Calgary, Alberta – Mooncor Oil & Gas Corp. (“Mooncor”) announced today that it has received approval from the TSX Venture Exchange (the “Exchange”) for a notice filed by Mooncor of its intention to make a normal course issuer bid to purchase up to 4,895,831 common shares, being 5% of the issued and outstanding common shares of Mooncor. Mooncor currently has 97,916,638 common shares outstanding.

The normal course issuer bid will commence on February 22, 2010 and will terminate on February 21, 2011. The common shares will be acquired through the facilities of the Exchange and the purchase and payment for the shares will be made by Mooncor in accordance with the requirements of the Exchange and all other applicable laws. The price paid by Mooncor for any common shares acquired by it will be the market price of the shares at the time of acquisition. In addition, the directors of Mooncor have not authorized Mooncor to pay more than $0.25 per share. All shares acquired by Mooncor under this bid will be cancelled. Purchases made pursuant to the bid will be made by Wolverton Securities Ltd. on behalf of Mooncor.

Mooncor is engaging in a normal course issuer bid because it believes that, from time to time, the market price of its common shares may not fully reflect the underlying value of its business and its future business prospects. As a result, depending upon future price movements and other factors, Mooncor believes that its outstanding common shares may represent an attractive investment, since a portion of Mooncor’s excess cash can be invested for an attractive risk adjusted return on capital through its bid.

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 as well as structuring a spinoff of the Company’s southwest Ontario assets into a new entity.

For more information please contact:

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

OR

Jason Monaco
First Canadian Capital Corp.
Tel: (416) 742-5600
E-Mail: 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