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Mooncor Announces Final Closing Of $1.2 Million Financing And Oversubscription


August 11, 2010

CALGARY, ALBERTA - Mooncor Oil & Gas Corp. ("Mooncor") is pleased to announce that it has completed the final tranche of its non-brokered private placement financing by issuing 2,527,000 common share units ("Units") and 2,438,890 "flow-through" units ("FT Units") at a price of $0.15 per Unit and $0.18 per FT Unit. Each Unit consists of one common share in the capital of Mooncor (a "Common Share") and one common share purchase warrant (a "Warrant") of Mooncor. Each FT Unit consists of one flow-through common share of Mooncor and one-half of one Warrant. Each whole Warrant entitles the holder thereof to acquire one Common Share at an exercise price of $0.25 per Common Share until August 9, 2012. All securities issued pursuant to the financing are subject to a four-month hold period.

The total amount raised by Mooncor pursuant to the non-brokered financing is $1,204,060.20 through the issuance of 2,962,000 Units and 4,220,890 FT Units. Mooncor had originally announced the intention to complete a non-brokered financing of up to $1,125,000.

The net proceeds will be used by Mooncor for exploration on its oil and gas properties and working capital.

Including the issuance of shares detailed in this news release, there are currently 105,155,028 Common Shares issued and outstanding.

In connection with the final tranche of the financing, Mooncor paid cash commissions equal to 8% ($60,404) of the aggregate gross proceeds of the financing, and issued compensation warrants to purchase that number of Units as is equal to 10% (455,589) of the number of Units and FT Units sold pursuant to the financing, at an exercise price of $0.15 per Unit exercisable until August 9, 2012. Receiving brokers included PowerOne Capital Markets Limited and Granite Associates Ltd.

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.

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.

This press release does not constitute and the subject matter hereof is not, an offer for sale or a solicitation of an offer to buy, in the United States or to any "U.S Person" (as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "1933 Act")) of any equity or other securities of Mooncor. The securities of Mooncor have not been registered under the 1933 Act and may not be offered or sold in the United States (or to a U.S. Person) absent registration under the 1933 Act or an applicable exemption from the registration requirements of the 1933 Act.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.

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