|Wed Nov 28, 2012|
Oracle Energy Corp Finalizes Sale Of Romanian Project Interests
|Vancouver, British Columbia, November 28, 2012 --- Oracle Energy Corp. ("the Company" or "Oracle Energy", or "Oracle") (TSX.V: OEC) (Frankfurt: O2E) announced today that the Company has finalized the sale of its interest in a Romanian oil and gas concession to Amromco Energy LLC ("Amromco"). Amromco, Oracle's Romanian project joint venture partner, has purchased the Company's 8.78% undivided interest in a concession agreement covering the Nadlac and Bordei Verde Vest blocks, onshore Romania.|
"Oracle is pleased to have finalized this sale to Amromco Energy," stated Oracle's Chairman Nasim Tyab. "We can now focus on the acquisition of other international projects in which Oracle would have a controlling interest and which would have a bigger impact on the Company's future value."
Pursuant to the definitive sales agreement, Amromco has paid Oracle a purchase price of $400,000 USD in cash. The agreement has been approved by the National Agency for Mineral Resources (Romania) and the shareholders of
In August 2012, Oracle announced that it had entered into a Memorandum of Understanding ("MOU") with Bolad Energy Company Ltd, a Nigerian registered corporation. Oracle's objective in securing the MOU is to participate as the technical and financial partner in the acquisition of a Marginal Field in Nigeria. .
About Oracle Energy Corp.
Oracle Energy Corp. (TSX.V: OEC) (Frankfurt: O2E) is a Canadian oil and gas company focused on growth and
shareholder value creation through exploration, development, and production in Africa - initially Nigeria. Our three pronged strategy is a relentless focus on: capture of the best opportunities, best-in-class execution, and critical assessment and mitigation of risk. For more information on Oracle Energy visit www.OracleEnergy.com
ON BEHALF OF THE BOARD
Nasim Tyab, Chairman and CEO
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.