Fips1907
16 years ago
News out!
Tue May 13, 2008
Nadlac #3 Well To Be Put On Line
May 13, 2008, Oracle Energy Corp. ("Oracle Energy") (OCL-TSX.V)(O2E-Frankfurt) announces it has been notified by Carpathian Energy Companie Petroliera ("Carpathian") that it has finalized the purchase from Petrom, S.A. of the Nadlac-Turnu pipeline in western Romania. The pipeline runs from Nadlac field to the national gas transmission line network and is 6 5/8 inches in diameter and 33 kilometers in length.
This purchase will enable the company to produce the gas from the No. 3 well in Nadlac field. The line had previously been used to transport gas from Nadlac field, but had been shut in since the field ceased production before Carpathian acquired the concession. The line also has the extra capacity to transport gas from additional wells expected to be put on line in the field.
Transgaz, the national gas transmission line operator, is testing the line for Carpathian and installing new surface equipment and meters.
The No. 3 well is presently shut in, with shut in tubing pressure of 2,100 psi. The well was officially tested by Transgaz in December, 2007 at a flow rate of 28,600 cubic meters gas per day or 1,009,866 cubic feet of gas per day. The present gas price in Romania is USD$5.50 per thousand cubic feet (MCF).
Carpathian has already obtained all permits to produce and sell the gas and associated condensate from the No. 3 well. The Company expects to begin producing the well within the next 45-60 days.
Oracle Energy Corp. holds a 20% participating interest in the Nadlac field as well as five other oil and gas concessions in Romania with Carpathian as the operator.
Oracle Energy has a diversified portfolio of oil and gas interests in Romania, the USA and Italy.
oasdihf
17 years ago
Oracle Energy Corp.: Arrone-1 Well Spudded in Italy
15:33 EDT Monday, August 06, 2007
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Aug. 6, 2007) - Oracle Energy Corp. ("Oracle")-(TSX VENTURE:OCL)(PINK SHEETS:OECPF)(FRANKFURT:O2E) announces that it has been notified by Ascent Resources plc (UK) that it has commenced the drilling of the Arrone-1 gas exploration well in the 358 square kilometre Fiume Arrone Exploration Permit in Central Italy. The well, which is targeting gas prospective basal sands, is 25 kilometres west of Rome and 11 kilometres north-north-west of Rome's Fiumincino International airport. Arrone-1 is the first well on the permit and the partners in the well are Oracle Energy Corp. (20%), Italmin Exploration of Italy (14%), JKX of the UK (10%), and Ascent Resources Italia as the operator with a 56% working interest.
The Arrone-1 well spudded on Saturday, August 4th and the conductor casing is now set at 55 metres. It is planned to drill to a depth of 1,000 metres which is expected to take approximately three weeks to complete. Two wells have previously been drilled in the area of the permit, one of which, the Roma-2 well, drilled in 1955 reported gas shows.
Oracle Energy Corp is an international company engaged in the development and exploration of oil and gas. Oracle Energy has a 20% interest in the Fiume Arrone Permit, Italy. The Company also has an 18.75% interest in 640 acres in Zapata County, Texas, a 20% interest in six previously producing oil and gas concessions in Romania and a 15% interest in the Evaluation and Promotional Agreement for Area XIII, Peru. New project acquisitions are actively being negotiated on.
ON BEHALF OF THE BOARD
Nasim Tyab, President
Some of the statements contained in this release are forward-looking statements. Forward-looking statements include but are not limited to, statements concerning estimates of recoverable hydrocarbons, expected hydrocarbon prices, expected costs, statements relating to the continued advancement of the Company's projects and other statements which are not historical facts. When used in this document, and on other published information of the Company, the words such as "could", "estimate", "expect", "intend", "may", "potential", "should", and similar expressions are forward-looking statements. Although the Company believes that its expectations reflected in the forward-looking statements are reasonable, such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Various factors could cause actual results to differ from these forward-looking statements including the potential that the Company's projects will experience technical and mechanical problems, geological conditions in the reservoir may not result in commercial level of oil and gas production, changes in product prices and other risks not anticipated by the Company or disclosed in the Company's published material. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. The information contained herein does not constitute an offer of securities for sale in the United States, United Kingdom, Canada, Japan or Australia.
FOR FURTHER INFORMATION PLEASE CONTACT:
Oracle Energy Corp.
Nasim Tyab
President
(604) 980-6620
(604) 602-9974 (FAX)
Website: www.oracleenergy.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the contents of this news release.
