News Releases

 Wed May 21, 2008
J. Vela # 1 Well Update

 May 21, 2008- Oracle Energy Corp. ("Oracle Energy") (OCL-TSX.V)(O2E-Frankfurt) announces Ventum Oil and Gas, LP (Ventum) of Houston Texas, the project operator on the J. Vela well, has advised Oracle Energy that they are evaluating the well to design a fracture treatment and recommend a completion plan. They anticipate the well will be fracced and tested in 30 to 45 days.
Oracle Energy has a diversified portfolio of oil and gas interests in Italy, Romania and the United States.


"Loren D. Currie"
Loren Currie
Chief Financial Officer

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.