Oracle Energy fka OCL

[Tackler]

Oracle predicts gas from No. 3 well by end of February

2006-02-10 16:28 ET - News Release

Mr. Nasim Tyab reports

ORACLE ENERGY CORP.: UPDATE ON NADLAC FIELD, ROMANIA

Oracle Energy Corp. is providing the following update on its operations at the Nadlac field, Romania.

No. 100 well

Petrom Service S.A., the workover services company, working on the No. 100 well last week successfully broke free the remaining tubing that had been dropped in the bottom of the wellbore. The old tubing was pulled up from approximately 2,500 metres (8,000 feet) to 538 metres (1,600 feet), where a defect in the 5-1/2-inch casing was discovered. The casing from 538 metres to the surface was pulled out and has been replaced with new casing of the same size. The new casing is expected to be cemented into place in the next few days, after which the old tubing will be pulled up the remaining 538 metres and out of wellbore. Schlumberger Well Services has been scheduled to then run a RST log, formerly called a TDT log or thermal decay time log, which analyzes and identifies oil and gas zones behind pipe. Schlumberger is scheduled to have its truck at the well site within two to three weeks. The new logs will be run to fully establish the extent of the oil zone and further evaluate other potential in the field. If bond log analysis shows good cementation, then the No. 100 well will be perforated and completion attempted in the oil zone.

No. 3 well

The gas transportation permits on the No. 3 Nadlac well have been approved after delays because of the Christmas holidays. The pipeline company is scheduled to hook up the well and begin taking gas by the end of February, 2006.

The Nadlac field is in Western Romania, near the Hungarian border. Pursuant to the property purchase agreement dated July 5, 2004, as amended Aug. 17, 2005, between Oracle Energy and Carpathian Energy Companie Petroliera, Oracle Energy holds 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.