|Mon Feb 4, 2008|
Drilling Operations proposed for Jonnell-Zamora #2 well in mid-March 2008
|February 4, 2008, Oracle Energy Corp. ("Oracle Energy") (OCL-TSX.V)(O2E-Frankfurt)|
announces it has been notified by Ventum Energy LP ("Ventum") of Houston, Texas that drilling operations on the Jonnell- Zamora #2 well in Zapata County, Texas are scheduled for mid-March 2008.
Ventum Energy LP is the operating partner with a 52.28% interest. Ventum Energy LP, an Old World Industries Inc. company, is an independent exploration and production company based in Houston, Texas with interests in Texas, Louisiana, Oklahoma and Pennsylvania. Ventum Energy's operation entity, Ventum Oil and Gas LP will conduct the drilling operations of the new well.
The proposed new well will be located approximately 150 feet from the existing Jonnell-Zamora # 1 well and will be drilled to a depth of 8400 feet to test the 1st and 2nd Hinnant formations.
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 feet 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. In 1961, no market existed to transport dry gas.
Oracle Energy has an 18.75% interest on the 640 acres oil and gas lease in Zapata County, Texas.
Oracle Energy has a diversified portfolio of oil and gas interests in Romania, the USA 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.
You can view the Next News Releases item: Tue Apr 1, 2008, Drilling Operations on J. Vela #1 well to commence by mid-April, 2008
You can view the Previous News Releases item: Fri Dec 14, 2007, New well planned for Zapata County, Texas
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