|Fri May 16, 2008|
Private Placement arranged
|May 16, 2008, Oracle Energy Corp. ("Oracle")-(TSX.V(O2E-Frankfurt) announces that it will enter into a private placement of up to 5,300,000 units at a price of $0.16 per unit. Each unit will consist of one common share and one warrant. Each warrant will entitle the subscriber to purchase one common share at any time up to the close of business one year from the distribution date at a price of $0.20 per share. |
Proceeds from this proposed private placement will be used for accounts payable, general working capital and to fund potential property acquisitions and development.
A finder's fee is payable on this private placement. This proposed private placement is subject to regulatory approval.
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.