Oracle Energy Corp.
Oracle Energy Corp.: RE-WORK OPERATIONS UNDERWAY IN ROMANIA
Corporate-news transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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RE-WORK OPERATIONS UNDERWAY IN THE NADLAC FIELD, ROMANIA
November 2, 2005- Oracle Energy Corp. (OCL:TSX Venture:)(02E:Frankfurt ) is
pleased to announce that re-work operations have now commenced on the Nadlac
#3 well. The Nadlac field is in Western Romania near the Hungarian border.
Oracle holds an 11.2% interest in six oil and gas concessions located in
Romania known as Bordei Verde West and the Nadlac, Catrunesti, Cozieni, E.
Ciumeghiu and N. Ciumeghiu concessions. Pursuant to the property purchase
agreement dated July 5, 2005, as amended Aug. 17, 2005, between Oracle Energy
Corp. and Carpathian Energy Companie Petroliera the Company may acquire up to
a 20% interest in the six concessions at its option.
Commenting on the current Romanian operations, Nasim Tyab, president of Oracle
Energy Corp. stated that: “We are pleased to now move forward with our
partner Carpathian Energy to developing our Romanian concessions. Our decision
to participate was based on a strategy of complementing our high impact
exploration prospect in Yemen, now being drilled, with our properties in
Romania, three of which have proven and probable reserves. This balanced
approach is aimed at maximizing shareholder value and developing near term,
sustainable cash flow for the Company.”
ON BEHALF OF THE BOARD
Nasim Tyab
President
End of announcement (c)DGAP 02.11.2005
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WKN: A0F52J; ISIN: CA68400T1093; Index:
Listed: Open Market in Frankfurt; Freiverkehr in Berlin-Bremen, München und
Stuttgart; Canadian Venture Exchange
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