Oracle Energy fka OCL

[Tackler]

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.