|Fri Oct 12, 2007|
Oracle Energy updates operations in Zapata County, Texas
|October 12, 2007- Oracle Energy Corp. ("Oracle") (OCL-TSX.V)(O2E-Frankfurt) announces that site preparations for the re-entry of the Jonnell Zamora #1 well are underway. At present the operator of the project, Pan-American Production Co. ("Pan-American") is constructing fencing and installing cattle guards in preparation for the rig to be moved on site. Because of delays concerning the securing of drilling equipment, Pan- American has notified Oracle that it is electing to commence operations with a well service rig to set required cement plugs, test casing and to pull the existing 7 5/8ths casing. These operations will "prep" the well for the larger rig which will undertake the sidetrack. |
The Jonnell Gas Company Zamora #1 was drilled in April of 1961 and was completed as a gas well from the 1st Hinnant sand. The top 10' of the 1st Hinnant Sand was perforated, and flowed at rates up to 4 mmcfg/d. The well was never commercially produced due to being a dry gas discovery, and no market existed in 1961 to transport dry gas.
Previous re-entry operations had succeeded in reaching a depth of approximately 7,800 feet with approximately 26 feet remaining until the first objective is reached, specifically the 1st Hinnant sand. Upcoming work includes a sidetrack for the well targeting the 1st Hinnant sand. The 2nd Hinnant sand is also an objective. The proposed total depth for the sidetrack is 8,450 feet. Oracle has a 45.84% interest in the Jonnell -- Zamora # 1 well and an 18.75% interest in any additional wells to be drilled on the 640 acres oil and gas lease situated in Zapata County, Texas.
Oracle Energy Corp. is a Canadian based oil and gas company with a diversified portfolio of international oil and gas interests.
ON BEHALF OF THE BOARD
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