Opal Energy Corp (the “Company”) is pleased to report that it has closed a Private Placement for $460,000 (the “Offering”). The Offering consists of 2,000,000 units (the “Units”) of the Company at a price of $0.23 per Unit. Each Unit is comprised of one common share (a “Share”) in the capital of the Company and one non-transferable share purchase warrant. Each full Warrant (a “Warrant”) will entitle the holder thereof to purchase one additional common share in the capital of the Company at any time on or prior to February 21, 2008 at a price of $0.35 per common share.  A finders fee of 8.5% is payable in respect of the Offering. Common shares and any common shares to be issued upon the exercise of the warrants related to the Units are subject to a 4-month hold period which expires on June 22, 2007.

The funds will be used to further exploration pursuant to the Company’s South Texas Exploration Program, to secure significant additional natural gas opportunities in the short term and for working capital.

Opal Energy
Opal Energy Corp., through its U.S. subsidiary Opal Energy Inc., offers an aggressive, disciplined and results-oriented vehicle to invest in the U.S. Exploration and Production “E&P” sector with a particular focus on natural gas exploration targets in South Texas. The business strategy is to build asset value through drilling, growing a production platform upon which will be superimposed some potential high value exploration opportunities. Drilling inventory will be continuously enhanced by the implementation of a series of proprietary 3-D seismic shoots. Opal is securing funding partners for an initial US$16 million South Texas exploration package that calls for drilling numerous wells and completing a 75 sq. mi. seismic shoot over the next 9 months or so. The goal of the seismic shoot is to uncover dozens of new high-quality drilling prospects starting in Q4-2007.

On behalf of the Board of Directors
Opal Energy Corp

Ronald E Oligney                                               John H. McAdam
CEO and Director                                               President and Director

February 21, 2007

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, production and exploration successes, continued availability of capital and financing, 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, Opal 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release