|Thu Jun 21, 2012|
Oracle Energy Updates Australian Gippsland Basin Effort
|Vancouver, British Columbia June 21, 2012-Oracle Energy Corp. ("the Company" or "Oracle Energy" or "Oracle") (TSX.V: OEC) (Frankfurt: O2E) announced today that the Company has discontinued efforts to obtain a Farm-In Agreement with 3D Oil Limited in the Australian Gippsland Basin.|
Oracle Energy's press release dated Feb 17, 2012 advised that a Term sheet with 3D Oil Limited, a publicly traded Australian company ("3D Oil"), 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, had expired and that negotiations between Oracle and 3D Oil were continuing. However, as of this date no further discussions are anticipated and Oracle has discontinued pursuit of this project
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.
Chairman and CEO
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.