|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
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.
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