|Mon Mar 30, 2009|
Oracle Energy updates Romanian Operations
|March 30, 2009, Oracle Energy Corp ( "Oracle Energy") (OCL-TSX.V)(O2E-Frankfurt) announces that Mr. Art Green, Oracle's Chief Operating Officer and a member of the Board of Directors, visited Romania in early March. The purpose of Mr. Green's visit was to determine the readiness for production and the timing of production from the Nadlac gas field. Oracle Energy holds a 15-20% interest in six properties in Romania, all of which are operated by Carpathian. |
Mr. Green spent time with Carpathian's technical, administrative and operating personnel in Bucharest and at field locations. In addition to Nadlac he visited Cozeini and Borde Verde West, which are the three major Romanian properties in which Oracle has an interest.
At the Nadlac field he visited the number 3 well site. The well head is fully equipped and tied via pipeline to the central station. During the visit the well was opened up and produced to the flare stack at the nearby treating station.
The last outstanding local government approval required for production from this well has been received. The remaining work required prior to production is the completion of 400 meters of pipeline and a metering station at the point where the pipeline from the Nadlac treating station ties into the main transmission line. Carpathian employees were in the process of issuing tender documents to complete this work and they now estimate sales from the number 3 well by June of this year.
Carpathian anticipates drilling development wells in the Cozieni (gas) and Borde Verde (oil) fields this year.