Oracle Energy Corp.
Oracle Energy Corp.: Update on Romanian Oil and Gas Fields Activities
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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VANCOUVER, March 16, 2006 – Oracle Energy Corp. (TSX VENTURE:OCL)(FWB:O2E)
announces the following update received from joint venture partner and
project operator Carpathian Energy Companie Petroliera SRL (‘Carpathian’)
on the Romanian field work and activities;
No. 100 Well – Nadlac Field
Carpathian has halted ongoing work on the No. 100 Well in order to
re-evaluate the mechanical problems encountered in the wellbore. The
workover procedures so far have retrieved 3500 feet of tubing from the
bottom of the wellbore, however, workers on site have been unable to
retrieve the remaining 1000 feet at this time. The wellbore and remaining
stuck pipe will be reanalyzed by engineers to ascertain optimum methods
available to retrieve the remaining tubing. During this period, as an
alternative to the No. 100 Well, a workover rig will be moved to the No. 4
Well situated in the Nadlac field. The No. 4 Well is approximately 1800
feet from the No. 100 Well. Furthermore, there are three additional wells
targeted for rework operations in the Nadlac field.
No. 4 Well – Nadlac Field
Carpathian is planning 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. Presently, bids are being submitted
to Carpathian for the workover procedures. The contract is expected to be
awarded within the next thirty days.
No. 3 Well – Nadlac Field
The No. 3 Well is presently shut-in with closed in tubing pressure (CITP)
at 2260 pounds per square inch. The necessary government permits have been
approved to begin producing and transporting the gas into the national
pipeline network. Carpathian is waiting on the pipeline agency to effect
the final hookup to begin production from the well.
Purchase of Drilling Rig
Carpathian intends to purchase a trailer-mounted drilling rig capable of
drilling to a 5000 foot depth in order to expedite and more efficiently
drill new wells in the Bordei Verde West field and Carpathian other
Romanian oil and gas fields. Carpathian Energy is currently looking for a
suitable rig in the U.S. and Canada that will be practical and effectively
mobilized in Romania. The rig will be shipped to Romania with a drilling
program to begin in the second half of 2006.
Oracle holds a 20% participating interest in the Nadlac Field and five
other oil and gas concessions in Romania.
ON BEHALF OF THE BOARD
Nasim Tyab, President
Oracle Energy Corp.
Nasim Tyab
President
(604) 980-6620
(604) 602-9974 (FAX)
www.oracleenergy.com
(c)DGAP 17.03.2006
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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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