Oracle Energy fka OCL

[Tackler]

Oracle Energy Beta-1 well reaches depth of 1,518 metres

2005-11-07 06:52 ET - News Release

Mr. Nasim Tyab reports

ORACLE ENERGY CORP.: UPDATE ON BETA-1 WELL, BLOCK 22, YEMEN

Oracle Energy Corp. has been notified by block 22 operator, Yemen Mayfair Petroleum Corp. (YMPC), that good progress has been made on the drilling of the Beta-1 well. As of Sunday morning, Nov. 6, 2005, a total depth of 1,518 metres was reached and logs were run. Currently, 9-5/8-inch casing is being set prior to commencement of drilling the prospective section down to 2,500 metres. The well is designed to test the hydrocarbon potential of Upper Miocene reservoirs.

Oracle Energy Corp. holds a 15-per-cent participating interest in block 22. Principals of YMPC were instrumental in the discovery of Yemen's first giant oil field in the mid-1980s, located in the Marib basin. Block 22 was awarded to YMPC in 1993. It encompasses 8,151 square kilometres within the Tihama basin in the western region of the Republic of Yemen.