Oracle Energy fka OCL

[Tackler]

Oracle operator completes Nadlac No. 3 well workover

2005-11-16 16:30 ET - News Release

Mr. Nasim Tyab reports

NADLAC NO. 3 WELL FLOWING GAS

Oracle Energy Corp. has been notified by project operator Carpathian Energy that rework operations on the Nadlac No. 3 well, situated in the Nadlac field in western Romania have been completed.

The well is now flowing, producing gas and condensate. Average flowing and shut-in pressures continue to gradually increase and well flow has presently been directed into the separator and production facilities. Perforations are from 2,770 metres to 2,786.4 metres, or a perforated interval of 16.4 metres (53.3 feet). Bottom-hole pressure shows to be approximately 297 bars (4,400 pounds per square inch). Initial tests indicated gas and fluid produced at the following rates:


15/64-inch choke: 1.23 million cubic feet gas per day; 23 barrels condensate per day with flowing tubing pressure of 17 bars (252 pounds per square inch); and

27/64-inch choke: 673,000 cubic feet gas per day; 10 barrels condensate per day with flowing tubing pressure of 35 bars (520 pounds per square inch).


Historical field information indicates that the well may take another two or three weeks to finish cleaning up. At that time additional test results will be released. Commenting on the results Oracle Energy president, Nasim Tyab, stated, "This represents a major milestone for the company as the initial tests indicate that the commercial potential of the Nadlac No. 3 well is significant." Carpathian expects the Nadlac No. 3 well to be producing into the transporters pipeline and to commence commercial sale of gas and condensate within the next 30 days.

The well workover crew is rigging down the equipment from the No. 3 well, and preparing to move to the No. 100 well in the Nadlac field to commence work over operations there. Work on the No. 100 well should start by Friday, Nov. 18. The Carpathian/Oracle joint venture intends to rework a total of four wells in the Nadlac field.

Pursuant to the property purchase agreement dated July 5, 2004, as amended Aug. 17, 2005, between Oracle Energy Corp. and Carpathian Energy Companie Petroliera, Oracle Energy holds an 11.2-per-cent participating interest with the option to acquire up to a 20-per-cent participating interest in six oil and gas concessions located in Romania known as the Bordei Verde Vest field and the Nadlac, Catrunesti, Cozieni, E. Ciumeghiu and N. Ciumeghiu concessions.