CALGARY, ALBERTA - Mooncor Oil & Gas Corp. ("Mooncor") announced today that it has obtained approval from the TSX Venture Exchange to extend the expiry dates of the common share purchase warrants exercisable at $0.35 per share issued by Mooncor in its December 31, 2007 private placement financing. Accordingly, the June 30, 2010 expiry date of the 1,241,733 warrants affected is extended to June 12, 2011. Each warrant entitles the holder to purchase one common share in the capital of Mooncor. The exercise price of these warrants remains unchanged at $0.35.

Mooncor has also obtained approval from the TSX Venture Exchange to extend the expiry dates of the common share purchase warrants exercisable at $0.30 per share issued by Mooncor in its June 12, 2008 private placement financing. Accordingly, the June 12, 2010 expiry date of the 6,666,668 warrants affected is extended to June 12, 2011. Each warrant entitles the holder to purchase one common share in the capital of Mooncor. The exercise price of these warrants remains unchanged at $0.30.

The total number of warrants being affected by these extensions is 7,908,401 out of 21,800,504 currently outstanding.

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/Duvernay shale gas play at Hamburg, Alberta as well as structuring a spinoff of its southwest Ontario assets into a new entity.

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.

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: http://www.mooncor.com/

OR

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