|Wed Nov 26, 2014|
Oracle Energy Corporate Update
|Vancouver November 26, 2014 -- the Board of Directors of Oracle Energy Corp is pleased to provide a corporate update.|
Oracle has elected to exit Portugal where it holds the Barreiro exploration concession. Based on the technical work done to date the Board has decided that the cost and time required to de-risk the play is inappropriate at this stage of Oracle's development. Oracle is working collaboratively with the Portugal authorities to exit the concession contract.
Oracle remains focused on obtaining Producing and Development concessions in the prolific West African basins and in particular in Nigeria. Nigeria has over one thousand discovered oil and gas fields of which less than three hundred and fifty are developed. Entrance into these opportunities requires foreign companies to work in partnership with Nigerian companies. The Oracle team has successful "on the ground" experience in developing and operating similar fields and has long term relationships with senior oil industry professionals who are leading indigenous Nigerian companies. Oracle is focused on applying this expertise and these relationships to build near and long term shareholder value.
Oracle is currently engaged in negotiations on several opportunities and will advise shareholders as these develop.
About Oracle Energy Corp.
Oracle Energy Corp. (TSX.V: OEC) (Frankfurt: O2E) is an international oil and gas exploration and development company with near term focus on development of Nigeria's huge oil and gas resources. Oracle has two indigenous partners in Nigeria, Bolad Energy and Greenacres Energy and is well positioned to participate in the current Nigerian Marginal Field Round and in acquisition of assets in the continuing International Oil Company asset divestment processes.
ON BEHALF OF THE BOARD
Oracle Energy Corp.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE. Forward-looking statements in this release are made pursuant to the 'safe harbour' provisions of the Private Securities Litigation Reform act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties.
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances. Actual events or results could differ materially from the Company's expectations or projections.