|Mon Aug 6, 2007|
Arrone - 1 Well Spudded in Italy
|August 6, 2007, Oracle Energy Corp. ("Oracle")-(TSX.V(O2E-Frankfurt) announces that it has been notified by Ascent Resources plc (UK) that it has commenced the drilling of the Arrone-1 gas exploration well in the 358 square kilometre Fiume Arrone Exploration Permit in Central Italy. The well, which is targeting gas prospective basal sands, is 25 kilometres west of Rome and 11 kilometres north-north-west of Rome's Fiumincino International airport. Arrone-1 is the first well on the permit and the partners in the well are Oracle Energy Corp. (20%), Italmin Exploration of Italy (14%), JKX of the UK (10%), and Ascent Resources Italia as the operator with a 56% working interest. |
The Arrone-1 well spudded on Saturday, August 4th and the conductor casing is now set at 55 metres. It is planned to drill to a depth of 1,000 metres which is expected to take approximately three weeks to complete. Two wells have previously been drilled in the area of the permit, one of which, the Roma-2 well, drilled in 1955 reported gas shows.
Oracle Energy Corp is an international company engaged in the development and exploration of oil and gas. Oracle Energy has a 20% interest in the Fiume Arrone Permit, Italy. The Company also has an 18.75% interest in 640 acres in Zapata County, Texas, a 20% interest in six previously producing oil and gas concessions in Romania and a 15% interest in the Evaluation and Promotional Agreement for Area XIII, Peru. New project acquisitions are actively being negotiated on.
ON BEHALF OF THE BOARD
The 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, such 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.