|Mon Mar 21, 2011|
Oracle Energy Corp. Progress Update on Romanian Oil and Gas Projects
|March 21, 2011 - Oracle Energy Corp. ("Oracle") (OEC-TSX.V)(O2E-Frankfurt) announced today that it has received an update from Amromco Energy LLC ("Amromco"), the Joint Venture operator, regarding the status of the Nadlac and Bordei Verde Vest blocks in Romania. As a result of a Farmout Agreement Oracle has retained a 6.5% interest in the two Blocks.|
Border Verde Vest was discovered in 1972 and at one point had 25 producing oil wells, none of which are adequate for re-entry. The field has produced 1.9 million barrels of oil and 3 billion cubic feet of gas. The joint venture partners believe there are significant quantities of oil yet to be recovered. Twenty two square kilometres of 3D seismic has been obtained on Borde Verde Vest. The seismic has been processed and is currently being interpreted. Drilling is anticipated for the fourth quarter of 2011. A multi-well drilling program is anticipated to recover the Borde Verde reserves.
The Nadlac field is a gas / condensate reservoir. Prior to being shut in, the field produced 156 thousand barrels of oil and 900 million cubic feet of gas. The Nadlac #3 well has been re-entered, reperforated and fracture stimulated. The well tested at a rate of approximately 1 million standard cubic feet per day on a 5 mm choke with condensate production of 30 to 50 barrels per million standard cubic feet and a flowing pressure of 1050 psi. Production from the well to sales will require Government Permits prior to the construction of treating facilities and a pipeline connection to the national gas system. The permitting process could take up to one year. A multi-well drilling program is anticipated to recover the Nadlac reserves.
Amromco Energy LLC is a privately-held independent exploration and production company based in Houston, Texas with offices in Bucharest and Ploiesti, Romania.
Oracle Energy Corp is a Canadian based international oil and gas company with interests in oil and gas blocks in Romania.
ON BEHALF OF THE BOARD
Nasim Tyab, President
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