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Oracle Energy ups interest in Jonnel-Zamora to 45.84%

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Tackler Member Level  Friday, 05/25/07 03:42:00 AM
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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.

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