|Mon Aug 31, 2009|
Oracle Energy farms out two Romanian blocks to Amromco Energy
|August 31, 2009 - Oracle Energy Corp. ("Oracle") (OCL-TSX.V)(O2E-Frankfurt) announces that both Oracle and Carpathian Energy Companie Petroliera SRL ("Carpathian"), its joint venture partner in its Romanian concessions, have entered into a farmout agreement with Amromco Energy LLC ("Amromco") on the Nadlac and Bordei Verde Vest blocks. |
Subject to the terms of the agreement, Oracle and Carpathian agree to assign to Amromco 67.5% of their collective rights under the concession contract. Carpathian would reduce its interest from 80% to 26% and Oracle would reduce its interest from 20% to 6.5%. In exchange Amromco shall pay 90% of the costs of the work program planned for both Blocks that includes a 3-D seismic program and drilling two wells.
In addition Amromco shall assume and pay Oracle and Carpathian's share of joint account costs previously incurred by Carpathian and Oracle in connection with the drilling and completion of Nadlac existing well No. 3. Amromco will become the operator of the Borde Verde Vest and Nadlac blocks.
Amromco Energy LLC is a privately-held independent exploration and production company based in Houston, Texas with offices in Bucharest and Ploiesti, Romania. The company is the operator of 33 exploration and production concessions in Romania and is the largest private oil and gas company operating in Romania.
Mr. Nasim Tyab, Oracle's president states: "We are delighted to be working with Amromco to develop the Nadlac and Borde Verde Vest blocks which both have significant production potential"
Oracle Energy Corp is a Canadian based international oil and gas company with interests in six oil and gas blocks in Romania.
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