News Releases

 Mon Apr 14, 2008
J. Vela #1 spudded in Zapata County, Texas

 April 14, 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 have commenced today.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.


"Nasim Tyab"

Nasim Tyab

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