Tackler
17 years ago
Oracle Energy closes 2.8-million-unit financing
2007-07-23 16:14 MT - News Release
Mr. Nasim Tyab reports
ORACLE ENERGY COMPLETES PRIVATE PLACEMENT
Oracle Energy Corp. has completed a private placement further to Stockwatch news May 25, 2007. A total of 2.8 million units were issued at a price of 25 cents per unit. Each unit consists of one share and one warrant. The warrant is exercisable for a two-year period at a price of 30 cents in the first year and at a price of 40 cents in the second year. Proceeds from this private placement will be used to finance Oracle Energy's share of costs for the re-entry of the Jonnell Zamora No. 1 well in Zapata county, Texas, and for general working capital purposes.
The units issued from this private placement have a hold period from trading as follows: 2,755,000 until Nov. 8, 2007; and 45,000 until Nov. 18, 2007.
Canaccord Capital Corp. received a finder's fee of $52,625 in cash and 210,500 agent's warrants on same terms as the private placement, and Lisa Bowie received $2,500 in cash.
Tackler
17 years ago
Oracle Energy names Ladner as director
2007-07-16 14:22 MT - News Release
Mr. Nasim Tyab reports
ORACLE ENERGY CORP. APPOINTS MR. JAMES LADNER TO THE BOARD
Oracle Energy Corp. has appointed James Ladner to the board of directors, effective immediately. Mr. Ladner is a Zurich-based professional company director and financial consultant. He is a graduate of the University of St. Gallen, Switzerland, in economics and business administration.
Mr. Ladner's board memberships include StrataGold, Pan Pacific Aggregates, Nevoro and J. van Lanschot Bankiers (Switzerland). He previously served on the boards of Energy Capital Investment Company and Equator Exploration Ltd., as well as several banks and funds in Switzerland, such as Bank Austria Creditanstalt (Switzerland) and the Royal Bank of Scotland.
Tackler
17 years ago
Oracle Energy ups interest in Jonnel-Zamora to 45.84%
2007-05-25 01:16 MT - News Release
Mr. Nasim Tyab reports
ORACLE ENERGY INCREASES ITS INTEREST IN THE JONNELL-ZAMORA #1 WELL
Oracle Energy Corp. has increased its interest in the Jonnell-Zamora No. 1 well by an additional 27.09 per cent by agreeing to pay 31 per cent of costs to complete the re-entry. Oracle Energy now has a 45.84-per-cent interest in the Jonnell-Zamora No. 1 well.
The Jonnell Gas Company's Zamora No. 1 was drilled in April, 1961, and was completed as a gas well from the first Hinnant sand. The top 10 feet of the first Hinnant sand was perforated, and flowed at rates up to four million cubic feet of natural gas per day. The well was never commercially produced due to being a dry gas discovery, and no market existed in 1961 to transport dry gas.
Recent re-entry operations had succeeded in reaching a depth of approximately 7,800 feet with approximately 26 feet remaining until the first objective is reached, specifically the first Hinnant sand. Upcoming work includes a sidetrack of the well targeting the first Hinnant sand. The second Hinnant sand is also an objective. The proposed total depth for the sidetrack is 8,450 feet.
Project operator Pan American Production Ltd. has notified Oracle Energy that it has contracted a completion rig for the new operations that are scheduled to commence June, 2007.
Oracle Energy has an 18.75-per-cent interest in any additional wells to be drilled on the 640-acre oil and gas lease situated in Zapata county, Texas.
Oracle will enter into a private placement of three million units at a price of 25 cents per unit. Each unit consists of one share and one warrant. The warrant is exercisable for a two-year period, at 30 cents in the first year and at 40 cents in the second year. Proceeds from this proposed private placement will be used to finance Oracle's share of the costs to complete the re-entry well and for working capital purposes. The private placement is subject to regulatory approval.
Tackler
17 years ago
CORPORATE SUMMARY SPRING 2007
Trading Symbol: OCL: TSXV
O2E: FRANKFURT
OECPF: PINK SHEETS
Current Share Price: $.31
52 week share price range: High $.79 Low: $0.24
Shares Outstanding: 41,073,080
Market Capitalization: $12,700,000
Fully Diluted Shares: 51,746,913
Oracle Energy Corp. (“Oracle”) is an international oil and gas exploration company . It has an 18.75% interest in 640 acres Zapata County, Texas. The Company also has a 20% interest in 6 previously producing oil and gas concessions in Romania, a 20% interest in the Fiume Arrone permit in Italy, and a 15% interest in the Evaluation and Promotional Agreement for Area X111, Peru. $2.3million was recently raised of which a portion will go towards new project acquisitions which are actively being negotiated on.
