|Wed Nov 5, 2008|
|November 5, 2008, Oracle Energy Corp ("Oracle Energy") Oracle Energy has received an update from Carpathian Energy Companie Petroliera SRL ("Carpathian") the operator of six properties in Romania in which Oracle holds interests from 15% to 20%. Carpathian's update deals with two of the six properties.|
Carpathian has just received the finalized "Nadlac Technical Project" report from Gazproect-Brasov S.A., a Romanian engineering firm. This was an additional requirement before the remaining work on the hookup of the pipeline at Nadlac field could be completed. That work is now scheduled to commence on November 15, 2008. If there are no further procedural delays, the No. 3 well at Nadlac should be put on production on or about the end of the year.
The No. 3 well remains shut in, with shut in tubing pressure of 2,156 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$5.75 per thousand cubic feet (MCF).
Carpathian recently re-entered and attempted re-completion in the No. 244 well at Cozieni field. A 30 meter thick sand at 956 meters deep was identified as potentially productive. This sand is in addition to the identified gas reservoirs at 500 to 600 meters. The sand was perforated over a 15 meter interval and tested. The well flowed at a rate of 115,000 cubic feet of gas per day. An acid stimulation was attempted to increase the gas flow rate. A casing cement failure prevented completion of the stimulation. A decision will be made as to whether attempting to repair the casing cement or drilling a new well to produce this sand would be more economical.
In August, 2008, Carpathian began the permitting process to drill 2 new wells in the Cozieni field. The permits should be finalized and the wells commenced in the first quarter of 2009. The permit for one of these wells will be modified to drill to 1,000 meters deep instead of 650 meters deep in order to be able to produce the additional gas sand at 956 meters.
Oracle Energy has completed its review of the concession in Honduras for which an application had been made. Oracle Energy has decided that the project does not fit the company's near term strategy due to business reason's, including the long approval time to get the license, and has withdrawn the application. The company is actively reviewing oil and gas opportunities for potential acquisition.
Oracle Energy Corp. is a Canadian based international oil and gas company with interests in Italy, Romania, and Texas, USA.