Mooncor Provides Update on Agreement to Sell Two Leases

Mooncor Oil & Gas Corp. ("Mooncor") (TSX VENTURE:MOO) announced today that
Madeira Minerals Ltd. ("Madeira") (NEX:MDE.H) has now received conditional
approval of the TSX Venture Exchange (the "Exchange") for the acquisition by
Madeira of all of Mooncor's right, title and interest in two oil leases spanning
80 acres (collectively the "Leases") located at Lloydminster, Alberta. The
disposition by Mooncor was previously announced on June 22, 2011. Madeira is a
capital pool company and the transaction is intended to constitute Madeira's
"qualifying transaction" under Policy 2.4 of the Exchange.


Completion of the transaction still remains subject to final approval of the
Exchange and completion by Madeira of a concurrent private placement for
aggregate gross proceeds of $1,200,000.


If the transaction is completed, Madeira will acquire the Leases by issuing an
aggregate of 6,000,000 common shares of its capital stock to Mooncor at a deemed
price per share of $0.20. Upon closing of the transaction and concurrent private
placement Mooncor will become an insider of Madeira. The disposition by Mooncor
of the Leases to Madeira is an arm's length transaction.


Business of Mooncor Oil & Gas Corp.

Mooncor Oil & Gas Corp. is a junior oil and gas exploration company. Mooncor's
current emphasis is on securing a joint venture partner for its proven
Muskwa/Duvernay liquids rich shale gas project at Hamburg, Alberta. Mooncor also
holds interests in lands in southwest Ontario where the focus has been on
conventional oil and gas opportunities. Mooncor is pursuing opportunities to
realize near-term value from its southwest Ontario assets.


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.