Highlights Spring 2007
Texas
Re-entry operations are now underway on the Jonnell Zamora #1 well. It was drilled in 1961 and flowed at rates of 4mmcfg/d. The well was never commercially produced due to being a dry gas discovery, and no market existed in 1961 to transport dry gas. There also exists further potential from at least one additional gas zone at deeper levels.
Romania
As of April 10 2007, Oracle has been notified by project operator Carpathian Energy that the National Gas Regulation Authority of Romania has issued the final approval of the permit to produce gas and hydrocarbons from Well No. 3 at Nadlac Field in western Romania. All planned work programs may now commence.
Initial tests on the first work over well [#3] in the Nadlac field indicated gas and fluid produced at the following rates: 27/64-inch choke: 1,230 mcfd and 23 bcd (barrels of condensate per day) and 15/64-inch choke: 673 mcfd and 10 bcd.
Also at Nadlac, an oil zone has been identified. Geological data indicates an oil column at least 71 feet thick and field wide encompassing an area at least 860 acres. Production tests at deeper levels indicate the oil column could be significant. Next workover at Nadlac will include running a Schlumberger RST Log to further evaluate the oil and gas zones behind pipe in the wellbore.
A trailer-mounted 3500 Wilson drilling rig (capable of drilling 5000 feet) purchased by operator Carpathian Energy and scheduled to land in Romania, second quarter 2007 is expected to be mobilized first to the Cozieni field to drill 2 new gas wells and then to the Bordei Verde Vest oil field to drill 14 new wells in 2007.
Italy
The 358 sq km onshore Fiume Arrone Permit, is along the coast of Italy to the west of Rome. It contains the Roma 1 and Roma 2 wells drilled in 1955 the latter of which was reported to have had shows of gas. The first well, planned to be 950m deep, will target a gas prospect identified from seismic.
Drilling is expected soon and scheduled to commence upon arrival of the secured rig.
For further info: Please contact James Ewanchook, Corporate Communications Oracle Energy Corp.
604-980-6620
Some of the statements contained in this summary are forward-looking statements. Forward-looking statements include but are not limited to, statements concerning estimates of recoverable hydrocarbons, expected hydrocarbon prices, expected costs, statements relating to the continued advancement of the Company's projects and other statements which are not historical facts. Although the Company believes that its expectations reflected in the forward-looking statements are reasonable, such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Various factors could cause actual results to differ from these forward-looking statements including the potential that the Company's projects will experience technical and mechanical problems, geological conditions in the reservoir may not result in commercial level of oil and gas production, changes in product prices and other risks not anticipated by the Company or disclosed in the Company's published material. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. The information herein does not constitute an offer of securities for sale.
ON BEHALF OF THE BOARD
“Loren D. Currie”
Loren Currie
Chief Financial Officer
Tackler
17 years ago
Oracle Energy receives permit approval for Nadlac well
2007-04-10 14:29 MT - News Release
Mr. Nasim Tyab reports
ORACLE ENERGY CORP.: PERMIT APPROVAL AT NADLAC FIELD, ROMANIA
Oracle Energy Corp. has been notified by project operator Carpathian Energy that the National Gas Regulation Authority of Romania issued final approval of the permit to produce gas and other hydrocarbons from the No. 3 well at Nadlac field in western Romania. The No. 3 well was successfully recompleted, tested and ready for production in January, 2006. Since then, various government agencies required numerous documents and reports to be filed before approval could be granted to put the well on production. All required permits have now been approved.
The gas purchaser, Distri-Gaz Vest, is inspecting and testing all flowlines, valves, lines, meters, tanks and other surface equipment in preparation of the final hookup. The well will then be put on production into the main gas transmission line.
Oracle holds a 20-per-cent interest in the Nadlac field and five other oil and gas concessions in Romania.
Tackler
17 years ago
Oracle awaits Romanian signal to start production
2007-01-04 16:35 ET - News Release
Mr. Nasim Tyab reports
ORACLE ENERGY CORP.: UPDATE ON ROMANIAN FIELDS
Oracle Energy Corp. has received the following update from project operator Carpathian Energy.
The No. 3 well at Nadlac field was tested and ready for production in January, 2006. Since then, various government agencies have required numerous papers and reports to be filed before approval could be granted to put the well on production. Carpathian has submitted all required paperwork and is now waiting for final approval from the last agency.
During 2006 and in anticipation of Romania becoming a member of the European Union (EU), Carpathian, along with other energy companies active in Romania, worked with the various agencies to find solutions to solve some of the procedures that have caused such delays. As a result, certain procedures required under the petroleum law are being modified during January, 2007, whereby oil or gas wells ready to be produced will be granted immediate approval with any additional paperwork required being submitted afterward.
