|Thu Aug 11, 2011|
Oracle In Late Stage Negotiations
|VANCOUVER, BRITISH COLUMBIA-( August 11, 2011)-Oracle Energy Corp. (the "Company" or "Oracle") (TSX.V: OEC) (Frankfurt: O2E) is pleased to announce it is in late stage negotiations with an arms-length company in Australasia for up to a 50% working capital interest in oil and gas projects in the Australasia Region. The project includes a development opportunity and ready to drill exploration prospects.|
Under the current negotiations, the Company would fund up to CDN $31,000,000 in oil and gas exploration and development work expenditures over a two year period as the complete consideration for receiving its earned interest. No agreement has been signed to date, and any agreement will be subject to approval by the TSX Venture Exchange.
A finder's fee, which is under negotiation, will be paid to a third party subject to a final agreement and approval by the TSX Venture Exchange.
A comprehensive news release will be issued upon execution of a Term Sheet setting out the material terms of the foregoing farm-in arrangement.
ON BEHALF OF THE BOARD
Nasim Tyab President
Oracle Energy Corp.
Forward-Looking Statements: Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Such forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to political risks involving the Company's exploration and development of properties interests, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, the inability or failure to obtain adequate financing on a timely basis and other risks and uncertainties.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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