Oracle Energy Corp.
Oracle Energy: Report and Update Nadlac Field Romania
Corporate-news transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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December 16, 2005- Oracle Energy Corp. (OCL:TSX Venture; 02E:Frankfurt) is
pleased to announce the following update on the Nadlac Field in Romania
Nadlac No. 3 Well
The No. 3 Well at Nadlac Field has gradually increased in pressure and flow
rates an average of 21% over the last 30 days as it continues to clean up.
Initial analysis seems to indicate that the zone may be a retrograde gas
reservoir. Present shut in tubing pressure 1871 psi (pounds per square inch).
The last flow rates tested, measured gas and condensate at the following rates
and pressures:
Choke Size; Gas; Condensate; Flowing Tubing Pressure
15/64″; 806,000 cubic feet gas per day; 28 bbls per day; 642 psi
25/64″; 1,305,600 cubic feet gas per day; 44 bbls per day; 312 psi
Preparations are being finalized to be connected into the gas transmission
pipeline by January 1, 2006 to begin gas sales. First condensate sales are
expected to begin before the end of December 2005.
Nadlac No. 100 Well
Work is progressing on the cleaning out of the wellbore of the Nadlac No. 100
Well for evaluation and testing. To date, 1000 feet of junked tubing has been
recovered out of the bottom of the hole. The remaining 600 feet should be
recovered in the next few weeks. There is continuing build up of gas pressure
in the wellbore and the mud weight has been increased twice as work has
continued.
New Reservoir Analysis of Unevaluated Oil Zone
Due to review of additional information obtained from historical field data
that was not before available, Carpathian has commissioned an independent
reservoir analysis of the oil zone at 9,570 feet that is at the base of the
main gas zone to determine if additional oil reserves are recoverable in
commercial quantities. No previous reserves were attributed to this zone
because the state oil company information made available to Carpathian
indicated that the zone was not commercial. The additional records reviewed
seem to indicate otherwise.
Upon successful cleaning out of the No. 100 well, this oil zone will be
evaluated and tested first before attempting recompletion in the upper gas
zone.
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.
ON BEHALF OF THE BOARD
“Nasim Tyab”
President
End of announcement (c)DGAP 16.12.2005
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