|Tue May 13, 2008|
Nadlac #3 Well To Be Put On Line
|May 13, 2008, Oracle Energy Corp. ("Oracle Energy") (OCL-TSX.V)(O2E-Frankfurt) announces it has been notified by Carpathian Energy Companie Petroliera ("Carpathian") that it has finalized the purchase from Petrom, S.A. of the Nadlac-Turnu pipeline in western Romania. The pipeline runs from Nadlac field to the national gas transmission line network and is 6 5/8 inches in diameter and 33 kilometers in length.|
This purchase will enable the company to produce the gas from the No. 3 well in Nadlac field. The line had previously been used to transport gas from Nadlac field, but had been shut in since the field ceased production before Carpathian acquired the concession. The line also has the extra capacity to transport gas from additional wells expected to be put on line in the field.
Transgaz, the national gas transmission line operator, is testing the line for Carpathian and installing new surface equipment and meters.
The No. 3 well is presently shut in, with shut in tubing pressure of 2,100 psi. The well was officially tested by Transgaz in December, 2007 at a flow rate of 28,600 cubic meters gas per day or 1,009,866 cubic feet of gas per day. The present gas price in Romania is USD$5.50 per thousand cubic feet (MCF).
Carpathian has already obtained all permits to produce and sell the gas and associated condensate from the No. 3 well. The Company expects to begin producing the well within the next 45-60 days.
Oracle Energy Corp. holds a 20% participating interest in the Nadlac field as well as five other oil and gas concessions in Romania with Carpathian as the operator.
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
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