Oracle Energy fka OCL

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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.