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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.
