Mooncor Oil & Gas Corp. has received consent from a majority of its shareholders for the farmout agreement announced January 16, 2012, covering its Hamburg liquids-rich natural gas project located in northwest Alberta. In addition, the TSX Venture Exchange has granted its final approval of the Agreement.

The Agreement was signed with a private, Alberta-based oil and gas company (the "Farmee") and calls for the drilling of 11 test wells at different locations throughout Mooncor's 102,400 acre land base.

"Shareholder consent and Exchange approval represent two very important steps forward and enables our partner to move to the next stage in its effort to raise the capital to meet its commitments under the Agreement," said Mooncor President and CEO Darrell Brown. "Clearly, our shareholders understand that the agreement positions Mooncor to realize value through the development of this project. We thank them for their support."

Tags: Mooncor Oil & Gas Corp.