News Releases

 Thu Oct 28, 2010
Private Placement

 October 28, 2010 - Oracle Energy Corp. ("Oracle") (OEC-TSX.V) announces that it intends to conduct an offering (the "Offering") of its securities. Pursuant to the Offering, Oracle proposes to sell up to 14,000,000 units (the "Units") at a price of $0.075 per Unit. Each Unit is comprised of one common share (a "Share") and one share purchase warrant (a "Warrant"). Each Warrant is exercisable into a common share (a "Warrant Share") of Oracle at a price of $0.10 in the first year and at a price of $0.12 per Warrant Share in the second year, subject to acceleration thereof. If Oracle's common shares trade at or above $0.40 for 10 consecutive trading days, Oracle may give notice (the "Notice") to the warrant holders that it intends to accelerate the expiry date of the Warrants to a date no less than 30 days from the date of the Notice. Oracle intends to use the proceeds from the Offering on its Romanian properties, to reduce outstanding debt and for working capital purposes. Finder's fees may be payable in connection with the Offering.

Oracle Energy Corp. is a Canadian based oil and gas company with a portfolio of oil and gas interests in Romania.

ON BEHALF OF THE BOARD

"Nasim Tyab"

Nasim Tyab
President



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.