Mooncor Announces Shares for Debt Transactions and Settlement With Convertible Debenture Holders

Mooncor Oil & Gas Corp. ("Mooncor") (TSX VENTURE:MOO) announced today that it
has successfully entered into arm's length shares for debt and settlement
agreements, pursuant to which Mooncor will settle approximately $1,400,000 of
debt through the issuance of securities based on an agreed issue price of $0.05
per share. Mooncor determined to satisfy the indebtedness with common shares in
order to preserve its cash.


Mooncor will issue 22,896,986 common shares and 11,448,492 warrants, exercisable
for five years at $0.10 per share, in satisfaction of indebtedness of
$1,144,849.32 currently owed to two holders of secured convertible debentures of
Mooncor (which have been previously disclosed) which matured on December 31,
2011. In addition, Mooncor will issue 5,083,578 common shares in satisfaction of
indebtedness of $254,178.95 currently owed to several service providers.


The securities issued in satisfaction of the indebtedness will be subject to a
four month statutory hold period from the date of issuance.


Following completion of the share issuance Mooncor will have a total of
149,934,520 common shares issued and outstanding.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Mooncor Oil & Gas Corp.
Allen Lone
Chief Executive Officer
[phone]
[e-mail]