Oracle Energy Corp.
Oracle Energy Corp. to acquire a 75% interest in Area X111, Peru
Corporate-news transmitted by DGAP.
The issuer is solely responsible for the content of this announcement.
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November 4, 2005 – Oracle Energy Corp. (OCL: TSX Venture, O2E: Frankfurt) is
pleased to announce that it has entered into an agreement with Serpet Consult
SA (Serpet) to acquire a 75% interest in an Evaluation Agreement to Promote
(EAP) Area X111, located in the province of Maynas, Peru.
Area X111 comprises 500,000 hectares within Peru’s Maranon basin. A five year
study on the Maranon basin was completed by Robertson Research International,
now known as Fugro Robertson International Ltd, one of the world’s largest and
most reputable upstream oil and gas consultancies. Robertson Research has
calculated the volume of oil that was generated in the Maranon basin from its
three main source rocks totals 137 billion barrels. Commenting on the
Robertson Study Nasim Tyab, President of Oracle Energy Corp. stated “when this
number is compared to the discovered proven recoverable reserves in the
Maranon basin of 761 million barrels oil it is apparent that an excellent
opportunity exists for the discovery of additional oil in significant
quantities.”
Oracle now holds a 30% working interest in the EAP having advanced Serpet US
$125,000. The remaining 45% interest shall be earned upon payment of an
additional US$125,000 at closing, which follows a period for additional due
diligence and the negotiation and execution of a farm-in agreement and joint
operating agreement (JOA).
The US $250,000 to be paid by Oracle to Serpet is allocated as follows: a) a
prospect fee of US$150,000 and US $100,000 for execution by Serpet of a data
reprocessing work program. Upon satisfactory completion of the work program
both parties intend to enter into a Technical Evaluation Agreement (TEA) or
Exploration and Production Agreement (EPA) With Perupetro to pursue additional
operations in Area X111.
Upon execution of a TEA or EAP Oracle shall be responsible for paying all
costs attributable to Serpet’s working interest in the JOA to a maximum of US
$2,500,000. Oracle shall be entitled to recover all costs and expenses
incurred on behalf of Serpet out of 100% of production recovered from Area
X111.
ON BEHALF OF THE BOARD
“Nasim Tyab”
President
End of announcement (c)DGAP 04.11.2005
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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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