Because of this modification, Carpathian does not expect any unreasonable delays on additional wells to be put on production during 2007.
Nadlac field
Carpathian has been producing the No. 3 well every few weeks and flaring the gas in order to maintain pressure and some flow activity, while waiting to receive the required permits to produce.
Proposed work on the No. 4 well and the No. 100 well has been temporarily suspended pending the resolution of the permits to produce wells in the field. Once approval has been received, Carpathian still plans to attempt re-entry of the No. 4 well and re-evaluate the oil and gas zones.
Cozieni field
Carpathian has determined that drilling new wells in Cozieni field is the best approach to recovering the maximum amount of gas reserves remaining. Originally, it was thought that re-entry of existing wellbores would be practical. However, additional information indicates that the wellbores may not have adequate cement bond.
When Carpathian's drilling rig is ready to begin drilling in Romania, the company plans to drill the first two wells in the Cozieni field before moving the rig to the Bordei Verde Vest field to commence a drilling program there. Carpathian expects to drill these two wells in early 2007.
Drilling rig
Modifications to the drilling rig purchased by Carpathian have been completed and, at present, the company is waiting final approval from the Romanian customs, imports and tax agencies before shipping the rig to Constanza on the Black Sea. Because of the delays experienced by the company in placing on production the No. 3 well at Nadlac field, the rig will be shipped once all the permits are finalized and approved. It is expected that the rig will be able to be shipped during the first quarter, 2007.
Tackler
17 years ago
Oracle walks away from 13 losing years on block 22
2006-12-29 18:34 ET - News Release
Mr. Nasim Tyab reports
STATUS UPDATE ON BLOCK 22, YEMEN
Oracle Energy Corp. has been advised by Yemen Mayfair Petroleum Corp. (YMPC) that exploration activity on block 22, Yemen, shall cease effective Dec. 31, 2006, the expiry date of the production sharing agreement, in which Oracle holds a 15-per-cent participating interest.
Block 22 was awarded to YMPC in 1993. YMPC and its partners have spent in excess of $23-million (U.S.) on exploration programs to date, having drilled a total of five exploration wells, the last one of which was plugged and abandoned in November, 2006.
Tackler
18 years ago
Oracle picks up 12.5% of Texan oil and gas lease
2006-12-19 21:24 ET - News Release
Mr. Nasim Tyab reports
ORACLE ENERGY ACQUIRES 12.5% INTEREST IN 640 ACRES ZAPATA COUNTY, TEXAS
Oracle Energy Corp. has acquired from Pan American Production Ltd. a 12.5-per-cent interest in a 640-acre oil and gas lease situated in Zapata county, Texas. Pan American is the operating partner and now holds a 25-per-cent interest. There are three other partners holding the remaining interests. Re-entry operations are now under way on the Jonnell Zamora No. 1 well. Principal target zones are specifically the first and second Hinnant sand sections. Oracle has contributed $284,000 (U.S.), which will cover its portion of costs to well hookup.
The Jonnell Gas Company Zamora No. 1 was drilled in April, 1961, and was completed as a gas well from the first Hinnant sand. The top 10 feet of the first Hinnant sand was perforated, and flowed at rates up to four million cubic feet per day. The well was never commercially produced due to being a dry gas discovery, and no market existed in 1961 to transport dry gas. Pan American has leased the drill site and associated 640 acres and has re-entered the Zamora No. 1 well, with the objective of recompleting the well in the first and second Hinnant sand reservoirs. A finder's fee is payable on this transaction.
Fiume Arrone permit, Italy
The drilling of the Arrone-1 well in the Fiume Arrone exploration permit (Oracle 20 per cent) has been postponed and now may be drilled, contingent upon access to the drilling location, when the rig contracted by Ascent Resources (40 per cent) completes other work and returns to Italy from Spain.
Tackler
18 years ago
Oracle Energy abandons Fatima-1 well
2006-11-20 05:30 ET - News Release
Mr. Nasim Tyab reports
Oracle Energy Corp. has been notified by project operator Yemen Mayfair Petroleum Corp. that the Fatima-1 well, block 22, Yemen, was drilled to a total depth of 2,359 metres. After testing, the well was plugged and abandoned on Nov. 18, 2006.
Tackler
18 years ago
Oracle Energy's partner spuds Fatima-1 well
2006-10-12 16:18 ET - News Release
Mr. Nasim Tyab reports
ORACLE ENERGY CORP.: DRILLING COMMENCES ON FATIMA PROSPECT, BLOCK 22, YEMEN
Oracle Energy Corp.'s project operator Yemen Mayfair Petroleum Corp. spudded the Fatima-1 well, block 22, Yemen, on Oct. 12, 2006.
