Oracle Energy Corp.
Oracle Energy Corp.: Oil zone identified in Romania
Corporate-news transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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January 17, 2006- Oracle Energy Corp. (OCL:TSX Venture; 02E:Frankfurt) is
pleased to announce that it has received the following update from project
operator Carpathian Energy on the oil zone in the Nadlac Field, Romania:
Initial review of data and field information recently obtained by Carpathian
Energy from Petrom S.A. (the former state owned oil company of Romania),
indicates that the oil section beginning at 9390 feet (immediately below the
gas section previously analyzed) contains significant commercial recoverable
oil reserves. This zone was not previously analyzed by Carpathian and no
reserves had been assigned to it.
The field information shows that the oil zone was, in fact, previously tested
on several occasions by the state company, but because of different strategies
at the time, as well as completion and cementation problems, the zone was
only commercially produced out of one well on the edge of the structure, the
No. 6 well.
The geological data indicates that the oil zone is field wide and covers an
area of at least 860 acres. The data shows the oil column to be at least 71
feet thick, although production tests indicate it could be greater. Porosity
is reported to be 7% to 15%, with some shaly sections and fracturing within
the sand. Permeability is estimated to be 50 to 100 millidarcies. Gravity of
the oil in the field as analyzed from 41 to 52 degrees.
In Romania, the former state owned oil company would often conduct tests of a
particular zone and then move up the hole to test other zones, even after a
successful test of hydrocarbons. In some instances, especially in a field
with multiple zones, the deeper zones would not be returned to and the well
would only be produced from the last zone tested. This appears to have been
the pattern at Nadlac. On the edge of the structure, the No. 6 well produced
approximately 133,000 barrels of oil from this same zone when water encroached
and the well was plugged. No wells in the field were ever put on pump. If
the wells did not flow under their own pressure, they were not produced.
Work is continuing on the cleanout of the No. 100 well, which is situated near
the center of the field. Once the well is cleaned out, new logs will be run
in the wellbore to fully establish the extent of the oil zone and further
evaluate other potential in the field. If bond log analysis shows good
cementation, then the 100 well will be tested and completion attempted in the
oil zone.
Once the final reservoir analysis of the field is completed, Oracle Energy
will be provided with that report.
ON BEHALF OF THE BOARD
“Nasim Tyab”
Nasim Tyab
President
End of announcement (c)DGAP 18.01.2006
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