|Tue Apr 10, 2007|
Permit Approval at Nadlac Field, Romania
|April 10, 2007, Oracle Energy Corp. ("Oracle") (OCL-TSX.V)(O2E-Frankfurt) is pleased to announce that it has been notified by project operator Carpathian Energy that the National Gas Regulation Authority of Romania issued final approval of the permit to produce gas and other hydrocarbons from the No. 3 Well at Nadlac Field in western Romania. The No. 3 Well was successfully recompleted, tested and ready for production in January, 2006. Since then, various government agencies required numerous documents and reports to be filed before approval could be granted to put the well on production. All required permits have now been approved. |
The gas purchaser, Distri-Gaz Vest, is inspecting and testing all flowlines, valves, lines, meters, tanks and other surface equipment in preparation of the final hookup. The well will then be put on production into the main gas transmission line.
Oracle holds a 20% interest in the Nadlac field and five other oil and gas concessions in Romania.
Oracle Energy Corp. is a Canadian based international oil and gas company with interests in Italy, Romania, Peru and Texas, USA.
ON BEHALF OF THE BOARD
he TSX Venture Exchange has not reviewed and does not accept responsibility for the contents of this news release. Some of the statements contained in this release are forward-looking statements. Forward-looking statements include but are not limited to, statements concerning estimates of recoverable hydrocarbons, expected hydrocarbon prices, expected costs, statements relating to the continued advancement of the Company's projects and other statements which are not historical facts. When used in this document, and on other published information of the Company, the words such as "could," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although the Company believes that its expectations reflected in the forward-looking statements are reasonable statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Various factors could cause actual results to differ from these forward-looking statements including the potential that the Company's projects will experience technical and mechanical problems, geological conditions in the reservoir may not result in commercial level of oil and gas production, changes in product prices and other risks not anticipated by the Company or disclosed in the Company's published material. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. The information contained herein does not constitute an offer of securities for sale in the United States, United Kingdom, Canada, Japan or Australia.