The well is planned to a total depth of 2,250 metres and shall target the Middle Miocene that tested hydrocarbons in the Jaizan wells to the north, across the border in Saudi Arabia.
Oracle Energy holds a 15-per-cent participating interest in block 22, which encompasses 8,151 square kilometres within the Tihama basin in the western region of the Republic of Yemen. YMPC and its partners have invested in excess of $20-million (U.S.) on exploration programs to date. Principals of YMPC were instrumental in the discovery of Yemen's first giant oil field in the mid-1980s, located in the Marib basin. Block 22 was awarded to YMPC in 1993.
Tackler
18 years ago
Promo starting for drilling in Yemen, I wonder if they can run this over $1 again?
Oracle Energy operator to drill Fatima in mid-October
2006-09-20 16:23 ET - News Release
Mr. Nasim Tyab reports
FATIMA PROSPECT, BLOCK 22, YEMEN TO BE DRILLED MID-OCTOBER
Oracle Energy Corp. has learned from project operator Yemen Mayfair Petroleum Corp. (YMPC) that preparations are actively under way to drill the Fatima-1 well on the Fatima prospect, block 22, Yemen. The drilling rig is being mobilized and drilling is scheduled to commence mid-October, 2006.
The well is planned to a total depth of 2,250 metres and shall target the middle Miocene that tested hydrocarbons in the Jaizan wells to the north, across the border in Saudi Arabia.
Oracle Energy holds a 15-per-cent participating interest in block 22, which encompasses 8,151 square kilometres within the Tihama basin in the western region of the Republic of Yemen. YMPC and its partners have invested in excess of $20-million (U.S.) on exploration programs to date. Principals of YMPC were instrumental in the discovery of Yemen's first giant oil field in the mid-1980s, located in the Marib basin. Block 22 was awarded to YMPC in 1993.
oasdihf
18 years ago
AllPennyStocks.com Releases a Special Report on Oracle Energy Corp.
Tuesday August 29, 8:01 am ET
MISSISSAUGA, Ontario, Aug. 29, 2006 (PRIMEZONE) -- AllPennyStocks.com Media, Inc. (http://www.AllPennyStocks.com/) announces its latest article by Glenn Wilkins, an AllPennyStocks.com News Reporter, this one discussing Oracle Energy Corp. (TSX VENTURE:OCL.V - News), its industry and future prospects.
In the ever competitive world of energy, one Vancouver based company is raising eyebrows and expectations as it establishes itself. That company is Oracle Energy Corporation, a junior energy company active in the exploration and development of oil and gas projects internationally. Oracle is placing its stamp on world markets by exploring and drilling in countries off the beaten track.
A number of investment periodicals remain bullish on oil prices over the next few years, and are firmly convinced that the companies that flourish during this period will be well diversified geographically.
The full version of this special report on OCL can be found at:
http://www.allpennystocks.com/apsc/can/article/ocl_august_28_2006.htm
About AllPennyStocks.com:
AllPennyStocks.com is focused on the small-cap / penny stock market and has become a reputable name in the investment community. AllPennyStocks.com runs a Canadian and U.S. site to provide investors in Canada as well as the United States with informative and unique content and information. AllPennyStocks.com runs weekly stocks to watch, has a weekly market write-up, provides company spotlights, runs a unique most active pages strictly for penny stocks trading on the TSX, TSX Venture, Nasdaq and OTC BB, and much more information for the average investor.
Although the majority of AllPennyStocks.com reports are independent, it has received compensation for carrying the report on Oracle Energy Corp. (TSX VENTURE:OCL.V - News), the compensation is three thousand seven hundred dollars by the company for its efforts in presenting the OCL profile on its web site and distributing it to its database of subscribers as well as other services. This creates an inherent conflict of interest and readers are encouraged to view the main disclaimer at http://www.allpennystocks.com/apsc/can/stock_profiles/ocl.htm.
Tackler
18 years ago
Oracle Energy partner Ascent contracts rig for Arrone-1
2006-08-23 18:30 ET - News Release
Mr. Nasim Tyab reports
ORACLE ENERGY CORP.: RIG CONTRACTED TO DRILL ARRONE-1 WELL ON FIUME ARRONE PERMIT, ITALY
Oracle Energy Corp. has been notified by Ascent Resources PLC that Ascent's Italian subsidiary has contracted a rig to drill the Arrone-1 well on the Fiume Arrone permit near Rome's Fiumicino Airport. Subject to Italian regulatory approval, the rig is expected on location to commence drilling on or about the end of October, 2006.
