|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
Disclaimer for Forward-Looking Information
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.
You can view the Next News Releases item: Mon May 16, 2011, Oracle Signs Investor Relations Agreement
You can view the Previous News Releases item: Tue Jan 11, 2011, Oracle Energy Completes Private Placement
You can return to the main News Releases page, or press the Back button on your browser.