|Wed Oct 12, 2011|
Oracle Energy: Production and Drilling Updates On Romanian Operations
|October 12, 2011 - Oracle Energy Corp. (TSX.V: OEC) ("Oracle Energy" or the "Company") is pleased to announce that it has received updates from operator Amromco Energy LLC ("Amromco") on its Nadlac and Bordei Verde fields in Romania. These projects, which are previously producing fields are now on track to be developed. Oracle's interest in these fields has recently been increased from 6.5% to 8.78% as a result of the default of the 26% partner.|
"We feel this is a great opportunity to move the Company ahead to production and cash flow," states Nasim Tyab, President of Oracle Energy. "This will give the Company a platform to expand and diversify through the acquisition of additional international oil and gas projects"
The results from the Nadlac field show that the project is moving towards expected production. The Nadlac 3 well, which has recently been recompleted and frac-stimulated, tested at a gas rate of 1.1 mmscfd along with 59 Bbls/day of condensate and 23 bbls/day of water at a flowing pressure of 1350 psi. An additional well, Nadlac A1, is planned for drilling in the first quarter of 2012. The operator is also planning the installation of facilities for production from the Nadlac field, which is anticipated by the third quarter of 2012. The total cost estimate for this phase of Nadlac development is approximately $4.35 million (Oracle's approximate cost share is $382,000).
Bordei Verde Vest Field
Amromco has recently finished interpretation of 3D seismic over the Bordei Verde Vest Field. Based on this interpretation the drilling of two wells, targeting oil production, are planned commencing later this year. The cost estimate for this phase of Bordei Verde Vest development, including facilities, is $3.9 million (Oracle share $390,000). In addition to the Nadlac and Bordei Verde Vest Field, Oracle also has a 15% interest in the Carpathian Energy-operated Ciumeghiu East, Ciumeghiu North, Catrunesti and Cozieni fields in Romania.
ON BEHALF OF THE BOARD
Nasim Tyab, President
Oracle Energy Corp.
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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.
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