The 358-square-kilometre onshore Fiume Arrone permit, is along the coast of Italy to the west of Rome. It contains the Roma 1 and Roma 2 wells drilled in 1955, the latter of which was reported to have had shows of gas. The first well, planned to be 950 metres deep, will target a gas prospect identified from seismic.
Oracle Energy holds a 20-per-cent interest in the Fiume Arrone exploration permit. The other partners with an interest in the permit are Ascent Resources PLC (40 per cent), Italmin Exploration (30 per cent), and JKX Oil and Gas PLC (10 per cent).
Tackler
18 years ago
Oracle predicts gas from No. 3 well by end of February
2006-02-10 16:28 ET - News Release
Mr. Nasim Tyab reports
ORACLE ENERGY CORP.: UPDATE ON NADLAC FIELD, ROMANIA
Oracle Energy Corp. is providing the following update on its operations at the Nadlac field, Romania.
No. 100 well
Petrom Service S.A., the workover services company, working on the No. 100 well last week successfully broke free the remaining tubing that had been dropped in the bottom of the wellbore. The old tubing was pulled up from approximately 2,500 metres (8,000 feet) to 538 metres (1,600 feet), where a defect in the 5-1/2-inch casing was discovered. The casing from 538 metres to the surface was pulled out and has been replaced with new casing of the same size. The new casing is expected to be cemented into place in the next few days, after which the old tubing will be pulled up the remaining 538 metres and out of wellbore. Schlumberger Well Services has been scheduled to then run a RST log, formerly called a TDT log or thermal decay time log, which analyzes and identifies oil and gas zones behind pipe. Schlumberger is scheduled to have its truck at the well site within two to three weeks. The new logs will be run 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 No. 100 well will be perforated and completion attempted in the oil zone.
No. 3 well
The gas transportation permits on the No. 3 Nadlac well have been approved after delays because of the Christmas holidays. The pipeline company is scheduled to hook up the well and begin taking gas by the end of February, 2006.
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 and Carpathian Energy Companie Petroliera, Oracle Energy holds a 20-per-cent 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.
Tackler
18 years ago
OCL Oracle Energy Corp.: Update on Analysis of Oil Zone at 9390 Feet (9500 ft with Elevation) in Nadlac Field, Romania
1/17/2006
VANCOUVER, BRITISH COLUMBIA, Jan 17, 2006 (CCNMatthews via COMTEX) --
Oracle Energy Corp. (TSX VENTURE:OCL)(FWB:O2E) 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.
In Nadlac Field, the oil zone at 9390' was previously tested at the top of the section, in the No. 4672 well, at a daily rate of 3,200,000 cubic feet of gas plus 271 barrels of oil, on a 15/64 inch choke. This well was also tested lower in the same zone and flowed at a rate of 3,700,000 cubic feet of gas per day and 170 barrels of oil per day during a test on a 12.5/64 inch choke. The well was then produced from a higher zone and the 9390' zone was plugged off. 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.
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 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.
Tackler
19 years ago
Oracle operator completes Nadlac No. 3 well workover
2005-11-16 16:30 ET - News Release
Mr. Nasim Tyab reports
NADLAC NO. 3 WELL FLOWING GAS
Oracle Energy Corp. has been notified by project operator Carpathian Energy that rework operations on the Nadlac No. 3 well, situated in the Nadlac field in western Romania have been completed.
The well is now flowing, producing gas and condensate. Average flowing and shut-in pressures continue to gradually increase and well flow has presently been directed into the separator and production facilities. Perforations are from 2,770 metres to 2,786.4 metres, or a perforated interval of 16.4 metres (53.3 feet). Bottom-hole pressure shows to be approximately 297 bars (4,400 pounds per square inch). Initial tests indicated gas and fluid produced at the following rates:
15/64-inch choke: 1.23 million cubic feet gas per day; 23 barrels condensate per day with flowing tubing pressure of 17 bars (252 pounds per square inch); and
27/64-inch choke: 673,000 cubic feet gas per day; 10 barrels condensate per day with flowing tubing pressure of 35 bars (520 pounds per square inch).
Historical field information indicates that the well may take another two or three weeks to finish cleaning up. At that time additional test results will be released. Commenting on the results Oracle Energy president, Nasim Tyab, stated, "This represents a major milestone for the company as the initial tests indicate that the commercial potential of the Nadlac No. 3 well is significant." Carpathian expects the Nadlac No. 3 well to be producing into the transporters pipeline and to commence commercial sale of gas and condensate within the next 30 days.
The well workover crew is rigging down the equipment from the No. 3 well, and preparing to move to the No. 100 well in the Nadlac field to commence work over operations there. Work on the No. 100 well should start by Friday, Nov. 18. The Carpathian/Oracle joint venture intends to rework a total of four wells in the Nadlac field.
