|Tue Jul 9, 2013|
Oracle Energy Corp/Greenacres Energy Company Sign Memorandum of Understanding
|Vancouver, British Columbia, July 9, 2013 - Oracle Energy Corp. ("the Company" or "Oracle Energy", or "Oracle") (TSX.V: OEC) (Frankfurt: O2E) is pleased to announce that it has entered into a Memorandum of Understanding with Greenacres Energy Company Ltd., a Nigerian registered corporation, with the objective of participating as the Joint Venture partner in Nigerian oil and gas asset acquisitions from International Oil Companies (IOC's). |
Greenacres was formed in 2010 and comprises a highly experienced team of former oil and gas executives with a proven track record of exploration success and bringing major Nigerian oil and gas fields into production.
Oracle's Chairman Nasim Tyab says "Oracle is delighted to be working with Greenacres. Their combination of strong technical skills and senior management experience combined with regulatory expertise is unparalleled. With Oracle's complementary management team and financing capabilities we are jointly positioned to build a world class Nigerian exploration and producing venture".
Greenacres Chairman Basil Omiyi says 'the company is very pleased to have entered into a joint venture with Oracle whose management skills and record of financing major projects complements the Greenacres team to provide all the attributes for building a successful operation. We are both focused on Health, Safety and Environmental excellence and maximizing Nigerian content in the execution of work programs, and working in harmony with the local communities.
This is the second MOU signed by Oracle with an indigenous Nigerian company. In August 2012, Oracle entered into an MOU with Bolad Energy Ltd.
The government of Nigeria is committed to further indigenization of the oil and gas industry. The divestment of properties in Nigeria by IOCs supports the government's policy of encouraging investment by indigenous companies in the oil and gas industry. Oracle and its partners are actively pursuing participation in this divestment process. Oracle's management see this as an excellent opportunity for foreign companies to partner with capable indigenous companies.
About Oracle Energy Corp.
Oracle Energy Corp. (TSX-V: OEC, Frankfurt: O2E) is a Canadian oil and gas company focused on opportunities in upstream oil and gas in Europe and Africa. Oracle has built a strong management team with over 150 years combined experience in international oil exploration and development, economics and finance, and government relations. Oracle is committed to growth and shareholder value creation through exploration, development, and production - initially in Nigeria and Portugal. The Company holds a working interest in the Barreiro oil and gas concession (211,275 acres/855 sq. km), in Portugal's southern Lusitanian Basin. For more information on Oracle visit www.OracleEnergy.com
ON BEHALF OF THE BOARD
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 we can participate in a Nigerian joint venture for oil & gas and build a world class Nigerian exploration and producing company . Actual results could differ materially from those currently anticipated for many reasons such as: we may not be able to find a suitable project, we may not be able to come to terms with our partners, the project sellers or with the government, we may not be able to raise sufficient financing, and that despite encouraging indications, there may not be any commercially recoverable resources on our projects; we are also affected by 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 from time to time by the Company or on its behalf, except in accordance with applicable securities laws.