|Thu Apr 26, 2012|
Oracle Energy Corp. Sells Romanian Project Interest
|Vancouver, British Columbia April 26, 2012---Oracle Energy Corp. ("the Company" or "Oracle Energy") (TSX.V: OEC) (Frankfurt: O2E) announces that it has entered into a letter of terms with Amromco Energy LLC, its Romanian project joint venture partner, whereby Oracle Energy has agreed to sell to Amromco all of its 8.78% undivided interest in the concession agreement covering the Nadlac and Bordei Verde Vest blocks, onshore Romania. The purchase price for these assets is $400,000 USD in cash. The agreement is subject to a number of conditions, including approval of the National Agency for Mineral Resources (Romania), shareholder and regulatory approval of Oracle Energy and execution of definitive agreements. |
It is Oracle Energy's intent to redeploy capital and resources towards the acquisition of other international projects in which it would have a controlling interest and which would have a bigger impact on the Company's future value.
These interests being sold are substantially all the current assets of Oracle Energy and will require shareholder approval. The Company expects to call an extraordinary general meeting to consider this sale in the near future.
Oracle Energy Corp. (TSX.V: OEC) (Frankfurt: O2E) explores and develops oil and gas properties. The Company has agreed to sell its interests in its only oil and gas asset 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 we obtain shareholder and regulatory approval and sell our only asset, that we will call an EGM and that we will employ the capital to a project in which we have controlling interest. 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; our inability to locate or negotiate an acquisition of a project; 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. 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.