|Fri Feb 17, 2012|
Oracle Energy Corp. Updates Australian Farm In Negotiations
|Vancouver, British Columbia February 17, 2012-Oracle Energy Corp. ("the Company" or "Oracle") (TSX.V: OEC) (Frankfurt: O2E) updates its news release of November 1, 2011, where it announced that it had entered into a Term Sheet (the "Term Sheet") with 3D Oil Limited, a publicly traded Australian company ("3D Oil"). Pursuant to the Term Sheet, 3D Oil had granted Oracle an exclusivity period until Feb 17, 2012 to finalize due diligence and definitive agreements regarding a 50 percent farm-in to the approximately 483 sq km Vic/P57 permit area in the Gippsland basin in the Bass Strait offshore Victoria, Australia. |
Due diligence has not yet been completed, but reports on the potential of the permit area are being prepared. It is apparent that the terms announced on November 1, 2011 will not proceed as originally contemplated, but negotiations are continuing between the Company and 3D Oil. Oracle no longer has the exclusive right to negotiate on this project, but fully intends to continue discussions towards acquiring an interest. If successful in negotiating an interest, it would require a substantial commitment of funding by the Company to drill several wells and bring the permit area into production.
Any transaction that we might negotiate would be subject to regulatory approval. Further announcements as to progress in this regard will be made as events warrant.
Oracle Energy Corp. (TSX.V: OEC) (Frankfurt: O2E) explores and develops oil and gas properties. The Company currently has interests in Romania and seeks to acquire additional international projects in the future.
ON BEHALF OF THE BOARD
Nasim Tyab, President
Oracle Energy Corp.
Forward Looking Statements
This news release contains forward-looking statements and forward-looking information, which are based on information currently available to the Company, and the Company provides no assurance that actual results will meet management's expectations. Forward-looking information includes that the parties may sign and close a Definitive Agreement, that the Company may raise sufficient funds to complete its potential obligations, that we obtain regulatory approval and that we intend to update reports and drill wells in the permit area. Actual results could differ materially from those currently anticipated for many reasons such as: the failure to obtain the requisite approvals; the failure to satisfy conditions to closing; the failure to reach a definitive agreement; changes in general economic conditions and conditions in the financial markets; changes in demand and prices for resources; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; and the possibility that even with substantial oil or gas resources contained within the permit area, the resources cannot be profitably extracted. This list is not exhaustive of the factors that may affect any of the Company's forward looking information and readers should consult the risk factors disclosed by other junior oil & gas companies as disclosed on SEDAR. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward looking information. The Company does not undertake to update any forward-looking information that may be made form time to time by the Company or on its behalf, except in accordance with applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.