|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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