|Tue Dec 4, 2007|
Oracle Energy Corp. Pursues Oil and Gas Opportunites in Central America
|December 4, 2007- Oracle Energy Corp. ("Oracle") (OCL-TSX.V)(O2E-Frankfurt)|
is actively pursuing oil and gas opportunities in Central America. Oracle Energy Corp. has evaluated prospect opportunities in the nations of Central America over the past year and is currently beyond the selection stage and is actively pursuing the legal and logistical aspects necessary for future exploration. Oracle Energy's evaluation of Central America's sedimentary basins indicates potential for significant reserves at reasonable depths. It is anticipated that the Company will continue to commit resources to develop identified opportunities in Central America.
The Company also announces that it has received notice from Serpet Consult SA ("Serpet") that the Evaluation Agreement to Promote ("EAP") for Area X111, Peru is no longer in force and that no further time is available for Serpet to farm out its majority interest to a qualified party which could then apply for an exploration license under the provisions of the EAP. Oracle Energy had a 15% interest in the EAP.
Oracle Energy has a diversified portfolio of oil and gas interests in Romania, Texas and Italy.
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.