Calgary, Alberta – Mooncor Oil & Gas Corp. (“Mooncor”) announces that it has completed the first phase of its process to seek non-binding proposals for divesting a portion of its interest in lands situated in the Hamburg area of northern Alberta by means of a farm-out.

The company and its adviser, Macquarie Tristone (the acquisitions and divestments business of Macquarie Capital Markets Canada Ltd.), are currently reviewing feedback provided in this process and evaluating the options available. The process has been extended and further details will be communicated in due course, as deemed appropriate.

Mooncor has filed a Caribou Management Plan for the 2009 / 2010 winter season outlining proposed activities in the Hamburg area and anticipates receiving formal approval of the plan by mid-November.

Business of Mooncor Oil & Gas Corp.

Mooncor Oil & Gas Corp. is a junior oil and gas exploration and development company. Mooncor is focusing on its shale gas opportunities with a current emphasis on its high impact proven muskwa shale gas play at Hamburg, Alberta.

For more information please contact:

Richard Cohen
Vice-President (Corporate Development)
Mooncor Oil & Gas Corp.
Tel: (905) 882-4422
rcohen@mooncor.com

Jason Monaco
First Canadian Capital Corp.
Tel: (416) 742-5600
jmonaco@firstcanadiancapital.com

The information in this news release includes certain information and statements about management's view of future events, expectations, plans and prospects that constitute forward looking statements. These statements are based upon assumptions that are subject to significant risks and uncertainties. Because of these risks and uncertainties and as a result of a variety of factors, the actual results, expectations, achievements or performance may differ materially from those anticipated and indicated by these forward looking statements. Although Mooncor believes that the expectations reflected in forward looking statements are reasonable, it can give no assurances that the expectations of any forward looking statements will prove to be correct. Except as required by law, Mooncor disclaims any intention and assumes no obligation to update or revise any forward looking statements to reflect actual results, whether as a result of new information, future events, changes in assumptions, changes in factors affecting such forward looking statements or otherwise.

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.

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