Oracle Energy Corp.
Oracle Energy Corp.: Drill Rig Purchased
Corporate-news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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April 27, 2006- Oracle Energy Corp. (“Oracle”) (OCL-TSX.V) (O2E-Frankfurt)
is pleased to announce that it has been notified by project operator
Carpathian Energy (“Carpathian”) that Carpathian has located and purchased
a drilling rig in the U.S. to be used in the drilling and development of
certain of the Joint Venture’s Romanian oil and gas fields.
The rig is a fully equipped trailer-mounted 3500 Wilson drilling rig with
derrick strength rated to 175,000 pounds with a 2 drum draw works and all
equipment necessary to drill up to 5,000 feet deep. Inventory includes mud
pumps, mud tank, rotary table, tongs, generator, slips, elevators, drill
bits, 5,000 feet of 3 ½” drill pipe and four 6” drill collars, as well as,
back-up or duplicate parts and supplies.
The rig is being being tested prior to its first drilling assignment and
will then be prepared for moving to New Orleans, Louisiana to be shipped to
the port of Constanta, Romania on the Black Sea. The rig is scheduled to
be delivered to Romania during the third quarter 2006 and upon arrival will
be poised to play a major role in the Joint-Venture’s development plans.
The access to this rig is expected to give the Joint Venture a competitive
advantage in terms of a reduction in drilling costs and maximum time
efficiency.
Carpathian has received bids for workover procedures on the No. 4 well in
the Nadlac field. The plan is to move a workover rig onto the No. 4 Well in
the Nadlac field to drill out its existing cement plugs and to run a
Schlumberger RST Log to further evaluate the oil and gas zones behind pipe
in the wellbore. According to the well records, there are no tubing or
downhole items in the No. 4 wellbore. The contract is scheduled to be
awarded in May 2006 with work to commence shortly thereafter.
Oracle Energy Corp. is an international energy company with interests in
Romania, Yemen and Peru.
ON BEHALF OF THE BOARD
“Nasim Tyab”
Nasim Tyab
President
Contact Germany
Value Relations GmbH
Mail: oracle@ir-services.de
Tel.: 069/959246-13
(c)DGAP 28.04.2006
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language: English
emitter: Oracle Energy Corp.
5525 West Boulevard, Suite 440
V6M 3W6 Vancouver, BC Kanada
phone: +1 604 980-6620
fax: +1 604 602-9974
email: info@oracleenergy.com
WWW: www.oracleenergy.com
ISIN: CA68400T1093
WKN: A0F52J
indexes:
stockmarkets: Freiverkehr in Berlin-Bremen, Stuttgart, München; Open Market
in Frankfurt; Foreign Exchange(s) Canadian Venture Exchange
End of News DGAP News-Service
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