|Mon May 12, 2008|
Mr. Art Green appointed Director and Chief Operating Officer
|May 12, 2008, Oracle Energy Corp. ("Oracle Energy") (OCL-TSX.V)(O2E-Frankfurt)|
is pleased to announce that Mr. Art Green had been appointed to the Board of Directors and will also serve as Oracle Energy's Chief Operating Officer.
Mr. Green graduated from the University of Saskatchewan with a B.Eng in mechanical engineering in 1970. He has more than 32 years of experience in the oil and gas industry and has lived and worked in Canada, the USA, Indonesia, West Africa and Russia. He has held various positions with Mobil, Exxon Mobil and Hess. His early career was focused on field engineering, operations and construction management. He was the senior executive for Mobil in Equatorial Guinea, West Africa during the early negotiation, exploration and development programs and for Hess in Russia during the initial exploration programs.
Oracle Energy Corp. has granted 1,800,000 stock options at a price of $0.15 per share to insiders, employees and consultants to the Company, subject to regulatory approval. 1,600,000 stock options were granted to insiders and employees for a five- year term and 200,000 stock options were granted to consultants for a two- year term. Any shares issued on the exercise of stock options will be subject to a four month hold period from the date the options were granted.
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.