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-per-cent participating interest with the option to acquire up to a 20-per-cent 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.
Tackler
19 years ago
Oracle Energy Beta-1 well reaches depth of 1,518 metres
2005-11-07 06:52 ET - News Release
Mr. Nasim Tyab reports
ORACLE ENERGY CORP.: UPDATE ON BETA-1 WELL, BLOCK 22, YEMEN
Oracle Energy Corp. has been notified by block 22 operator, Yemen Mayfair Petroleum Corp. (YMPC), that good progress has been made on the drilling of the Beta-1 well. As of Sunday morning, Nov. 6, 2005, a total depth of 1,518 metres was reached and logs were run. Currently, 9-5/8-inch casing is being set prior to commencement of drilling the prospective section down to 2,500 metres. The well is designed to test the hydrocarbon potential of Upper Miocene reservoirs.
Oracle Energy Corp. holds a 15-per-cent participating interest in block 22. Principals of YMPC were instrumental in the discovery of Yemen's first giant oil field in the mid-1980s, located in the Marib basin. Block 22 was awarded to YMPC in 1993. It encompasses 8,151 square kilometres within the Tihama basin in the western region of the Republic of Yemen.
skylyne
19 years ago
NEWS - NEWS - NEWS -
Oracle Energy Corp. to Acquire a 75% Interest in Area X111, Peru
19:24 EST Thursday, November 03, 2005
VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 3, 2005) - Oracle Energy Corp. (TSX VENTURE:OCL)(FWB:O2E) 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
The information above relating to the Maranon basin and the geology was obtained from Serpet Consult SA. Some of the statements contained in this release are forward-looking statements. Forward-looking statements include but are not limited to, statements concerning estimates of recoverable hydrocarbons, expected hydrocarbon prices, expected costs, statements relating to the continued advancement of the Company's projects and other statements which are not historical facts. When used in this document, and on other published information of the Company, the words such as "could", "estimate", "expect", "intend", "may", "potential", "should", and similar expressions are forward-looking statements. Although the Company believes that its expectations reflected in the forward-looking statements are reasonable, such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Various factors could cause actual results to differ from these forward-looking statements including the potential that the Company's projects will experience technical and mechanical problems, geological conditions in the reservoir may not result in commercial level of oil and gas production, changes in product prices and other risks not anticipated by the Company or disclosed in the Company's published material. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.
FOR FURTHER INFORMATION PLEASE CONTACT:
Oracle Energy Corp.
Nasim Tyab
President
(604) 980-6620
(604) 602-9974 (FAX)
www.oracleenergy.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the contents of this news release.
Tackler
19 years ago
Oracle Energy starts rework operations at Nadlac
2005-11-01 17:13 ET - News Release
Mr. Nasim Tyab reports
ORACLE ENERGY CORP.: RE-WORK OPERATIONS UNDERWAY IN THE NADLAC FIELD, ROMANIA
Oracle Energy Corp. has commenced rework operations on the Nadlac No. 3 well. The Nadlac field is in western Romania near the Hungarian border.
Oracle holds an 11.2-per-cent interest in six oil and gas concessions located in Romania known as Bordei Verde West and the Nadlac, Catrunesti, Cozieni, E. Ciumeghiu and N. Ciumeghiu concessions. Pursuant to the property purchase agreement dated July 5, 2005, as amended Aug. 17, 2005, between Oracle Energy and Carpathian Energy Companie Petroliera, the company may acquire up to a 20-per-cent interest in the six concessions at its option.
Commenting on the current Romanian operations, Nasim Tyab, president of Oracle Energy, stated that: "We are pleased to now move forward with our partner Carpathian Energy to developing our Romanian concessions. Our decision to participate was based on a strategy of complementing our high-impact exploration prospect in Yemen, now being drilled, with our properties in Romania, three of which have proven and probable reserves. This balanced approach is aimed at maximizing shareholder value and developing near term, sustainable cash flow for the company."
Tackler
19 years ago
Oracle Energy doubles interest in block 22
2005-10-21 07:09 ET - News Release
Mr. Nasim Tyab reports
ORACLE ENERGY COMPLETES THE OPTION AGREEMENT TO MORE THAN DOUBLE ITS INTEREST TO 15% IN THE BLOCK 22 OIL & GAS CONCESSION IN YEMEN
Further to its news issued in Stockwatch dated Sept. 15, 2005, Oracle Energy Corp. has exercised its option with Yemen Mayfair Petroleum Corp. (YMPC) to acquire an additional 8-per-cent interest in block 22 in Yemen. Oracle Energy Corp. has paid YMPC $560,000 (U.S.) and issued 200,000 Oracle common shares for the additional 8-per-cent interest.
