|Wed Aug 13, 2008|
Oracle Energy announces gas sales from the J. Vela # 1 well
|August 13, 2008, Oracle Energy Corp ( "Oracle Energy") (OCL-TSX.V)(O2E-Frankfurt) announces that it has been notified by Ventum that the J. Vela #1 well is now on stream and is currently producing to sales at approximately 500 MSCFD. This will hold 80 acres of the 640 acre lease. Oracle Energy has decided that other near term opportunities are more attractive than drilling a second well and accordingly has relinquished its interest in the remainder of the lease. Oracle Energy holds an 18.75% working interest in the J. Vela # 1 well.|
At Chitsey (Smackover) Field Unit the re-entry operations to re-establish oil production are actively underway. The project involves the secondary recovery or "water flood" of the field which had primary production of approximately 1,000,000 barrels of oil. Oracle Energy holds a 20% working interest in the Chitsey Field Unit.
Oracle Energy has changed its near term focus from high cost, high risk projects to lower risk projects with good economics. Oracle's intent is to build a broad portfolio of properties providing a solid production and cash flow base for future growth.
ON BEHALF OF THE BOARDThe 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.