|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
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