|Tue Apr 1, 2008|
Drilling Operations on J. Vela #1 well to commence by mid-April, 2008
|April 1, 2008, Oracle Energy Corp. ("Oracle Energy") (OCL-TSX.V)(O2E-Frankfurt)|
announces it has been notified by Ventum Energy LP ("Ventum") that drilling operations on the J. Vela #1 well in Zapata County, Texas are scheduled to commence on or before April 15, 2008. Ventum is the operating partner for the well.
The new well is to 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
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