|Fri Dec 14, 2007|
New well planned for Zapata County, Texas
|December 14, 2007 - Oracle Energy Corp. ("Oracle Energy") (OCL-TSX.V)(O2E-Frankfurt) announces that it has been notified by Pan American Production Company Inc. ("Pan American"), the operating partner, that evaluations have been concluded on the Queen City section of the Jonnell- Zamora #1 wellbore in Zapata County, Texas. Three potential sandstone reservoirs that could contain commercial hydrocarbons have been delineated.|
Pan American has also notified Oracle Energy that the drilling of a new well to a depth of 8500 feet to test the Hinnant sands will be proposed in January 2008, with an anticipated drill date in February, 2008.
The proposed new well will be located approximately 1000 feet from the existing Jonnell- Zamora #1. Because of the close proximity of the new well to the Jonnell-Zamora #1 wellbore the Queen City section is to be evaluated by electric logs, sidewall cores and possible formation testing of the new well. This new information will enable better selectivity to determine which Queen City reservoir may be economically viable in any future re-completion attempt at the Jonnell-Zamora #1. The Queen City Sandstone formation is an upper Wilcox sand group that is a prolific producer in the Lopeno Gas Field located approximately 3.5 miles to the southwest of the Jonnell-Zamora #1 well.
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.
Oracle Energy 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.
Oracle Energy Corp.
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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.
You can view the Next News Releases item: Mon Feb 4, 2008, Drilling Operations proposed for Jonnell-Zamora #2 well in mid-March 2008
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