Oracle Energy Corp. has announced that re-work operations have now commenced on the Nadlac #3 well. The Nadlac field is in Western Romania near the Hungarian border.
Oracle holds an 11.2% 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 Corp. and Carpathian Energy Companie Petroliera the Company may acquire up to a 20% interest in the six concessions at its option.
Commenting on the current Romanian operations, Nasim Tyab, president of Oracle Energy Corp. 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.”