|Thu May 29, 2008|
Oracle Enters Into New Agreement With Ventum For Texas Oil
|May 29, 2008- Oracle Energy Corp. ("Oracle Energy") (OCL-TSX.V)(O2E-Frankfurt) announces an additional project to be undertaken with Ventum Oil and Gas LP (Ventum") of Houston Texas, as project operator. Oracle is a 20%Working Interest Owner in the re-development of the Chitsey (Smackover) Field Unit currently under re-entry operations in Franklin County, Texas. The project involves the secondary recovery or "water flood" of the field which had primary production of approximately 1,039,000 barrels of oil.|
Oracle Energy has a diversified portfolio of oil and gas interests in Italy, Romania and the United States.
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.