The $560,000 (U.S.) paid to YMPC will be added to Oracle's contribution toward the drilling, testing and completion of the Beta-1 well. Drilling of the Beta prospect is scheduled to commence shortly.
Tackler
19 years ago
More detailed news release...
Oracle to increase Al-Zaydiah interest
2005-10-14 09:44 ET - News Release
Mr. Nasim Tyab reports
Oracle Energy Corp. notifies its joint-venture partner Yemen Mayfair Petroleum Corp. of its intention to exercise the 8-per-cent option agreement, announced Sept. 15, 2005, to increase Oracle's interest in Al-Zaydiah, Block 22, in the Republic of Yemen. Both parties have agreed that closing of the 8-per-cent acquisition is to take place on or before Friday, Oct. 21, 2005. Oracle Energy has received conditional approval from the TSX Venture Exchange on the $1.2-million private placement and has filed for final approval that is expected shortly. Oracle intends to use $560,000 (U.S.) of the proceeds to exercise the option. This would take Oracle's participating interest in Block 22 to a total of 15 per cent.
Oracle is also pleased to report that it has finalized the acquisition of an initial 11.2-per-cent interest in six oil and gas concessions located in Romania known as Bordei Verde West and the Nadlac, Catrunesti, Cozieni, E. Ciumeghiu and N. Ciumeghiu concessions. Pursuant to the property purchase agreement dated July 5, 2005, as amended Aug. 17, 2005, between Oracle Energy Corp. and Carpathian Energy Companie Petroliera, the company may acquire up to a 20-per-cent interest in the six concessions at its option. The two parties have also entered into joint operating agreements on all six concessions.
As there had been recent flooding in and around Bucharest, Romania, which is the location of the Cozieni field, project operator Carpathian Energy is now mobilizing to the Nadlac field near the Hungarian border. Rework operations are expected to commence shortly.
Further to Oracle's recent listing on the Frankfurt Stock Exchange under the symbol O2E, the company will be exhibiting at the Stockday Resources 2005 conference in Frankfurt, Germany, Oct. 24-25, 2005. The conference is an established sector-specific financial convention that offers an excellent opportunity for Oracle to be introduced to the German investment community.
Tackler
19 years ago
Oracle Energy to acquire another 8% in Yemen property
2005-10-12 16:59 ET - Property Agreement
The TSX Venture Exchange has accepted for filing documentation an option agreement dated Sept. 14, 2005, between Oracle Energy Corp. and Yemen Mayfair Petroleum Corp., pursuant to which the company may acquire an additional 8-per-cent interest in Exploration Block 22, an oil and gas property located in Republic of Yemen. In consideration, the company will issue 200,000 shares and pay $560,000 (U.S.) by Oct. 15, 2005, and assume 8 per cent of past exploration costs equalling $1,449,696 (U.S.).
Tackler
19 years ago
Anytime is now... Oracle Energy partner transports rig to block 22
2005-10-12 05:21 ET - News Release
Mr. Nasim Tyab reports
DRILLING RIG BEING TRANSPORTED TO YEMEN WELL SITE
Oracle Energy Corp. has been notified by block 22 operator, Yemen Mayfair Petroleum Corp. (YMPC), that the ship carrying the drilling rig and casing docked in the port of Hodeida, Yemen, early last week. Customs clearance has taken place and transportation to the well site has commenced.
Principals of YMPC were instrumental in the discovery of Yemen's first giant oil field in the mid-1980s, located in the Marib basin. Block 22 was awarded to YMPC in 1993. It encompasses 8,151 square kilometres within the Tihama basin in the western region of the Republic of Yemen. YMPC has invested in excess of $18-million (U.S.) on exploration programs to date. These expenditures have resulted in proving a working hydrocarbon system; the definition of the postsalt Miocene marine sedimentary fairway; the identification of a structure (the Beta prospect) capable of holding more than 200 million barrels of recoverable oil; and definition of a number of follow on leads or prospects.
Oracle Energy Corp. holds a 7-per-cent participating interest in block 22 and the upcoming exploratory well drilling program designed to test its potential. The company also has entered into an option agreement to increase its interest in block 22 by an additional 8 per cent to total 15 per cent. The option is to be exercised by Oct. 15, 2005. The $560,000 (U.S.) required to be paid to YMPC to exercise the option would be added to Oracle's contribution toward the drilling, testing and completion of the Beta 1 well. The option agreement is subject to TSX Venture Exchange approval.
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