Oracle Energy fka OCL

[Tackler]

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.