Oracle Energy starts rework operations at Nadlac
2005-11-01 17:13 ET - News Release
Mr. Nasim Tyab reports
ORACLE ENERGY CORP.: RE-WORK OPERATIONS UNDERWAY IN THE NADLAC FIELD, ROMANIA
Oracle Energy Corp. has commenced rework operations on the Nadlac No. 3 well. The Nadlac field is in western Romania near the Hungarian border.
Oracle holds an 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 and Carpathian Energy Companie Petroliera, the company may acquire up to a 20-per-cent interest in the six concessions at its option.
Commenting on the current Romanian operations, Nasim Tyab, president of Oracle Energy, stated that: "We are pleased to now move forward with our partner Carpathian Energy to developing our Romanian concessions. Our decision to participate was based on a strategy of complementing our high-impact exploration prospect in Yemen, now being drilled, with our properties in Romania, three of which have proven and probable reserves. This balanced approach is aimed at maximizing shareholder value and developing near term, sustainable cash flow for the company."
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