Oracle Energy Corp.
Oracle Energy Corp. acquires additional 6.25% interest in 640 acres Zapata County, Texas
Oracle Energy Corp. / Miscellaneous Corporate news transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------- February 1, 2007- Oracle Energy Corp. ('Oracle') (OCL-TSX.V)(O2E-Frankfurt) announces that it has acquired from Pan American Production Ltd. ('Pan American') an additional 6.25% interest in a 640 acres oil and gas lease situated in Zapata County, Texas. Oracle’s interest is now 18.75%. Re-entry operations are continuing on the Jonnell Zamora #1 well. A depth of approximately 7,800 feet has been reached with approximately 26 feet remaining until the first objective is reached, specifically the 1st Hinnant sand. Oracle has contributed an additional US$142,000 that will cover its portion of costs to well hook up. Pan American has notified Oracle that it is now in the process of contracting a completion rig to continue the operations and perform final completion work on the Jonnell-Zamora # 1 well. The Jonnell Gas Company Zamora #1 was drilled in April of 1961 and was completed as a gas well from the 1st Hinnant sand. The top 10' of the 1st Hinnant Sand was perforated, and flowed at rates up to 4 mmcfg/d. The well was never commercially produced due to being a dry gas discovery, and no market existed in 1961 to transport dry gas. Pan American has leased the drill site and associated 640 acres and has re-entered the Zamora #1 well, with the objective of re-completing the well in the 1st and 2nd Hinnant sand reservoirs. A finder's fee is payable on this transaction. Oracle Energy Corp. is a Canadian based international oil and gas company with interests in Italy, Romania, Peru and Texas, USA. ON BEHALF OF THE BOARD 'Nasim Tyab' Contact Germany Value Relations GmbH Mail: oracle@ir-services.de Tel.: 069/959246-13 DGAP 01.02.2007 ----------------------------------------------------------------------
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