Oracle Energy Corp.
Oracle Energy Corp.: updates on projects in Jemen and Rumania
Corporate-news transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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Re-work operations now underway on the Nadlac #100 well
BETA -1 well update
22. November, 2005- Oracle Energy Corp. (FWB: O2E, TSX-V: OCL) is pleased to
announce that it has been notified by project operator Carpathian Energy that
the service company has completed testing of the permanent derrick at the
Nadlac #100 well and has moved in the work over crews, mud tanks and work over
equipment. Re-work operations on the Nadlac #100 well have now commenced.
The Nadlac field is in Western Romania near the Hungarian border. Pursuant to
the property purchase agreement dated July 5, 2004, as amended Aug. 17, 2005,
between Oracle Energy Corp. and Carpathian Energy Companie Petroliera, Oracle
Energy holds an 11.2% participating interest with the option to acquire up to
a 20% participating interest in six oil and gas concessions located in Romania
known as the Bordei Verde Vest field and the Nadlac, Catrunesti, Cozieni, E.
Ciumeghiu and N. Ciumeghiu concessions. This is the second well to be re-
worked by the Carpathian Energy / Oracle Energy joint venture in Romania.
Furthermore has Oracle Energy Corp. been notified by project operator Yemen
Mayfair Petroleum Corporation (YMPC) that drilling of the Beta-1 well, Block
22, Yemen, has reached total depth of 2.538 metres on Sunday morning, November
20, 2005. Wireline logs are now being run to evaluate zones of interest prior
to design of the testing program.
Oracle Energy Corp. holds a 15% participating interest in Block 22. Principals
of YMPC were instrumental in the discovery of Yemen’s first giant oil field
in the mid-1980’s, located in the Marib basin. Block 22, was awarded to YMPC
in 1993. It encompasses 8,151 square kilometers within the Tihama Basin in the
western region of the Republic of Yemen.
ON BEHALF OF THE BOARD
Nasim Tyab
President
End of announcement (c)DGAP 22.11.2005
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