VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 29, 2014) - Opal Energy Corp. (the "Company" or "Opal") (TSX VENTURE:OPA.H) announces that it has entered into a property option agreement with Declan Resources Inc. ("Declan") (TSX VENTURE:LAN) and 877384 Alberta Ltd. (the "Optionor") to earn up to 75% interest in the Firebag River Property ("Firebag Property") located southwest of the Athabasca Basin in northeast Alberta. The Firebag Property consists of six metallic and industrial minerals permits encompassing approximately 50,000 ha. It is west of Fission Uranium Patterson Lake South (PLS) uranium occurrence, and about 30 km south of the southernmost mapped margin of the basin. It also lies adjacent to the east of the Athabasca Minerals silica sand project.

Surface rocks at the Firebag Property consist of a thin-sequence of mature, cretaceous-aged sandstones. At relatively shallow depths, Proterozoic aged rocks of the West Lloyd Domain are generally comprised of granitic gneisses with local pelitic gneiss units. Within this basement domain, the pelitic sequences are associated with uranium mineralization at such notable locations as Cluff Lake and Shea Creek. North of the Firebag Property a significant uranium deposit occurs at Dragon Lake along the Maybelle River Shear Zone. This deposit includes an intersection with 21% U3O8 across 5 meters and reported grades of up to 54.5% U3O8, according to the Alberta Geologic Survey Website (AGS).

Historic exploration of the Firebag Property is limited; however, regional government and public geophysical survey data shows a complex pattern of magnetic lows and highs, truncated or offset in the northern part of the property by the Marguerite River Fault, a southwest orientated structure interpreted as a splay of the regionally significant Beatty River Fault Zone. The only documented exploration of the Firebag Property specific for uranium was conducted by E&B Explorations Ltd. in 1977. Exploration confirmed the presence of a southwest orientated fault zone, and a geochemical anomaly with 11 ppm cobalt in lake sediments atop this structure. A short distance northeast of the Firebag Property border, historic drill hole 16-1-100-3W4M intersected an approximately 1 meter interval of anomalous radioactivity within sands atop the basement unconformity from 38.7 to 39.6 meters depth.

Originally conceptualized for its industrial mineral potential, the Firebag Property has good potential to host other mineralization.

The option agreement requires the Company to make exploration expenditures of $850,000 prior to November 22, 2016. The Company will reimburse Declan's option payment of $85,000 and exploration expenditures incurred to date of $71,527.18 and in addition will make cash payments of $250,000 and in addition will issue four million shares over a two year period following TSX Venture Exchange ("TSXV") approval of the acquisition. In the event the Company earns a 70% interest in the Firebag Property it will joint venture development of the property with Declan on a 70% (Opal) 30% (Declan) basis. Opal can acquire an additional 5% interest in the joint venture at any time by issuing Declan 500,000 Opal shares. The Firebag Property acquisition is subject to TSXV approval.

Opal also announces that it is proceeding with a $600,000 private placement offering (the "Offering") of 4,000,000 units ("Units") at a price of $0.15 per Unit. Each Unit will consist of one common share (a "Share") and one share purchase warrant (a "Warrant"). Each Warrant will be exercisable into one additional Share at a price of $0.25 for a period of 12 months from closing. All Shares and Warrants issued under the Offering will be subject to a four month hold period which will run from the date of issuance. The Offering is subject to TSXV approval. Proceeds of the Offering will be used to finance Opal's exploration and development of the Firebag Property. Opal is seeking TSXV approval to move to tier 2 of the TSXV as a resource issuer on completion of the Firebag Property acquisition and Offering. The Company is also preparing a National Instrument 43-101 compliant report based on available exploration data.

Completion of the transaction is subject to a number of conditions including TSXV acceptance. The transaction cannot close until required approvals are obtained. There can be no assurance that the transaction will be completed as proposed or at all. Investors are cautioned that, except as disclosed in the filing statement to be prepared in connection with the transaction, any information released or received with respect to the change of business may not be accurate or complete and should not be relied upon. Trading in the securities of Opal should be considered highly speculative. The TSXV has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

David Miller, is a Qualified Person (QP) by the standards of National Instrument 43-101, has reviewed the technical data described above and approves the contents of this news release.

On behalf of the Board of Directors

Opal Energy Corp.

David Hughes, CFO and Director

Neither the NEX or 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.

Contact Information:

Opal Energy Corp.
David Hughes
(604) 639-4454