its U.S. headquarters in Katy, Texas and a corporate office in Vancouver, B.C., Canada. On behalf of the Board of Directors Opal Energy Corp. Michael Curtis, President and CEO |
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