|Tue Nov 13, 2018|
Oracle Provides a Further Update on Agreements to Acquire Eagle Ford Assets and Mineral Rights
|Fort Worth, Texas November 13, 2018 -- Oracle Oil and Gas LLC (Oracle Oil and Gas) a wholly owned subsidiary of Oracle Energy Corp. ("Oracle" or the "Company") (TSX.V: OEC) (Frankfurt: O2E) is pleased to provide an update to the Company's October 11, 2018 announcement. On October 11th Oracle provided an update on amendments to the 2 Agreements it has entered with Texas entities. The 2 agreements are for the purchase of Eagle Ford HBP Assets and for acquiring Eagle Ford mineral leases on Adjoining Lands. |
Regarding the Option Agreement for mineral rights on Adjoining Lands, Oracle has completed USD $250,000 payments on October 1, 2018 and on October 31, 2018 as required by the First Amendment to the Option Agreement. Pursuant to a Second Amendment of the Option Agreement the closing date is extended from Jan 15, 2019 to Feb 28, 2019 and Oracle is to pay an additional USD $200,000 due on or before November 21, 2018 After the November 21, 2018 payment a total of $1,200,000 will have been paid which will be applied to the total lease price of USD $6,250,000.
Regarding the Agreement to acquire the HBP Assets Oracle was required to make a payment of USD $ 250,000 by March 31, 2018. This payment was not completed. Oracle remains in discussion with the vendors regarding this transaction.
ON BEHALF OF THE BOARD OF DIRECTORS.
Darrell McKenna; Chairman and CEO
About Oracle Energy Corp.
Oracle Energy Corp. (TSX.V: OEC) (Frankfurt: O2E) is a junior oil and gas development company focused on acquiring development assets in North America and with current focus on the Texas Eagle Ford.
For further information, please visit the Company's website at www.oracleenergy.com to view its corporate presentation or send an email to email@example.com
Darrell L McKenna
Chairman & CEO
Founder & Capital Markets Strategist
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. 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.