|Fri Aug 24, 2007|
Oracle Energy Corp.: Arrone-1 Well Update
|Oracle Energy Corp. (TSX VENTURE:OCL)(PINK SHEETS:OECPF)(FRANKFURT:O2E) ("Oracle") announces that it has been notified by Ascent Resources plc (UK) it has completed drilling the Arrone-1 well in the Fiume Arrone Exploration Permit to the west of Rome. |
The Arrone-1 well has been drilled to a total depth of 894 metres. It penetrated the prognosed Base Pliocene Unconformity at about 820 metres and continued to drill the Miocene section. Despite strong gas shows during drilling that necessitated a 20% increase in drilling mud weight, the logs showed that the Pliocene section had only thin, low porosity sand units that would not be capable of commercial production at this location. The partners in the project: Oracle Energy (20%), Italmin Exploration (14%), JKX Italia (10%) and Ascent Resources Italia (56% and operator; a wholly owned subsidiary of Ascent) have therefore agreed to plug and abandon the well.
Oracle Energy Corp is an international company engaged in the development and exploration of oil and gas. 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
Nasim Tyab, President
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.
Oracle Energy Corp.
440-5525 West Boulevard
Canada V6M 3W6
T- 604 980-6620
F- 604 602- 9974